Freja eID Group (FREJA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 26% YoY to SEK 16.2m; adjusted EBITDA increased to SEK 5.1m, while net loss narrowed to SEK 0.7m.

• ARR reached SEK 51.7m, up 33% YoY; users grew 25% to 1.88m and subscription customers rose 29% to 641.

Financial highlights

• Q3 reported EBITDA was SEK 4.0m vs SEK 0.7m; adjusted EBIT was SEK 1.1m vs a SEK 0.6m loss, and reported EBIT was a SEK 0.1m loss vs a SEK 3.2m loss.

• 9M revenue rose 27% to SEK 47.9m; adjusted EBITDA was SEK 12.7m vs SEK 7.5m and adjusted EBIT was SEK 1.0m vs a SEK 4.0m loss.

• 9M net loss narrowed to SEK 5.5m from SEK 10.7m; operating cash flow increased to SEK 13.9m from SEK 5.4m.

• Gross margin was 97.6% in Q3 vs 97.4%; adjusted EBIT margin was 6.6% vs -4.8%.

Outlook and guidance

• The 1 December law requiring public and publicly funded actors to recognize qualifying eIDs is expected to boost Swedish demand; inquiries are increasingly converting into implementation decisions.

• Teracom production licenses are targeted for Q4 startup during testing; NATO accreditation is expected in Q2 or potentially Q3 2027 and is required for the project's long-term continuation.

• White Label development is shifting toward industry-specific offers; management sees subscription models and multi-year contracts supporting growth and improving profitability as scale increases.

• Upsell opportunities across existing and new services were highlighted, with White Label moving toward production.