Qualisys’ business is, as I previously have described, volatile and largely dependent on when orders are received and when projects can be realized over time. The turnover and results for the third quarter reflect this and are characterized by both challenges and progress. Global market uncertainty has led to the postponement of certain planned projects and order placements – a development we already indicated during the second quarter. Toward the end of the period, however, we noted growing optimism internationally, which has resulted in several projects being initiated and an improved order situation. This now gives us a transparent and predictable starting position for the fourth quarter.
Over the nine-month period, we have seen minor revenue growth (2.7%), and the results so far are affected by the investments we are making to reach our growth ambitions. For the full year, I still consider our financial targets of 15% currency-adjusted growth and 20% EBIT margin to be achievable.
REGIONAL DEVELOPMENT AND OUTLOOK
We remain positive about our long-term strategy, even as regional dynamics continue to evolve. We had high expectations for the U.S. market, where growth has so far been lower than anticipated this year. The shutdowns and restructuring within the U.S. administration have affected our institutional clients, leading to postponed project launches and order placements. However, the projects remain planned, and we are now seeing clear signs of increasing market activity.
At the same time, we are strengthening our position in Asia as a whole. This region is showing strong development trends and is becoming an increasingly important driver of our global growth. We will continue to focus our resources where we see the greatest potential, while maintaining the flexibility needed to effectively navigate changes in the macroeconomic landscape. During the quarter, for example, we established a subsidiary in India, further strengthening our global presence and creating new opportunities to engage with customers in their local markets.
“The full-year outlook and the long-term development feel stable, with our financial targets within reach.”
MARKERLESS PRODUCT OPENS UP FOR A COMPLEMENTARY BUSINESS MODEL
We are approaching the commercial launch of OnTraq – a completely new product based on our unique, proprietary markerless technology. OnTraq enables precise and automated measurement, tracking, and analysis of athletes’ performance using markerless technology.
The launch is being met with strong interest, and we are in discussions with several leading clubs in top European and American leagues – including Premier League, Serie A, La Ligue, NFL and MLS. Early user-testing in the target market has been ongoing for more than a year, and we expect to sign our first contracts in the near future.
The commercialization of OnTraq paves the way for a subscription-based business model, which will generate recurring revenue
and strengthen our customer relationships over time. This complements our established business model aimed at institutional clients, while also opening up opportunities for a new customer segment and contributing to long-term growth.
IN A GOOD POSITION AHEAD OF YEAR END
The final quarter of the year has started off well, and activities in our key markets have now clearly increased. The organization shows strong commitment and is working hard to achieve the financial targets we have set.
We continue to expand with high operational efficiency, which is a direct result of our business model’s strong margin structure. This model not only delivers stable and sustainable profitability but also serves as a strategic lever for scalable growth. By combining cost discipline with attractive, value-driven offerings, we will continue to accelerate our expansion without compromising financial stability. This is a testament to our ability to grow sustainably while strengthening our market position.
We look forward to continuing this journey with the same focus, drive, and long-term perspective — always with our customers, partners and employees at the centre.
WORDS: Ingemar Pettersson
CAPTURED: November 2025