QBNK (QBNK) Q1 2026 earnings summary

Executive summary

• Operating revenues for Q1 2026 were 9.7 MSEK, down 9% year-over-year from 10.6 MSEK.

• EBITDA improved to 0.5 MSEK from 0.2 MSEK, and EBIT rose to 0.3 MSEK from -0.1 MSEK, with a margin of 3.6%.

• Net income after tax was 0.3 MSEK, up from 0.0 MSEK in Q1 2025.

• Cash flow from operations was 1.9 MSEK, a significant improvement from -3.8 MSEK last year.

• Annual recurring revenue (ARR) increased to 37.0 MSEK from 36.6 MSEK year-over-year.

Financial highlights

• Subscription revenues for Q1 2026 were 9.2 MSEK, up 1% year-over-year; project-related revenues declined to 0.5 MSEK from 1.5 MSEK.

• Subscription revenues accounted for 94% of total net sales.

• Cash and cash equivalents at March 31, 2026, were 18.7 MSEK, up from 17.7 MSEK a year earlier.

• Equity increased to 5.7 MSEK from 5.1 MSEK year-over-year; equity ratio improved to 19% from 16%.

Outlook and guidance

• Management expects normalized cost levels in coming quarters, potentially leading to higher costs but maintaining profitability for the full year.

• Underlying gross ARR growth, excluding churn, was strong in Q1, and a positive outlook is maintained for the coming quarters.

• Strategic focus will shift to strengthening positions with key A-segment customers and adapting offerings.