Realfiction (REALFI) Q1 2026 earnings summary

Executive summary

• Revenue for Q1-2026 was TSEK 811, down 7% year-over-year, reflecting a shift toward DPT commercialization and reduced legacy product focus.

• Gross profit margin improved to 60.7% from 56.2% year-over-year due to a different sales mix.

• Operating result improved to TSEK -5,347 from TSEK -7,337 year-over-year, driven by cost reductions.

• Strategic review initiated to explore partnerships, joint ventures, or potential sale to accelerate DPT commercialization.

• Liquidity remains a concern, with operations funded only until late summer 2026 without new capital.

Financial highlights

• Net revenue: TSEK 811 (Q1-2025: TSEK 874).

• Gross profit: TSEK 492 (Q1-2025: TSEK 491); gross margin: 60.7% (Q1-2025: 56.2%).

• Result after financial items: TSEK -6,511 (Q1-2025: TSEK -8,409).

• Earnings per share: SEK -0.27 (Q1-2025: -0.42).

• Cash flow from operating activities: TSEK -4,214 (Q1-2025: TSEK -6,893).

• Equity: TSEK 42,464 (Q1-2025: TSEK 39,953).

Outlook and guidance

• Liquidity expected to last until late summer 2026 without additional capital or commercial inflows.

• Material uncertainty exists regarding going concern due to loan covenant-related repayments and lack of commercial DPT agreements.

• Management is pursuing additional financing and strategic alternatives.