CodeLab Capital (CODE) Q1 2026 earnings summary

Executive summary

• Q1 2026 showed mixed results, with seasonality and major customer churn impacting revenues, but investments in organization and onboarding of Cloudya set up a strong start for Q2.

• Record ARR achieved for both Kuba and Cloudya, surpassing NOK 60m, with a promising pipeline for future growth.

• Acquisition of Agil Helse announced, expected to add NOK ~25m in revenues and strengthen the OHS business.

• Secured NOK 17m in private placement at a 74% premium, supporting acquisition and liquidity.

• Early Q2 shows positive momentum with new customer wins and deliveries.

Financial highlights

• Pro forma Q1 2026 revenue was NOK 8,846k, with underlying cash EBITDA at -NOK 3,112k, reflecting increased growth costs and customer churn.

• Recurring revenues drive growth, with annualized recurring revenue (ARR) close to NOK 60m.

• Growth costs rose 71% YoY to NOK 1.7m, now 25% of total opex.

• Kuba posted 18% YoY recurring revenue growth and achieved NOK 497k underlying profitability in Q1 2026, excluding growth investments.

• Cloudya’s ARR reached NOK 44m (signed and not delivered), with further pipeline visibility and margin expansion expected.

Outlook and guidance

• Q2 off to a very positive start with both organic and inorganic growth milestones.

• Targeting 2-5 M&A deals per year, focusing on tech/service add-ons and low-risk opportunities.

• Double-digit ARR growth and positive operational cash flow in group companies are key priorities.

• Run rate group funding secured for over 12 months; M&A remains a driver for capital markets funding.

• Revenues could exceed NOK 100m annualized by year-end 2026 with continued organic and inorganic growth.