Axolot Solutions (AXOLOT) Q3 2026 earnings summary

Executive summary

• Q3 was commercially quiet, but strategic review prompted a return to direct market development in Sweden and Norway, a new market-focused CEO, and extended customer pilot testing.

• Pilot results for process-industry water were positive; Sulfaway sulfate-treatment trials on mine water also showed promise, with commercial-scale orders still requiring further development.

Financial highlights

• Q3 2026 revenue was SEK 402k vs SEK 3,925k YoY, mainly consulting; operating loss was SEK 2,864k vs SEK 809k, and net loss was SEK 2,843k vs SEK 813k.

• 9M 2026 revenue was SEK 2,939k vs SEK 8,645k; operating loss was SEK 7,734k vs SEK 4,392k, and net loss was SEK 7,673k vs SEK 4,479k.

• Q3 operating cash flow was -SEK 3,893k and investment cash flow -SEK 556k; combined operating and investment cash flow was -SEK 4,449k vs -SEK 815k YoY.

• Cash at September 30 was SEK 9,314k vs SEK 14,674k a year earlier; two unpaid customer invoices totaled SEK 1,187k at quarter-end.

Outlook and guidance

• Long-duration pilot tests at potential customers are expected to support new business in 2027; results were positive and generated process improvements.

• Direct sales activity in Sweden and Norway was to resume in Q4 2026; management expected new business activity in the coming quarter, using an established consultant and subcontractor network.

• Latin American leads remain active, with potential opportunities in mining, process and food industries; large-corporation evaluation and decision processes are slow.

• Sulfaway has completed initial pilot tests with promising results, but substantial work remains before a first full-scale order can be expected.