Micro Systemation Q3 2026: record margin, but receivables absorbed the cash

Päivitetty: 23. lokakuuta 2026

Visual Story

  • Micro Systemation · Q3 2026
  • Revenue up, operating profit up
  • Revenue grew 19.4% (Q3 2026 vs Q3 2025)
  • Back to operating profit

Revenue rose 19.4% and operating margin widened 9.9 points to 41.1%, yet operating cash flow was SEK 3.1 million, flat on a year earlier, as trade receivables absorbed the profit 28. The report gives no numeric guidance.

Micro Systemation · Q3 2026 · Reported 23 Oct 2026 · Nordic

Key figures

Million SEK

Q3 2026

Q3 2025

Change

Revenue

175.0

146.6

+19.4%

Gross margin

95.0%

90.5%

+4.5 pp

Operating profit

72.0

45.8

+57.2%

Operating margin

41.1%

31.3%

+9.8 pp

Net income

56.3

35.1

+60.4%

Diluted EPS (SEK)

2.96

1.88

+57.4%

Operating cash flow

3.1

3.1

0.0

Working capital change

-79.4

-45.7

-33.7 MSEK

Figures in SEK, as reported. Margins are computed from the reported lines.

Profit grew faster than sales because costs barely moved

Net sales rose 19.4% to SEK 175.0 million, or 17.6% currency-adjusted, so the weaker krona added about two points 2. Operating profit rose 57.2% to SEK 72.0 million, and the operating margin widened by 9.9 percentage points to 41.1% 2. Profit after tax was SEK 56.3 million against SEK 35.1 million a year earlier, and diluted EPS was SEK 2.96 against SEK 1.88 7.

Total operating cost was SEK 103.0 million against SEK 100.8 million a year earlier 7. Cost of goods sold fell to SEK 8.8 million from SEK 14.0 million, lifting gross margin to 95.0% from 90.5% 5. The report says cost of goods sold is partly affected by currency and generally varies with mix, which had a lower share of hardware 5. Other external costs fell to SEK 16.4 million from SEK 19.4 million on lower consultancy costs 5. Staff costs rose to SEK 72.0 million from SEK 62.0 million, on about 15 net hires and the pay review 5.

Cash did not follow profit as receivables swelled

Operating cash flow was SEK 3.1 million, the same as a year earlier, against profit after tax of SEK 56.3 million 2. Cash flow before working capital rose to SEK 82.5 million from SEK 48.9 million 5. The working capital change was SEK -79.4 million against SEK -45.7 million, which the report ties mainly to higher trade receivables 5.

Trade receivables stood at SEK 164.2 million on 30 September 2026, against SEK 107.0 million a year earlier and SEK 92.0 million at year-end 2025 8. For the nine months, operating cash flow was SEK 27.5 million against SEK 10.7 million, with a working capital change of SEK -73.8 million 6. Cash was SEK 146.9 million against SEK 85.8 million a year earlier 6. The report does not say when it expects the receivables to be collected, so the profit is not yet cash.

Growth came from EMEA and APAC while Americas slipped

EMEA sales were SEK 95.9 million against SEK 77.3 million, and APAC SEK 25.5 million against SEK 13.4 million 9. Americas fell to SEK 53.6 million from SEK 55.9 million 9. Management says EMEA beat internal targets on XRY Pro sales, with DACH particularly strong. It says APAC growth was helped by several strategic contract wins 4.

On Americas, management cites uncertainty around government budgets and procurement and some delays, which it expects to be recovered in the coming quarters 4. That is an expectation, not guidance with figures. Separately, the company received an order worth SEK 25.7 million from a major European defence organisation 12. The report does not say how much of it was recognised in the quarter.

What to watch next

  • Whether trade receivables, SEK 164.2 million at quarter-end, convert to cash in the Year-end report on 2027-01-26 8.

  • Whether Americas recovers the delayed business management expects in the coming quarters, after a quarter of lower sales 4.

  • Whether the planned increase in development investment over the coming year, alongside net hiring, narrows the 41.1% margin, as the report gives no figures for it 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.