Cyviz (CYVIZ) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was NOK 107.5–108 million, down 21% year-over-year, mainly due to geopolitical disruptions in the Middle East impacting order intake by approximately NOK 30 million.

• Europe and North America performed on plan, with strong momentum and significant wins in defense, energy, and security sectors.

• Strategic deals were signed in energy (Texas), defense (Europe, NATO), and with new and returning customers in the U.S., Saudi Arabia, Dubai, India, and the UAE.

• Transition to a scalable, software-led business model continues, with recurring revenue streams and global accounts migrated to the new platform.

• Partner ecosystem expanded, with 25 partners for core technology and 31 for the Software Management Platform.

Financial highlights

• Revenue for Q1 was NOK 107.5–108 million, down NOK 27 million or 21% year-over-year, mainly due to Middle East disruptions.

• Gross profit was NOK 56 million (52% margin), down 18–24% from last year.

• EBITDA was NOK -14.8 to -15 million, NOK 16 million below last year.

• Operating cash flow was positive at NOK 5.3 million, aided by working capital improvements.

• ARR remained stable at NOK 66 million, with net growth after offsetting a major cancellation.

Outlook and guidance

• Q2 has started strong, with significant deals signed and a robust pipeline, especially in defense and corporate sectors.

• Expectation to return to growth in Q2, leveraging increased defense budgets in Europe and NATO.

• Focus on scaling partner-driven sales, transitioning customers to the new Software Management Platform, and disciplined cost management.

• Activity is expected to increase as delayed projects are executed and the Middle East stabilizes in H2 2026.