Serstech (SERT) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 were KSEK 6,525, a significant decrease from KSEK 19,892 in Q1 2025, reflecting the tender-based nature of sales and expected quarterly fluctuations.

• EBITDA for Q1 2026 was KSEK -4,277, down from KSEK 669 in Q1 2025, with EBIT at KSEK -6,515 compared to KSEK -1,339 year-over-year.

• Gross margin improved to 72% in Q1 2026 from 61% in 2025, attributed to fully operational in-house production.

• The company expects stronger performance in subsequent quarters, with April order intake already matching Q1 sales.

Financial highlights

• Revenue declined 67% year-over-year in Q1 2026.

• EBITDA margin was -66% in Q1 2026, compared to 3% in Q1 2025.

• EBIT margin dropped to -100% from -7% year-over-year.

• Earnings per share were SEK -0.03, down from SEK -0.01 in Q1 2025.

• Cash flow from operating activities was KSEK -7,020, compared to KSEK -3,140 in Q1 2025.

Outlook and guidance

• Management anticipates positive cash flow and a solid EBITDA margin for the full year 2026.

• Order intake in April 2026 already equals Q1 sales, with expectations for larger orders from returning customers in upcoming quarters.

• The ongoing war in Iran and Middle East conflict are not expected to materially impact 2026 sales.