Analyst Group: Analyst Group Comment on Irisity’s Q2 Report for 2026

The following are key events that we have chosen to highlight in the report:

• Net Sales of SEK 27.3m (17.9), +52% Y-Y – Well Above Estimate of SEK 21.9m
• Invoicing of SEK 28.7m (21.2), +36% Y-Y; Collections of SEK 33.0m (19.8), +67% Y-Y
• MRR of SEK 4.5m (3.7), +22% Y-Y – SEK 4.8m FX-Adjusted, +30% Y-Y
• OPEX of SEK 25.3m (33.7), -25% Y-Y – Simplification Programme Bearing Fruit
• EBITDA of SEK -1.7m vs. Estimate of SEK -5.9m – Reported EBITDA and OCF Turn Positive
• Available Liquidity of SEK 5.6m (8.8) at the end of Q2, approx. SEK 10.6m After the Enlarged Stockhorn Facility

In summary, Analyst Group views Q2-26 as the strongest quarter since the transformation began and a clear validation of the past year’s operational progress. Net sales rebounded 52% Y-Y to SEK 27.3m, approx. 25% above estimate, while the simplification programme brought adj. OPEX down 25% Y-Y to SEK 25.3m. Together these lifted adj. EBITDA to SEK -1.7m, approx. SEK 4.1m ahead of estimate, and turned both reported EBITDA (SEK 1.6m) and operating cash flow (SEK 1.5m) positive, a tangible sign of the operating leverage embedded in the model. Invoicing of SEK 28.7m and collections of SEK 33.0m, up 36% and 67% Y-Y, alongside FX-adjusted MRR of SEK 4.8m, confirm that the partner-first model is converting into both cash and recurring revenue. With LTM invoicing of approx. SEK 114m running well ahead of the approx. SEK 90m of LTM net sales, revenue visibility into the coming quarters looks well supported. Liquidity remains the principal risk to monitor, with available liquidity of SEK 5.6m at quarter-end rising to approx. SEK 10.6m on a pro-forma basis following the increased Stockhorn facility. Even so, the financial position remains under pressure, and the durability of the Q2-26 cash inflection through H2-26 will determine the pace toward cash flow neutrality. Overall, the quarter strengthens the investment thesis and shifts the focus, as previously flagged, from cost execution, now largely delivered, to sustaining top-line growth.

Read Analyst Group’s comment on the report here

About Analyst Group: One of Sweden's leading equity research boutiques with focus on small and medium-sized listed companies.
Read more about Analyst Group
 
This is a press release from Analyst Group regarding the publication of a comment on Irisity. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.