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Freja eID Group (FREJA) investor relations material
Freja eID Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 revenue rose 26% YoY to SEK 16.2m; adjusted EBITDA increased to SEK 5.1m, while net loss narrowed to SEK 0.7m.
ARR reached SEK 51.7m, up 33% YoY; users grew 25% to 1.88m and subscription customers rose 29% to 641.
Financial highlights
Q3 reported EBITDA was SEK 4.0m vs SEK 0.7m; adjusted EBIT was SEK 1.1m vs a SEK 0.6m loss, and reported EBIT was a SEK 0.1m loss vs a SEK 3.2m loss.
9M revenue rose 27% to SEK 47.9m; adjusted EBITDA was SEK 12.7m vs SEK 7.5m and adjusted EBIT was SEK 1.0m vs a SEK 4.0m loss.
9M net loss narrowed to SEK 5.5m from SEK 10.7m; operating cash flow increased to SEK 13.9m from SEK 5.4m.
Gross margin was 97.6% in Q3 vs 97.4%; adjusted EBIT margin was 6.6% vs -4.8%.
Outlook and guidance
The 1 December law requiring public and publicly funded actors to recognize qualifying eIDs is expected to boost Swedish demand; inquiries are increasingly converting into implementation decisions.
Teracom production licenses are targeted for Q4 startup during testing; NATO accreditation is expected in Q2 or potentially Q3 2027 and is required for the project's long-term continuation.
White Label development is shifting toward industry-specific offers; management sees subscription models and multi-year contracts supporting growth and improving profitability as scale increases.
Upsell opportunities across existing and new services were highlighted, with White Label moving toward production.
- ARR rose 33% YoY as Q3 net sales grew 49% and registered users climbed 25%.FREJA
Investor update - Freja eID posted 70% revenue growth and 33% higher ARR, with strong user and customer gains.FREJA
Q2 2026 - ARR up 33% and net sales up 70% in Q2 2026, with key strategic advances in digital ID.FREJA
Investor update - Freja eID segment drove 23% revenue growth and improved margins, while Fulfilment declined.FREJA
Q1 2026 - Freja eID ARR up 52%, user base up 25%, and group sales rose 16% year-over-year.FREJA
Q4 2025 - Q4 2025 saw 52% ARR growth, 134% NRR, and strong customer expansion, with more gains ahead.FREJA
Investor Update - Freja eID's strong growth drove 15% higher Q3 revenue and improved profitability.FREJA
Q3 2025 - Q3 2025 saw 53% sales growth, 51% ARR rise, and strong retention metrics.FREJA
Investor Update - Net sales up 21%, profitability improved, and ARR set to rise further with new public contracts.FREJA
Q4 2024
Next Freja eID Group earnings date
Next Freja eID Group earnings date
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