* Q3e sales SEK 30m (Q3'25 14m), EBIT -10m (Q3'25 -12m)
* HJWAVE IC500 delivered in July, Lindberg IC500 due early Q4
* Romanian IC2000 tender win de-risks ‘27e
Q3 expectations
We expect Q3 sales of SEK 30m (Q3'25 14m), driven by the HJWAVE IC500 (SEK ~16m), which was delivered in July and is the first system revenue recognised in ‘26. We expect Coating Services of SEK 12m and Aftermarket of SEK 1.5m. On adj. EBIT, we forecast SEK -9.7m (Q3'25 -11.9m). We expect the company to end Q3 with a cash position of SEK 21m (SEK 15m at end-Q2), helped by payment for the HJWAVE system.
Estimate changes and outlook
We fine-tune our estimates and lower our '26e/'27e/'28e sales by 2%/1%/1% ahead of the report.
Order momentum picking up
After Q3, Impact was selected as winning bidder in a public tender by Romanian R&D institute ICSI for an IC2000 for fuel cell and electrolyser coatings (~EUR 1.5m, delivery planned for ‘27). The contract is still subject to a statutory review period before signing, but if finalised, it represents one of our four forecasted machine deliveries for ‘27e and de-risks our estimates. It would also add a third business area to this year’s system orders, in line with the CMD guidance of orders in all four areas during ‘26. In September, management flagged increased orders and customer forecasts for PEM bipolar plate coatings in China following the approval of five regional hydrogen clusters in August.