Onward Medical (ONWD) Q1 2026 earnings summary

Executive summary

• Achieved EUR 2.0 million in Q1 2026 revenue, supplying 70 ARC-EX systems for clinics and home use, now present in over 100 clinics across the US and Europe.

• Expanded ARC-EX into home use, with home units surpassing clinic units for the first time and significant penetration in US Veterans Affairs hubs.

• Enrolled and implanted the first participant in the Empower BP pivotal trial for ARC-IM, with 12 US sites activated.

• Raised over EUR 40 million in equity, including EUR 25 million from EQT Life Sciences, extending cash runway into Q1 2028.

• Initiated EIGER mobility feasibility study and additional clinical studies for new indications.

Financial highlights

• Q1 2026 revenue totaled EUR 2.0 million, with EUR 1.3 million from product sales and EUR 0.7 million from grants.

• Cash balance at end of Q1 was EUR 53.4 million, increasing to EUR 89.8 million by end of April after equity raise.

• Cash burn during Q1 2026 was EUR 14.7 million.

• Grant income is expected to be lumpy and not annualized at Q1 levels.

Outlook and guidance

• Expect continued growth in home use sales, with home units anticipated to outpace clinic units.

• Anticipate first commercial home use sale in Europe and further global clinic expansion.

• Interim data from Empower BP pivotal study expected within a year.

• Ongoing support for ARC-BCI and new indications for ARC-EX under consideration.

• Cash runway extended into Q1 2028, assuming no drawdown of debt facility.