iZafe Group (IZAFE-B) Q3 2026 earnings summary

Executive summary

• Q3 net sales were SEK 1.8M and EBITDA was -SEK 6.5M; delayed customer rollouts and discounted pricing weighed on results, while costs reflect capacity built for larger volumes.

• Existing agreements span 72 Swedish municipalities, ~30 Dutch healthcare organizations and 14 Norwegian municipalities; usage and implementation progress vary across markets.

Financial highlights

• Q3 net sales were SEK 1,768K vs SEK 1,102K; the comparison excludes Dutch operations, whose consolidation drove the reported increase.

• Q3 EBIT was -SEK 8,232K vs -SEK 3,273K; EBITDA was -SEK 6,451K vs -SEK 2,297K, reflecting Dutch consolidation, higher costs and acquisition-related amortization.

• Q3 net result was -SEK 8,187K vs -SEK 3,537K; EPS was -SEK 0.02 vs -SEK 0.01.

• 9M net sales were SEK 6,826K vs SEK 3,556K; EBITDA was -SEK 16,624K vs -SEK 8,130K and net result was -SEK 22,128K vs -SEK 11,819K.

• Q3 sales were below the prior quarter's SEK 2.6M; CEO cited postponed implementations and discounts tied to delivery delays.

Outlook and guidance

• Year-end 2026 ARR forecast was revised to ~SEK 16M from SEK 22.5M; year-end 2027 forecast is ~SEK 36M.

• The prior SEK 22.5M ARR target is now expected by June 30, 2027, dependent on installations, billable activations and greater use among existing customers.

• New-generation Dosell deliveries have commenced; planned customer implementations and cost control are key to improving revenue, results and cash flow.

• Västervik and cooperating municipalities could require ~500 Dosell units at full rollout, representing ~SEK 3.7M in ARR; volumes are estimates, not guaranteed.