Clavister (CLAV) Q1 2026 earnings summary

Executive summary

• Achieved record quarter with 34.6–35% net sales growth year-over-year, driven by a major 280 MSEK Norwegian defense contract and robust civilian business performance, strengthening position in Nordic and European defense markets.

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

• Civilian business accounted for 70% of LTM net sales, 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, and net result was 1.4 MSEK, the first positive net result from core business performance.

Financial highlights

• Net sales reached 71.8 MSEK, up 34.6% year-over-year, with defense segment sales up 329.3% 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 (20.6% margin), up from 12.6% margin year-over-year.

• ARR balance at quarter-end was 142 MSEK, up 5.9% year-over-year.

• Order intake surged 183.6% year-over-year to 312.9 MSEK.

Outlook and guidance

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

• Plans to exceed cybersecurity market revenue growth over the next three years, 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.