Novavis (NVG) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 was 1,808k PLN, up from 68k PLN year-over-year, but operating and net losses persisted, with a net loss of 904k PLN compared to 1,856k PLN in H1 2025.

• The group underwent a reverse acquisition, with Voolt S.A. as the accounting acquirer, and sold its stake in Voolt S.A. in July 2026 for 5,736k PLN.

• The key development agreement with Iberdrola was terminated in September 2026, ending the main source of recurring revenue.

Financial highlights

• Operating revenue: 1,808k PLN (H1 2026) vs. 68k PLN (H1 2025).

• Net loss: 904k PLN (H1 2026) vs. 1,856k PLN (H1 2025).

• Net cash from operating activities: 1,460k PLN (H1 2026) vs. 1,150k PLN (H1 2025).

• Equity turned negative: (215k) PLN at 30.06.2026 vs. 1,682k PLN at 30.06.2025.

• Net loss per share: (0.02) PLN (H1 2026) vs. (0.06) PLN (H1 2025).

Outlook and guidance

• The group faces significant uncertainty regarding its ability to continue as a going concern due to the loss of recurring revenue and negative equity.

• Cash flow projections depend on timely receipt of Voolt S.A. sale proceeds and additional financing.

• No new recurring revenue streams are defined; future income depends on asset sales.