Inhalation Sciences (ISAB) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue exceeded SEK 4 million, surpassing total revenue for all of 2025, driven by strong order backlog execution and conversion of pipeline opportunities.

• Several long-standing quotations converted to formal orders worth over SEK 5 million by late Q4 2025.

• New orders totaling SEK 2.5 million (2,420 tkr) signed in Q1 2026.

• Active M&A process underway via PharmaVentures, with a target to conclude before summer 2026.

• Continued engagement with the FDA regarding publication of the DissolvIt project, aiming for publication within 2026.

Financial highlights

• Net revenue for Q1 2026 was 4,147 tkr, up from 809 tkr in Q1 2025.

• Operating result improved to -1,400 tkr from -2,241 tkr year-over-year.

• Earnings per share (EPS) was -0.04 SEK, compared to -0.15 SEK in Q1 2025.

• Order intake reached 2,420 tkr in Q1 2026, up from 908 tkr in the prior year period.

• Cash flow from operations was -1,245 tkr, unchanged from Q1 2025.

Outlook and guidance

• Management aims to conclude the ongoing M&A process before summer 2026.

• Commercialization efforts are expanding, with new modules and services in development.

• Several large opportunities and quotations remain in the pipeline, with active efforts to convert them.