Modulight (MODU) Q2 2026 earnings summary

Executive summary

• Completed patient recruitment for a key phase III clinical trial ahead of schedule, initiating a year-long follow-up period before FDA discussions.

• R&D pipeline expanded to 36 projects, with strong progress and a growing share of large customers, especially in life science and semiconductor sectors.

• Approved as a supplier to a major global semiconductor company, with increased activity among significant industry players and deliveries to quantum computing firms.

• Strategy shift to focus on PPT business since 2022/2023 is yielding results, with triple-digit growth and increased customer interest.

• Operational efficiency and cost savings contributed to positive EBITDA and reduced negative free cash flow.

Financial highlights

• Q2 2026 revenue: EUR 1,604 thousand (down 18% YoY); H1 2026 revenue: EUR 3,099 thousand (down 13% YoY).

• Q2 2026 EBITDA: EUR 37 thousand (2.3% margin, up 185% YoY); H1 2026 EBITDA: EUR 367 thousand (11.8% margin, up 29% YoY).

• Q2 2026 EBIT: EUR -1,346 thousand; H1 2026 EBIT: EUR -2,410 thousand.

• Q2 operating cash flow: EUR 22,000; H1 operating cash flow: EUR 841,000.

• Cash and cash equivalents at period end: EUR 7,799 thousand; net debt: EUR -5,759 thousand.

Outlook and guidance

• Revenue and EBITDA are expected to grow in 2026, with continued quarterly fluctuations anticipated.

• Strategic objectives for 2026-2027 include strong annual growth, return to profitability, and achieving positive cash flow by period end.

• Guidance aims to enhance transparency and predictability for investors, with updates in interim reports or upon material changes.

• Strategy focuses on scaling the PPT model, expanding applications, and ramping up mass production.

• Diversified customer base and increased project maturity support confidence in growth.