Clavister (CLAV) Q2 2026 earnings summary

Executive summary

• Achieved record net sales growth of 63% year-over-year, reaching SEK 89.2 million, driven by increased defense deliveries, a major NDMA contract, and a strong product mix.

• Profitability improved significantly, with adjusted EBITDA margin at 30.4% and EBIT at 17%, both record highs, and net profit turning positive at SEK 10 million.

• Order backlog rose to SEK 642 million, up 71% year-over-year, providing strong visibility for future growth.

• Civilian business remained stable with 5% ARR growth, while defense business net sales surged by nearly 370% to SEK 47 million, with technology integrated into six platforms.

• Financing was increased post-period, enhancing liquidity and enabling early repayment of deferred taxes.

Financial highlights

• Net sales for the quarter were SEK 89.2 million, up 62.9% year-over-year, with gross margin rising to 82.5%.

• Adjusted EBITDA improved to SEK 27.1 million (30.4% margin), and adjusted EBIT to SEK 15.1 million (17.0% margin).

• Net result turned positive at SEK 10 million, compared to -SEK 15.9 million a year ago.

• Cash flow from operating activities before working capital changes improved to SEK 23 million.

• Gross profit increased 68% year-over-year to SEK 76 million.

Outlook and guidance

• Strong order backlog and pipeline provide long-term visibility and support further investments in sales and delivery capacity.

• Priorities include accelerating civilian business, scaling defense, and focusing on standardized products across all verticals.

• Ambition to outpace cybersecurity market growth and maintain an average gross margin of 80% over the next three years.

• EBIT margin guidance remains at 10%-15%, with profits reinvested for growth.