Irisity (IRIS) Q1 2026 earnings summary

Executive summary

• Net sales increased 6% year-over-year to MSEK 19.2, with recurring revenue driving growth and gross margin improvement to 81.3% from 66.8% last year.

• EBITDA loss narrowed to MSEK -5.0 from -18.8, reflecting ongoing cost reductions and operational efficiencies.

• The company executed a simplification plan, reducing OpEx by 30% year-over-year and 12% sequentially, with further reductions expected.

• Key commercial wins included a major U.S. airport contract and successful partner deployments in South America and the Nordics.

Financial highlights

• Net sales: MSEK 19.2 (18.1), up 6% year-over-year; at constant currency, up 12%.

• Gross margin: 81.3% (66.8%), driven by recurring revenue and hosting efficiencies.

• EBITDA: MSEK -5.0 (-18.8); Adjusted EBITDA: MSEK -9.2 (-23.1) excluding certain items.

• Result after tax: MSEK -38.4 (-49.5).

• Cash and available credit lines: MSEK 3.7 (14.1).

• Invoicing: MSEK 22.2 (16.6), up 34%; collections: MSEK 22.0 (26.5), down 17%.

Outlook and guidance

• Further OpEx reductions expected in coming quarters as cost-saving measures take full effect.

• Management remains optimistic about achieving positive adjusted EBITDA, supported by seasonal sales and additional cost savings.

• Continued focus on partner-first go-to-market strategy to scale recurring revenue.