Inhalation Sciences (ISAB) Q2 2026 earnings summary

Executive summary

• Revenue and order intake for the first half of 2026 more than quadrupled year-over-year, reaching nearly SEK 7 million and surpassing the entire revenue of 2025, with continued commercial focus and cost control aiming for profitability by year-end.

• The sales pipeline remains robust at around SEK 30 million, with active commercial efforts, new orders, and significant IRS contracts, including one over EUR 100,000.

• Ongoing activities in the U.S. market and collaborations with CROs are expanding reach, supported by investments in marketing and technology development.

• Strategic review includes evaluating potential acquirers and securing a financing agreement of up to SEK 4 million to support negotiations.

Financial highlights

• Net revenue for Jan–Jun 2026: SEK 6,842,000 (SEK 1,585,000 year-over-year); Q1+Q2 2026 revenue nearly SEK 7 million, doubling the full-year 2025 revenue.

• Operating result for Jan–Jun 2026: -SEK 3,151,000 (-SEK 4,740,000 year-over-year); earnings per share: -0.07 SEK (-0.11 SEK year-over-year).

• Cash flow for Jan–Jun 2026: -SEK 1,128,000 (SEK 5,390,000 year-over-year); cash and cash equivalents at period end: SEK 1,703,000 (SEK 9,835,000 year-over-year).

• Equity at period end: SEK 6,311,000 (SEK 12,696,000 year-over-year); equity ratio: 78.1% (87.1% year-over-year).

• Total sales and new signed orders doubled versus the first six months of last year.

Outlook and guidance

• Commercialization efforts are expanding, with new modules and services in development to broaden the product and service portfolio.

• Strategic review process with PharmaVentures aims to maximize shareholder value, with a conclusion expected within 9–12 months from November 2025.

• Management targets improved full-year results and approaches profitability by year-end through improved cost control and a lean organizational structure.