Odinwell (ODIN) Q2 2026 earnings summary

Executive summary

• Achieved first commercial sales of novaQS systems to a leading Swedish veterinary institution, marking a key milestone toward commercialization and market readiness.

• Focused on preparing for a broader product launch in veterinary medicine in Q4 2026, including scaling production and CE-marking activities.

• Strengthened financial position through a directed share issue and a targeted Leo emission to board members and executives.

• Intensified collaboration with major global wound care players, with active partnership discussions ongoing.

Financial highlights

• Q2 2026 revenue was 706 KSEK, down from 976 KSEK in Q2 2025; H1 2026 revenue was 1,765 KSEK, down from 2,091 KSEK year-over-year.

• Q2 2026 operating loss was -1,433 KSEK (improved from -1,704 KSEK in Q2 2025); H1 2026 operating loss was -2,610 KSEK (improved from -3,470 KSEK year-over-year).

• Net loss for Q2 2026 was -1,434 KSEK (vs. -1,675 KSEK in Q2 2025); H1 2026 net loss was -2,585 KSEK (vs. -3,408 KSEK year-over-year).

• Cash position at June 30, 2026 was 1,417 KSEK; proceeds from a 3.3 MSEK share issue to be recognized in Q3.

Outlook and guidance

• Targeting launch of novaQS for veterinary medicine in Q4 2026, with ongoing preparations for production scale-up and regulatory approvals.

• Continued focus on expanding partnerships in both veterinary and human wound care segments.