INVISIO (IVSO) Q2 2026 earnings summary

Executive summary

• Achieved 20% year-over-year revenue growth 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 underlying demand remains strong and recovery is expected in H2 2026.

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

• Strategic progress includes approval as a direct supplier to the UK Ministry of Defence under a broad framework and the launch of the INVISIO Drone Aware™ feature for the T30 headset.

Financial highlights

• Q2 2026 revenue: SEK 513 million (up 20% year-over-year); gross margin: 53.0% (down from 56.7%); operating margin: 15.3%; EBITDA margin: 18.7%.

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

• Operating expenses increased by 6% year-over-year to SEK 193 million.

• Cash and cash equivalents at period end were SEK 291.9 million; cash flow negatively impacted by higher dividend 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.

• Market conditions remain favorable, with structural drivers and new products like the T30 headset supporting continued growth.

• U.S. market expected to rebound as government reorganization settles and budgets remain intact.