Subgen AI (MAGNA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 40% YoY to SEK 56.7m, primarily from the Link Securities Capital SL acquisition; investment in new segments and a Health impairment contributed to heavy losses.

• YTD revenue increased 12% to SEK 165.4m, while organic sales declined 4.4% at constant exchange rates; financing lifted period-end cash to SEK 59.5m.

Financial highlights

• Q3 EBITDA was SEK -27.4m vs SEK 10.2m; Adjusted EBITDA was SEK -21.4m vs SEK 13.2m, reflecting costs from building new segments.

• Q3 operating loss was SEK 59.4m vs SEK 3.5m; YTD operating loss was SEK 85.4m vs profit of SEK 27.6m.

• YTD loss after tax was SEK 128.0m vs profit of SEK 13.0m; EPS was SEK -0.057 and diluted EPS SEK -0.056.

• YTD revenue was SEK 165.4m vs SEK 147.3m; revenue at constant exchange rates was SEK 168.6m vs SEK 147.3m.

Outlook and guidance

• Substrate AI set a target of more than €100m revenue by 2030 from token sales, platform subscriptions and services.

• Substrate AI plans to end hourly resale of third-party GPU capacity and sell tokens generated by Orion models running on its own hardware.

• Transformation of Link Securities Capital SL is expected to begin in 2027, subject to Spanish regulatory approval for its acquisition.

• Management assessed available cash and committed facilities as sufficient to fund operations over the medium to long term.