Monsenso (MONSO) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 was DKK 3,329k, down from DKK 5,166k in H1 2025, mainly due to customer implementation delays; revenue is expected to recover in H2 2026 to meet full-year targets.

• Commercial revenue grew by 56% year-over-year, driven by contracts with Danish, Austrian, and UK health providers, including a significant new ADHD services contract in the UK.

• Innovation and research activities declined as projects moved to operational stages, but new patient recruitment and promising study results are expected in H2 2026 and 2027.

Financial highlights

• EBITDA improved to DKK -1,277k from DKK -1,755k year-over-year; EBIT was DKK -3,356k versus DKK -4,066k.

• Gross margin increased to 47% from 37% year-over-year.

• Cash flow from operations was DKK -1,682k, offset by a capital increase of DKK 3,118k.

• Net loss for the period was DKK -3,388k, compared to DKK -3,839k in H1 2025.

• Market capitalization rose to DKK 34.1m from DKK 22.0m year-over-year.

Outlook and guidance

• Full-year 2026 revenue expected at DKK 11m, representing 24% growth.

• H2 2026 EBITDA and operating cash flow are expected to turn positive.

• Year-end 2026 guidance includes slightly positive EBITDA, positive cash position, and EBIT of DKK -4m due to software depreciation.

• Management expects sufficient liquidity for ongoing operations.