Vaxxa (VAXXA) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell YoY, while gross profit as a share of revenue improved to 10.4% from 8.9%; 9M revenue and gross profit increased 19% and 58%, respectively.

• Q3 EBITDA was -SEK 811k and net loss was SEK 1.461m; reported cash excluding client funds was SEK 2.7m at quarter-end.

Financial highlights

• Q3 net revenue was SEK 13.857m vs SEK 21.123m YoY; 9M revenue was SEK 61.8m vs SEK 52.099m.

• Q3 EBITDA was -SEK 811k vs SEK 12k; operating loss was SEK 1.449m vs SEK 637k.

• Q3 net loss was SEK 1.461m vs SEK 489k; 9M net loss was SEK 3.156m vs SEK 2.776m.

• Q3 goods-for-resale costs declined to SEK 12.410m from SEK 19.241m; personnel costs were SEK 1.802m vs SEK 1.661m.

Outlook and guidance

• Quarter-end pipeline was larger than normal; management expected a significant portion of ongoing transactions to close in Q4 and viewed the remainder of 2026 positively.