First quarter was a challenging period, and we anticipated a softer start to the year, which we mentioned in the previous report. The global environment continues to be uncertain.
Sales came in at SEK 40.0m – down 32% from the same period last year, the FX-adjusted sales amounted to SEK 44.4 m – down 25% in the first quarter. While underlying activity remains solid, increased uncertainty in the world around us has affected customer behavior and top-line growth. Against this backdrop, we managed costs tightly to match the volume drop as much as possible.
Gross margin remained on a stable level at 68.3% (69.3%), despite lower volumes. Our sustained focus on cost discipline resulted in an adjusted EBIT of SEK – 3.6m, a result that reflects both operational efficiency and financial rigor. The cash position remains strong at SEK 61.0m at the end of the quarter.
Order intake for the quarter came in broadly flat compared to the same period previous year – a resilient performance given the challenging macroeconomic environment and currency headwinds we faced throughout the period. Entering a new quarter, our order backlog is larger than it was at the start of the year, providing a solid foundation for the quarters ahead.
Regional Performance
EMEA delivered a weak quarter overall, partly due to temporarily delayed projects resulting from ongoing geopolitical tensions. We remain positive about EMEA’s full-year trajectory, with projections indicating a strengthening performance in the quarters ahead. We hosted our EMEA distributors at our headquarters in Gothenburg, Sweden, to address the performance and deepen collaboration with strengthened market alignment. The Americas accounted for approximately half of the quarter’s sales, while Asia-Pacific continued to show steady demand, with particularly strong activity in the Engineering segment.
“Our project base is building well, and we enter the coming quarters with confidence.”
Key Activities and Highlights
The launch of OnTraq during Q1 has been one of the highlights of the period. Reception from elite sports teams has met our expectations, and we now have several active pilots running across our target customer base. As with any new platform entering a new market, revenue will build progressively and we see 2026 as a year of establishing strong foundations, with more substantial contribution expected from 2027 and onwards. The opportunity ahead is genuinely compelling: markerless technology opens motion capture to a far broader set of customers and environments than our traditional systems, and the early signals from the field give us real confidence in the long-term trajectory. We look forward to sharing further updates on our markerless technology within short. For the marker-based technology the deliveries in the quarter were mainly focused on customers within entertainment, sports and universities in the U.S., as well as marine and industrial customers in APAC.
A More Resilient Organisation
At the beginning of the quarter, we achieved ISO/IEC 27001 certification for information security management. This is an important milestone that reinforces our governance and data security framework and builds confidence with customers and partners – particularly in security-sensitive markets.
Outlook
We remain fully committed to our medium-term targets of 15% annual growth and 20% EBIT margin over a business cycle, and nothing in this quarter changes our conviction. For 2026 specifically, reaching the growth target requires a strong second half — and we believe the conditions for that are building, with a growing order backlog and improving regional momentum. The EBIT margin is primarily a revenue scale story rather than a cost story; we are already running efficiently, and as volumes recover, the operating leverage in our model works in our favor. The second half of the year is typically our strongest period.
We enter the rest of the year with continued confidence and a clear strategic long-term focus. We are determined to pursue new business in emerging markets and increase our market share where we already have a strong presence, while maintaining a stable level of profitability.
WORDS: Ingemar Pettersson
CAPTURED: May 2026