Zaptec (ZAP) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue and EBITDA, driven by 32% year-over-year growth, strong order intake, and robust European EV market momentum.

• Maintained market leadership in core regions and expanded market share outside the Nordics, demonstrating scalability.

• Positive cash flow and strengthened liquidity position, with all-time-high installation rates and a solid order book.

Financial highlights

• Revenue reached NOK 457 million (32% year-over-year growth), the highest single quarter ever.

• Order intake increased 28% to NOK 467 million, with backlog up 45% to NOK 737 million.

• Gross margin improved to 43% from 39% in Q1 2025, driven by favorable product mix.

• EBITDA reached NOK 51 million (11% margin), up from NOK 14 million (4% margin) in Q1 2025.

• OPEX rose to NOK 143 million, but as a share of revenue declined to 31% from 35% year-over-year.

Outlook and guidance

• Q2 expected to surpass Q1, with strong revenue growth anticipated in Nordics and Benelux; Tier 1 market share gains are a top priority.

• Focus on continuous product improvements, integrations, and R&D execution, with profitability expected to improve during 2026.

• Gross margin focus maintained amid geopolitical uncertainty and cost pressures.