Q3 revenue rose 6.9% to EUR 1.9M and the operating loss narrowed to EUR 393 thousand 3. Nine-month revenue is still down 7%, and management keeps its 2026 outlook of higher revenue and profitability than in 2025 2.
Key figures
Thousand EUR | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
Revenue | 1,886 | 1,765 | +6.9% |
EBITDA | 1,003 | -184 | +1,187 |
EBITDA margin | 53.2% | -10.5% | +63.7 pp |
Operating profit (EBIT) | -393 | -1,220 | +827 |
Operating margin | -20.8% | -69.2% | +48.4 pp |
Operating cash flow | -42 | -578 | +536 |
Cash flow after investing | -805 | -1,469 | +664 |
Company-defined free cash flow | 241 | -1,076 | +1,317 |
Figures in EUR, as reported. Margins are computed from the reported lines.
The EBITDA jump is large, but depreciation absorbed much of it
Q3 EBITDA was EUR 1,003 thousand against EUR -184 thousand a year earlier, a 53.2% margin 2. The operating loss narrowed to EUR 393 thousand from EUR 1,220 thousand, and the operating margin improved by 48.3 points to -20.8% 3. Management attributes the profit gain mainly to operational efficiency, and the CEO also credits PPT pricing and a better cost structure 84.
Depreciation and amortization rose to EUR 1,396 thousand from EUR 1,036 thousand a year earlier 19. The Q3 income statement also includes EUR 637 thousand of manufacturing for own use and a EUR 285 thousand inventory increase 16. My reading is that capitalized development work and inventory build flatter EBITDA relative to a cash view. Capitalized development was 22% of operating expenses in the first nine months, as in the prior year 9.
Growth is one quarter old; nine-month revenue is still down
Q3 revenue rose 6.9% to EUR 1,886 thousand 3. The filing links it to a more diversified customer portfolio and more projects 8. January to September revenue was EUR 4,985 thousand against EUR 5,333 thousand, down 7%, which management attributes partly to project delays and postponed deliveries 8.
Management still expects 2026 revenue and profitability to rise from the previous year, and says the outlook is unchanged 3. Full-year 2025 revenue was EUR 7,069 thousand 3. With nine-month revenue down, the revenue part of that outlook depends on the fourth quarter. Nine-month EBITDA of EUR 1,370 thousand already compares with EUR -168 thousand for all of 2025 3.
Orders and PPT point to a better mix, though management warns against extrapolating
Q3 order intake was EUR 3.5 million, up about 154%, and a larger share than before was product sales rather than development and NRE work 4. Nine-month intake was EUR 5.7 million, about 11% higher 4. Management itself cautions that quarterly intake fluctuates significantly and that one strong quarter should not be read as a signal for later ones 5.
PPT sales rose 110% to EUR 0.5 million, about 30% of Q3 revenue 5. Management says earlier pricing changes are now beginning to support profitability 5. The development pipeline grew to 37 projects from 32 7.
Operating cash flow improved from a year earlier, but the cash balance keeps shrinking
Q3 operating cash flow was EUR -42 thousand against EUR -578 thousand a year earlier, with a net loss of EUR 395 thousand 219. A EUR 1,042 thousand working-capital outflow weighed on it, up from EUR 386 thousand 19. The company-defined free cash flow from operations, EBITDA less investment, was EUR 241 thousand against EUR -1,076 thousand 2.
Over the nine months, net cash flow was EUR -2,863 thousand, mostly tied to product development projects 9. Cash and financial securities were EUR 6,689 thousand against EUR 10,550 thousand a year earlier 3. Management targets positive cash flow by the end of the 2026 to 2027 strategy period 6.
What to watch next
Whether Q4 revenue is strong enough to turn nine-month revenue, down 7%, into the full-year growth management guides to 3.
Whether product orders, which management says should not be extrapolated from one quarter, convert into revenue, and whether PPT keeps its roughly 30% share of sales 5.
Whether the working-capital outflow and capitalized development spending ease enough to move toward the positive cash flow target while cash and securities stand at EUR 6,689 thousand 3.
Sources
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.