Modulight Corporation | Company Release | April 24, 2026 at 10:30:00 EEST
This release is a summary of Modulight's interim report for January-March 2026. The whole report is attached to this stock exchange release as a pdf file, and is also available on the Modulight website at https://modulight.com/reports-presentations/.
The figures in brackets refer to the corresponding period of the previous year. This financial statement bulletin is unaudited.
Highlights in January-March 2026
- Three significant new customer accounts increased the product development pipeline to 36 projects
- PPT invoicing grew by over 100 % compared to the reference period
- Free cash flow from operations was EUR -661 (-1,551) thousand, improving by 57 %
- Revenue was EUR 1,495 (1,606) thousand
- EBITDA was EUR 330 (-582) thousand
- EBITDA margin was 22.1 (-36.2) % of revenue
- Operating profit (EBIT) was -1,064 (-1,585) thousand
- EBIT margin was -71.2 (-98.7) % of revenue
- Earnings per share (EPS) were EUR -0.02 (-0.04)
Key figures
| Group EUR 1,000 unless otherwise noted | 1-3/2026 | 1-3/2025 | 1-12/20251) |
| Revenue | 1,495 | 1,606 | 7,069 |
| EBITDA | 330 | -582 | -168 |
| EBITDA-% | 22.1 % | -36.2 % | -2.4 % |
| Operating result (EBIT) | -1,064 | -1,585 | -4,648 |
| Operating result (EBIT) -% | -71.2 % | -98.7 % | -65.8 % |
| Earnings for the period | -958 | -1,616 | -4,604 |
| Earnings per share (EPS, EUR) | -0.02 | -0.04 | -0.11 |
| Acquisition of fixed and intangible assets | -991 | -969 | -4,311 |
| Free cash flow from operating activities | -661 | -1,551 | -4,479 |
| Cash and cash equivalents2) | 9,080 | 14,573 | 9,653 |
| Net debt2) | -6,590 | -10,581 | -6,862 |
| Gearing ratio2) | -15.1 % | -22.2 % | -15.3 % |
| Equity ratio2) | 90.8 % | 88.1 % | 90.9 % |
| Headcount (FTE)2) | 62 | 66 | 63 |
1) Audited
2) Figure refers to the end of the review period
Outlook for 2026
Modulight estimates that the Company's revenue and profitability will increase compared to the previous year.
Modulight Corporation announced on April 21st, 2026 that it will begin providing financial guidance on its revenue and operating margin (EBITDA) as of that date. The company expects its revenue and EBITDA to increase during the financial year 2026.
The purpose of the guidance is to enhance transparency and improve the predictability of the company's financial development for investors and other stakeholders.
The guidance reflects management's current expectations regarding the company's financial performance and is based on information available at the time of publication. The company will update or revise its guidance as necessary in connection with its interim reports or in the event of material changes.
Most of Modulight's customer projects are various types in the early stages of development. These projects are focused on commercializing Modulight's own products. The progress of individual projects is difficult to predict, and macroeconomic and geopolitical uncertainty continues to impact market development and the company's revenue. In line with its strategy, Modulight is also transitioning from device delivery-based payments to a new treatment session-based payment model (PPT business model). In 2025, the number of PPT sites increased to 80, and the business grew rapidly. Strong growth has continued in 2026; however, the pace of the transition remains difficult to assess.
Seppo Orsila, CEO
The company's profitability continued to improve despite a 7 % decline in revenue compared to the corresponding period. Increased customer activity since last summer started to translate into orders, and cooperation with new large customers is advancing faster than before. We initiated several new projects with industry-leading companies that fit our strategy perfectly. Our cost structure has remained solid, and we continue our efforts to improve operational efficiency. The diversification of the customer portfolio, along with project progress and a growing number of projects, supported the company's overall development.
Our EBITDA margin increased to 22% during the quarter, improving by 157% to EUR 0.3 (-0.6) million. Correspondingly, operating result improved by 33% to EUR -1.1 (-1.6) million. Our continued focus on product profitability has contributed to improving gross margins, which supported profitability despite lower revenue.
Our product platform is now suitable for an increasing number of customers, while the amount of configuration required is decreasing, even as we offer more value to the customers. The improvement in earnings clearly demonstrates the versatility of our product platform and the efficiency of our investments, while also reinforcing our view of the scalability of the business. Customer audits have proceeded smoothly without exception, and their number continues to increase. Several customers have emphasized the importance of audits as they transition toward the production phase.
The Pay-Per Treatment (PPT) business continued to grow by more than 100% compared to the corresponding period last year. For certain products, PPT already generates more revenue than the old business model would yield, even if we resold the entire installed base every year. PPT revenue exceeded EUR 1 million in 2025 and showed strong growth during the first quarter. Our objective is to continue this growth in line with our strategy. However, I would like to emphasize that even though we now have more than 80 sites, quarterly variation is likely to continue due to the relatively limited scale of the business, and particularly because the completion of clinical projects almost inevitably leads to a pause of several quarters in treatments because of approval processes.
Our product development pipeline expanded to 36 projects. These projects aim to commercialize our own products. The increase was driven entirely by projects launched with major enterprises that are among the world's largest in their respective sectors. I am very pleased with the feedback we have received: many of these customers selected us based on both our technology and recommendations from our existing customers. We have also performed well in competition against the largest and most established companies in the industry, particularly due to the uniqueness of our products and our manufacturing capabilities.
The role of Modulight's own vertically integrated production facility is becoming increasingly emphasized in the current global situation, and it is continuously becoming an even more important competitive factor. This is reflected in a positive momentum both in discussions with pharmaceutical companies and in negotiations concerning other high value-added application-based customer relationships. Our technology and our unique Europe-based manufacturing capabilities have clearly strengthened our customers' confidence in us when making development decisions related to future products. The majority of our projects are of a nature where the customer commits to us on a long-term basis as their sole technology partner. The United States remains the company's main focus, and our operations there are developing strongly. We have continued preparations for local production. We see opportunities particularly in flow cytometry, microscopy, the semiconductor industry, quantum technology and the defense industry. In all of these areas, we have globally significant companies as our customers. During the quarter under review, we secured highly interesting project openings, among others in the semiconductor industry, where our lasers appear to be very well suited.
The objective of our strategy period 2026-2027 is strong annual revenue growth and a return to strong profitability. In addition, the goal is to achieve positive cash flow by the end of the strategy period. We expect quarterly-level fluctuation to continue, but the diversification of our customer base and the increasing maturity of our projects provide us with confidence in long-term growth this year and during the strategy period. For this reason, we also issued guidance, according to which we expect growth and improved profitability in 2026 compared to the comparison period. Our growth strategy is heading in the right direction, but we still need slightly more time. We have enhanced our operations and paid special attention to the sufficiency of our cash reserves.
Webcast
Modulight's CEO Seppo Orsila will present the result in an English-language webcast on April 24, 2026, at 12:00 p.m. EEST. The broadcast can be followed at https://modulight.zoom.us/webinar/register/WN_cL-C8W6rRrGWYeJ-ujS7wQ.
Questions are to be submitted in writing in the webcast portal. CFO Anca Guina will also be present to answer questions. Presentation materials will be available before the start of the event on the company's website at modulight.com/reports-presentations/.
For further information, please contact:
CEO Seppo Orsila, m. +358 40 830 4671
IR Ulla Haapanen, m. +358 40 830 4676
Email: ir@modulight.com
Certified adviser: Sisu Partners Oy, m. +358 40 555 4727
modulight.com
@modulight
Modulight in brief
Modulight Corporation is a life science company that designs and manufactures laser devices for the treatment of cancer and eye diseases. The company also manufactures products for other high value-add applications including flow cytometry, microscopy, semiconductor, quantum, and defense. The company's products include medical devices, subsystems, software, cloud services, and specialized semiconductors. Modulight's products are used worldwide by many Fortune 500 companies, pharmaceutical companies, and well-known cancer centers and universities. Modulight was founded in 2000 and is headquartered in Tampere, Finland.
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