Sonetel (SONE) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 decreased by 16% to SEK 7.6 million compared to Q2 2025, reflecting normalization after the extraordinary Skype-driven demand surge in 2025.

• Annual recurring revenue (ARR) for H1 2026 declined by 2% to SEK 25.3 million, mainly due to a single large wholesale customer reducing their number holdings.

• The number of active paying customers increased by 11% year-over-year to 32,133, with customer acquisition cost (CAC) dropping to SEK 46 from SEK 137.

• Product development focused on new mobile apps and a new web portal, aiming to improve conversion, retention, and customer satisfaction.

Financial highlights

• Q2 2026 net sales: SEK 7.6 million (-16% YoY); H1 2026 net sales: SEK 15.0 million (-4% YoY).

• Gross margin improved to 81% in Q2 (from 77% YoY) and 79% for H1 (from 78%).

• EBITDA margin: 34% in Q2 (36% YoY); 31% for H1 (37% YoY).

• Operating income for H1: SEK 0.4 million (SEK 1.8 million YoY); pre-tax profit: SEK 0.0 million (SEK 1.3 million YoY).

• Cash flow from operations: SEK 3.8 million for H1 (SEK 5.0 million YoY); cash at period end: SEK 0.2 million (SEK 1.2 million YoY).

Outlook and guidance

• Customer inflow remains double pre-Skype levels, with further growth expected as new apps and the customer portal roll out.

• Cost adjustments, including staff reductions, are expected to yield full effect in H2 2026, with annual savings of SEK 1.2–1.5 million.

• The new customer portal is scheduled to go live in September 2026, supporting improved onboarding and customer journey.