Induct (INDCT) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw EBITDA of NOK 1.4 million, up NOK 0.6 million sequentially, with a 40% EBITDA margin, despite revenues of NOK 3.4 million being down NOK 1.5 million year-over-year due to timing adjustments and churn.

• Strategic focus shifted to commercial execution and revenue growth, with restructuring and cost discipline supporting profitability.

• The company clarified its ambition to become a global operating system for care pathways and continued partnership and deployment discussions in healthcare.

• A partially underwritten rights issue raised NOK 15 million to strengthen working capital and fund the revised strategy.

• Karl Erik Brøten was appointed as CFO, expected to assume the role in week 34.

Financial highlights

• Group revenues in Q2 2026 were NOK 3.4 million, down from NOK 4.9 million in Q2 2025; platform subscription revenue was NOK 2.8 million, reflecting churn and timing adjustments.

• EBITDA was NOK 1.4 million, down from NOK 3.3 million year-over-year, but margins remained strong.

• Net loss before tax was NOK 2.0 million, compared to NOK 1.0 million in Q2 2025, due to higher costs and lower revenues.

• Financial costs reduced to NOK 0.3 million from NOK 0.8 million year-over-year, reflecting near elimination of third-party debt.

• Platform gross margin remained high at 97%, underlining the scalability of the subscription business.

Outlook and guidance

• Restoring revenue growth is the clear priority, with commercial execution emphasized over further cost reduction.

• The care pathway platform in healthcare is identified as the most important growth opportunity, with ambitions for broader UK and international rollout.