Clavister (CLAV) Q1 2026 earnings summary

Executive summary

• Achieved record quarter with 35% net sales growth year-over-year, driven by a major 280 MSEK Norwegian defense contract and robust civilian business performance.

• Order backlog reached 640 MSEK at quarter-end, providing strong multi-year revenue visibility and stability.

• Civilian business remains the majority of sales (70%), with ongoing investments in strategic customer segments and geographic expansion.

• Gross margin exceeded 80% target, supported by high-margin software contracts and favorable product mix.

• Adjusted EBIT turned positive at 3.6 MSEK, a clear improvement from the negative result in the prior year.

Financial highlights

• Net sales grew 35% year-over-year to 71.8 MSEK, with defense segment sales up over 300% to 32.5 MSEK.

• Gross profit increased by 45% to 59.0 MSEK, with gross margin at 80.7%.

• Adjusted EBITDA reached 15.1 MSEK (or 18.6 MSEK excluding 3.6 MSEK in one-off costs), with an adjusted EBITDA margin of 20.6%.

• Net result was 1.4 MSEK, the first positive net result generated by business performance alone.

• Order intake surged 183.6% year-over-year to 312.9 MSEK, mainly due to the large defense contract.

Outlook and guidance

• Maintains positive outlook, expecting continued structural growth driven by European digital and military sovereignty trends.

• Ambition for the next three years is to achieve revenue growth above the cybersecurity market average, with a sustained gross margin target of 80%.

• Focus on reinvesting cash flow into sales, marketing, and delivery capacity to drive further growth.

• Order backlog provides strong forward visibility, with 162.1 MSEK expected to be realized in the next twelve months.