ContextVision (CONTX) Q3 2026 earnings summary

Executive summary

• Q3 revenue was SEK 26.5m, up 11.5% YoY; underlying growth was 34.5%, driven mainly by license sales. Revised IFRS 15 timing reduced reported quarterly revenue by SEK 4.1m.

• Q3 adjusted EBITDA rose to SEK 9.2m from SEK 4.0m, while operating cash flow after working-capital changes was SEK 7.2m versus -SEK 2.0m.

• 9M reported revenue was SEK 90.3m versus SEK 78.6m, up 14.9%; underlying growth was 11.7%.

• Application-specific quantitative imaging remains the strategic focus, with clinical work on liver biomarkers and progress on partnerships.

Financial highlights

• Q3 reported revenue was SEK 26.5m versus SEK 23.7m; the revised IFRS 15 timing assessment reduced reported Q3 revenue by SEK 4.1m, with no cash-flow impact or effect on full-year recognized revenue.

• Q3 EBITDA was SEK 7.1m versus SEK 1.4m; adjusted EBITDA, excluding SEK 2.0m of Data Quality investment, was SEK 9.2m versus SEK 4.0m.

• 9M EBITDA was SEK 22.4m versus SEK 2.0m; adjusted EBITDA, excluding SEK 8.3m of Data Quality investment, was SEK 30.7m versus SEK 11.2m.

• Net result was SEK 4.4m in Q3 and SEK 14.0m for 9M; adjusted net result was SEK 6.4m and SEK 22.4m, respectively.

• Operating cash flow was SEK 7.2m in Q3 and SEK 22.1m for 9M; total cash flow was SEK 3.1m in Q3 versus -SEK 2.9m YoY.

Outlook and guidance

• Management remained cautious on a stable FY 2026 versus 2025; year-to-date development was in line with expectations and did not materially change the outlook.

• Order timing across quarters makes multi-quarter performance more informative; a Chinese bulk order may reflect timing rather than a stronger market recovery.

• Q4 priorities include converting customer dialogue into agreements, advancing quantitative-imaging clinical evidence and progressing partnerships.

• Quantitative-imaging execution is expected to increase R&D investment, particularly study-patient costs; cost control remains a priority.