Exasol (EXL) Q2 2026 earnings summary

Executive summary

• H1 2026 saw mixed results: recurring revenue grew slightly and churn dropped from 24% to 10%, but total revenue and ARR declined due to weak upsell, postponed expansion investments, and delayed partner collaboration.

• Eleven new customers were acquired, mainly in focus verticals and driven by data sovereignty and agentic AI, but expansion with existing clients lagged.

• Net income for H1 2026 was EUR 1.2 million, nearly flat year-over-year.

Financial highlights

• Revenue for H1 2026 was EUR 19.0 million, down from EUR 21.5 million in H1 2025, mainly due to the absence of last year’s one-time hardware deal.

• Recurring revenue increased to EUR 18.9 million from EUR 18.6 million.

• EBITDA was EUR 1.6 million, down from EUR 2.0 million in H1 2025.

• Net liquid funds improved to EUR 21.6 million as of June 30, 2026.

Outlook and guidance

• ARR for FY 2026 is expected to change between -2% and +2%, with revenue projected to decline in the upper single-digit percentage range.

• EBITDA guidance narrowed to EUR 3.0–3.5 million.

• Upsell recovery and partner collaboration benefits are anticipated only next year.