H100 Group (H100) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 were 2.9 MSEK, nearly flat year-over-year; H1 2026 net sales were 5.8 MSEK, unchanged from H1 2025.

• Operating loss for Q2 2026 was -88.7 MSEK, with most of the loss due to non-cash impairment on Bitcoin holdings; H1 2026 operating loss was -234.6 MSEK.

• Major post-period event: acquisition of NSD AS and Moonshot AS, increasing Bitcoin holdings to 3,506.4 BTC and resulting in a significant change in control and capital structure.

• New CEO and CIO appointed in August 2026, reflecting a strategic shift and leadership transition.

Financial highlights

• Q2 2026 net sales: 2.9 MSEK (Q2 2025: 3.0 MSEK); H1 2026 net sales: 5.8 MSEK (H1 2025: 5.8 MSEK).

• Q2 2026 operating loss (EBIT): -88.7 MSEK (Q2 2025: -11.5 MSEK); H1 2026: -234.6 MSEK (H1 2025: -14.5 MSEK).

• Q2 2026 loss before tax: -98.2 MSEK (Q2 2025: -23.4 MSEK); H1 2026: -253.6 MSEK (H1 2025: -26.5 MSEK).

• Q2 2026 EPS: -0.29 SEK (Q2 2025: -0.20 SEK); H1 2026 EPS: -0.75 SEK (H1 2025: -0.25 SEK).

• Cash and cash equivalents at June 30, 2026: 18.1 MSEK (June 30, 2025: 198.5 MSEK).

Outlook and guidance

• No forecasts provided for future periods.

• Strategic focus on disciplined capital allocation, Bitcoin as hurdle rate, and value creation beyond BTC holdings.