Sleep Cycle (SLEEP) Q3 2026 earnings summary

Executive summary

• Q3 net sales fell 17.3% YoY, or 12.4% at constant currency, as new B2C acquisition weakened; record B2B revenue grew 49.2% and adjusted EBIT margin reached 29.7%.

• Focus shifted to B2B expansion, an early-2027 Apnea Alert launch, a leaner AI-first organization and the proposed Audiowell acquisition.

Financial highlights

• Q3 net sales were SEK 50.9m, down 17.3% YoY and 12.4% at constant currency; Jan–Sep sales were SEK 153.3m, down 19.3% and 13.7% at constant currency.

• Q3 reported EBIT was SEK 1.1m, with a 2.2% margin; adjusted EBIT was SEK 15.1m, with a 29.7% margin, versus SEK 16.8m and 27.3% a year earlier.

• Jan–Sep reported EBIT was SEK 0.3m; adjusted EBIT was SEK 25.2m, with a 16.4% margin, versus SEK 51.9m and 27.3% a year earlier.

• Items affecting comparability totaled SEK 14.0m in Q3 and SEK 24.9m in Jan–Sep, mainly CEO transition, reorganization and public-offer costs.

• Q3 personnel expenses of SEK 24.7m included SEK 13.4m of comparability items; adjusted expenses were SEK 11.2m, down 19% YoY.

Outlook and guidance

• FY2026 adjusted EBIT margin outlook is ~20% for current operations; reported margin is ~7%, including ~SEK 25m of year-to-date comparability items. Outlook excludes Audiowell.

• The FY outlook implies ~30% adjusted EBIT margin in Q4; annual savings of ~SEK 35m are expected to have a substantial Q4 impact and full effect from January 1, 2027.

• Apnea Alert is planned to launch as a Class I medical device in the EU and UK in early 2027; priorities also include B2B pipeline conversion and improving paid-user conversion and retention.