INVISIO (IVSO) Q2 2026 earnings summary

Executive summary

• Revenue grew 20% year-over-year in Q2 2026 to SEK 513 million, with Europe accounting for over 70% of revenue and particularly strong performance in Sweden.

• Order intake declined 31% year-over-year to SEK 279 million due to temporary U.S. procurement delays, but no orders were lost and recovery is expected in H2 2026.

• Strategic progress included approval as a direct supplier to the UK Ministry of Defence under the Tactical Communications Systems Framework and the launch of INVISIO Drone Aware™ for the T30 headset.

• Delivered the final part of a 2024 radio order, which had a lower gross margin and impacted Q2 results.

• Launched the INVISIO Drone Aware feature, generating significant market interest, especially at the Eurosatory trade show.

Financial highlights

• Q2 2026 revenue: SEK 513 million (up 20% year-over-year); gross margin: 53.0% (down from 56.7%), impacted by a 5 percentage point reduction due to the final delivery of a 2024 radio order.

• Operating margin (EBIT) was 15.3% (up from 14.1%); EBITDA margin was 18.7%.

• Operating expenses increased by 6% year-over-year to SEK 193 million, in line with growth strategy.

• Net profit: SEK 57.9 million (up from SEK 31.4 million); EPS: SEK 1.25 (up from SEK 0.68).

• Cash and cash equivalents at period end were SEK 291.9 million; cash flow decrease mainly due to higher dividend payout and non-exercise of stock options.

Outlook and guidance

• Confident outlook for H2 2026, expecting to recover delayed U.S. orders, with strong order intake already seen in July from both Europe and the U.S.

• Market conditions remain favorable, with structural drivers supporting continued growth and significant contributions expected from new products, especially the T30 headset.

• U.S. market expected to normalize as reorganization settles, with budgets intact and strong pipeline for H2.