Unibap Space Solutions (UNIBAP) Q1 2026 earnings summary

Executive summary

• Q1 2026 net revenues were 34.4 MSEK, a 5% decrease year-over-year, with EBIT at 3.7 MSEK, and strong order intake totaling 56 MSEK.

• Major orders delivered to a leading European defense company and Loft Orbital, with focus on next-gen computer solutions and US market entry.

• Positive operating cash flow of 6.9 MSEK in Q1, despite ongoing investments in R&D, security certification, and US expansion.

• Post-quarter, secured 2.7 MEUR in EDF funding for two strategic projects and signed a new satellite mission agreement for 2027.

• Continued focus on defense and civil defense market trends.

Financial highlights

• Q1 net revenues: 34.4 MSEK, down 5% year-over-year; operating income was 3.7 MSEK, compared to 7.2 MSEK in Q1 last year.

• Earnings per share were 0.06 SEK, compared to 0.12 SEK in Q1 2025.

• Operating cash flow positive at 6.9 MSEK in Q1; cash flow improved to 4,178 KSEK from -10,049 KSEK year-over-year.

• Revenue, profit, and cash flow expected to remain volatile between quarters.

• Operating margin for Q1 2026 was 11%, down from 20% in Q1 2025.

Outlook and guidance

• Large quarterly variations in financials are expected to continue.

• Ambition to return to 30-50% annual revenue growth in 2026, with strong market drivers in defense and real-time ISR.

• Plans to expand US operations and leverage European market opportunities.

• Management expects continued variability in order intake and revenues due to early growth phase.