H100 Group (H100) Q1 2026 earnings summary

Executive summary

• Operating income rose to 3.1 MSEK in Q1 2026 from 2.9 MSEK year-over-year, while operating loss widened to -145.9 MSEK due to significant non-cash items related to bitcoin holdings and FX effects.

• Strategic acquisitions, including Future Holdings AG and a pending deal for Moonshot AS and Never Say Die AS, are set to increase bitcoin holdings from 1,051 BTC to approximately 3,500 BTC, establishing a strong operational base in Switzerland and expanding European presence.

• The capital structure remains simple, with no warrants or exotic instruments, and only about 220 MSEK in convertible debt, supported by a much larger bitcoin treasury post-acquisition.

• Health technology operations continue to develop, with the launch of a scalable group coaching product in April 2026.

Financial highlights

• Operating income: 3.1 MSEK (Q1 2026) vs. 2.9 MSEK (Q1 2025).

• Operating loss (EBIT): -145.9 MSEK (Q1 2026) vs. -3.0 MSEK (Q1 2025), with 138.6 MSEK from non-cash items.

• Loss before tax: -155.4 MSEK (Q1 2026) vs. -3.1 MSEK (Q1 2025), with 148.1 MSEK non-cash.

• Loss per share: -0.46 SEK (Q1 2026) vs. -0.03 SEK (Q1 2025).

• Cash flow for the period: -7.7 MSEK (Q1 2026) vs. 14.8 MSEK (Q1 2025).

• Equity ratio: 88% (Q1 2026) vs. 30% (Q1 2025).

Outlook and guidance

• Post-acquisition, the group expects to operate with approximately 3,500 BTC, low debt, and a strong presence in Switzerland and the Nordics.

• The company aims to grow bitcoin per share, scale profitable business, and become the leading listed bitcoin platform in Europe.