Cyviz (CYVIZ) Q2 2026 earnings summary

Executive summary

• Q2 saw revenue and EBITDA below expectations due to delayed project starts and weak Q1 order intake, but underlying business momentum improved with a 27% sequential increase in order intake, reaching NOK 126.2 million (+2% YoY).

• Revenue declined to NOK 83.7 million, down 35% year-over-year and 22% from Q1, mainly due to delayed defense and energy projects and changes in accounting principles.

• Annual recurring revenue (ARR) rose to NOK 76.8 million, up 59% year-over-year and 16.4% from Q1, driven by software platform expansion and partner ecosystem growth.

• Major contract wins included NOK 30+ million deals in Saudi Arabia and Central Europe, significant new partnerships, and a NOK 5 million order from Microsoft.

Financial highlights

• Gross margin improved to 65% (64.7%), reflecting a favorable mix of software and services.

• EBITDA for Q2 was NOK -14.5 million, mainly due to lower revenue.

• Operating expenses declined 8%-10% from trend and were 15% below budget, offset by inflation.

• Negative operating cash flow of NOK 11.2 million, with cash and cash equivalents at NOK 6.8 million at period end.

• Equity ratio at 21.1%, with a covenant waiver granted through Q3 2026 and increased credit facility.

Outlook and guidance

• Significant order backlog of NOK 402 million expected to convert to revenue in H2, with order intake and revenue anticipated to be significantly higher, driven by defense and energy verticals.

• ARR base projected to reach NOK 90–100 million by year-end, with continued growth expected.

• Opex anticipated to decline further through H2 and into 2027, reflecting ongoing cost adjustments.

• Long-term ambitions remain NOK 1 billion revenue and 25% EBITDA margin by 2030, with 25% ARR share.