Modera (MODE) H1 2026 earnings summary

Executive summary

• MRR (monthly recurring revenue) grew 14% year-over-year, reflecting a shift to a more predictable, recurring revenue base.

• Total revenue for H1 2026 declined 10% compared to H1 2025 due to a decrease in one-time project revenues as major implementations reached completion and some projects were delayed or canceled.

• The company posted a net loss of €193,771 for H1 2026, compared to a profit of €112,840 in H1 2025.

• Cost base was reduced after the reporting date to align operating expenses with recurring revenue and minimal project volume.

• Consolidation of Ukrainian subsidiary results began, with no material impact on profit.

Financial highlights

• H1 2026 revenue: €1,187,492, down from €1,341,318 in H1 2025 (-10%).

• EBITDA for H1 2026: €467,087, down 34% year-over-year.

• Operating loss (EBIT): -€112,766 in H1 2026 vs. €195,747 profit in H1 2025.

• Cash at period end: €419,895, up from €362,684 at 2025 year-end.

• Capitalized development costs: €727,595 in H1 2026.

Outlook and guidance

• Full-year 2026 revenue guidance revised down to €2.68 million from €3.99 million due to project delays and cancellations.

• EBITDA guidance for 2026 reduced to €1.28 million from €2.72 million.

• MRR expected to be 40% higher in December 2026 versus December 2025, supporting future revenue growth.

• Revenue structure shifting toward a higher share of recurring revenues.