Risk Intelligence (RISK) Q1 2026 earnings summary

Executive summary

• Signed five new client agreements in Q1 2026, including three government and two private energy sector clients; all will impact ARR from Q2 onward.

• Secured a three-year extension with a major international insurance client, supporting recurring revenue for 2027-2029.

• Won the Nordic Military Mobility project in the Government & Defence segment, running until summer 2026.

• Fifth consecutive quarter with positive EBITDA, despite a 6% decrease in recognised revenue year-over-year.

• Operations and client support were significantly impacted by the US-Israeli attack on Iran and subsequent regional instability.

Financial highlights

• Recognised revenue decreased by 6% to DKK 6,202 thousand compared to Q1 2025; invoiced revenue increased by 1%.

• Gross profit (SaaS) decreased by 9% to DKK 5,812 thousand; gross margin (SaaS) at 94%.

• EBITDA was DKK 97 thousand, down from DKK 255 thousand in Q1 2025.

• Net loss for the period was DKK -1,843 thousand, compared to DKK -1,123 thousand in Q1 2025.

• Cash flow from operating activities improved to DKK 2,661 thousand from DKK -1,703 thousand in Q1 2025.

Outlook and guidance

• System ARR for 2026 expected in the range of DKK 30.3M–34.4M, representing 10–25% growth.

• ARR growth guidance for 2026 is 10–25%; positive EBITDA expected for the year.

• Continued growth strategy with focus on recurring revenue and debt reduction.