Bambuser (BUSER) H1 2026 earnings summary

Executive summary

• ARR declined 10% year-over-year to SEK 75.2 million, but grew 2% at constant exchange rates in Q2, marking the strongest ARR development in two years.

• Net Sales SaaS fell 11% year-over-year to SEK 38.4 million, with 95% recurring revenue.

• Adjusted EBITDA improved by 35% to SEK -32.3 million, driven by a 30% reduction in operating expenses.

• Free cash flow improved 41% to SEK -24.5 million, with a margin of -64%.

• Launched an AI intelligence offering, with early deployments by Audi Sweden and ASOS.

Financial highlights

• Gross margin for SaaS remained stable at 86%.

• Net revenue retention (LTM) recovered to 80%, up from 76% at year-end 2025.

• Cash and cash equivalents at period end were SEK 94.7 million, following a SEK 16 million rights issue.

• No interest-bearing debt; total equity at SEK 70.9 million.

• Earnings per share improved to SEK -4.92 from SEK -8.96 year-over-year.

Outlook and guidance

• Focus on increasing net revenue retention above 100%, ARR growth at CER, and free cash flow.

• AI intelligence offering expected to drive contract expansion and customer value.

• Management confident in continued innovation and growth as live commerce adoption increases.