Vaxxa (VAXXA) Q2 2026 earnings summary

Executive summary

• Achieved transition from strong growth to profitable growth, with positive operating results in Q2 2026.

• Revenue increased by 57% year-over-year in Q2 2026, reaching 29.5 MSEK.

• Operating cash flow was positive, and the balance sheet is nearly debt-free.

• Continued investment in proprietary auction platform to strengthen offerings.

Financial highlights

• Q2 2026 net revenue: 29.5 MSEK (18.8 MSEK Q2 2025); H1 2026: 47.4 MSEK (31.2 MSEK H1 2025).

• Q2 2026 EBITDA: 641 KSEK (–951 KSEK Q2 2025); H1 2026 EBITDA: –463 KSEK (–989 KSEK H1 2025).

• Q2 2026 operating income: 2 KSEK (–1,660 KSEK Q2 2025); H1 2026: –1,700 KSEK (–2,372 KSEK H1 2025).

• Net income for Q2 2026: 2 KSEK (–1,600 KSEK Q2 2025); H1 2026: –1,694 KSEK (–2,282 KSEK H1 2025).

• Cash and cash equivalents at June 30, 2026: 12.4 MSEK (8.1 MSEK June 30, 2025).

Outlook and guidance

• On track for annualized revenue approaching 100 MSEK if current growth continues.

• Focus remains on building a sustainably profitable business with continued high growth.