CodeLab Capital (CODE) Q2 2026 earnings summary

Executive summary

• Achieved ARR of NOK 52 million, up 53% year-over-year, with visibility approaching NOK 70 million.

• Completed 100% acquisition of Agil Helse, adding 1,500 customers and NOK 20–25 million in revenue, strengthening the OHS vertical and cross-selling potential.

• Executed private placement and share issuance at above-market prices, raising NOK 21.6 million and enhancing capital structure.

• Portfolio now includes four companies: Kuba, Agil Helse, Cloudya, and Uniscale, operating independently with synergy support.

• Active M&A pipeline with nine targets totaling over NOK 350 million in revenue under discussion, including two signed term sheets.

Financial highlights

• Q2 2026 pro forma revenues reached NOK 17.7 million, up from NOK 13.3 million year-over-year.

• Recurring revenues grew 74% year-over-year, now constituting 74% of total revenues.

• Cash EBITDA loss of NOK 1 million to NOK -4.4 million, reflecting growth investments.

• Cash at hand at end of June was NOK 13.8 million.

• Gross margin was 44% in H1 2026, with gross profit of NOK 10.3 million.

Outlook and guidance

• Strong revenue visibility with close to NOK 70 million in recurring revenues already signed.

• Expectation of continued strong performance in Q4 due to seasonality in occupational health.

• Synergy potential and ongoing M&A activity expected to further increase recurring revenues and margins.

• Ongoing due diligence on a Scandinavian eHealth target, aiming to expand into the eHealth vertical.

• New M&A activity may require additional capital market initiatives.