Serstech (SERT) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 reached KSEK 9,658, more than doubling year-over-year, reflecting commercial progress despite a cautious market environment.

• The opportunity pipeline is growing in both value and quality, with several multi-year customer projects nearing completion and expected to generate orders within 12 months.

• AI-driven improvements in product performance and development efficiency have strengthened competitiveness and reduced the need for R&D expansion.

• Operational readiness is improving, with inventory levels expected to support future demand and no significant component shortages anticipated.

Financial highlights

• Q2 2026 net sales: KSEK 9,658 (Q2 2025: 4,563); H1 2026 net sales: KSEK 16,184 (H1 2025: 24,455).

• Q2 2026 EBITDA: KSEK -2,426 (Q2 2025: -9,041); EBIT: KSEK -5,275 (Q2 2025: -11,158).

• H1 2026 EBITDA: KSEK -6,704 (H1 2025: -8,370); EBIT: KSEK -11,790 (H1 2025: -12,495).

• Q2 2026 earnings per share: SEK -0.02 (Q2 2025: -0.04); H1 2026: SEK -0.05 (H1 2025: -0.05).

• Cash flow from operating activities in Q2 2026: KSEK -4,529 (Q2 2025: -11,631); H1 2026: KSEK -11,548 (H1 2025: -14,772).

Outlook and guidance

• Management expects several strategic projects to result in orders within the next 12 months, with some anticipated before year-end.

• AI integration is expected to continue driving efficiency and product performance, with future recruitment focused on production rather than R&D.

• Inventory levels are being built up to SEK 40 million in sales value by September to support anticipated demand.

• No significant impact from tariffs or geopolitical factors is expected in the coming quarters barring new major events.