Induct (INDCT) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 6.7% YoY to NOK 3.2m; reported EBITDA remained positive at NOK 0.45m, while the loss before tax widened to NOK 2.6m.

• August’s guaranteed rights issue raised NOK 15.0m gross and supported continued development, commercialisation and working capital.

Financial highlights

• Q3 platform subscription revenue was NOK 2.6m vs NOK 2.4m YoY; reported comparison includes a NOK 1.0m downward adjustment to Q3 2025 revenue.

• Total revenue was NOK 3.151m vs NOK 3.377m; consulting revenue fell to NOK 15k from NOK 216k and research grants to NOK 554k from NOK 772k.

• Reported EBITDA was NOK 450k vs NOK 1.603m; EBIT was a loss of NOK 2.470m vs NOK 1.631m, and net loss was NOK 2.644m vs NOK 1.725m.

• Q3 operating expenses, excluding cost of sales and D&A, rose to NOK 2.5m from NOK 1.6m; higher personnel costs reflected less capitalised development payroll, while other costs included legal fees and lower subletting income.

Outlook and guidance

• Priorities are converting leads into subscription contracts, developing sales partnerships, increasing adoption and restoring revenue growth while maintaining cost and cash discipline.

• The Grant Finder next-generation platform is being developed to improve grant discovery through technical upgrades, domain expertise and AI; growth recovery is a stated priority.

• Commercial efforts target Severe Asthma adoption in NHS England and expansion into other pathways, including the Portsmouth CRSWNP biologic-treatment pathway.