THE PERIOD 1 JANUARY - 31 MARCH 2026
- Order intake increased by 640 percent to 158.8 MSEK (21.5). Adjusted for currency effects between the comparison periods, order intake increased by 696.2 percent.
- Net sales increased by 90 percent to 55.9 MSEK (29.4). Adjusted for currency effects between the comparison periods, net sales increased by 104.1 percent.
- Operating profit before depreciation (EBITDA) amounted to 2.8 MSEK (-4.1) and operating profit before financial items (EBIT) amounted to 1.0 MSEK (-6.2).
- Profit before tax amounted to -0.1 MSEK (-6.7).
- Earnings per share amounted to 0.0 SEK (-0.5).
- Cash flow amounted to 9.4 MSEK (-13.9). Of which 10.2 MSEK (-3.3) from operating activities,
-1.3 MSEK (-1.0) from investing activities, and 0.5 MSEK (-9.7) from financing activities. - Cash and cash equivalents amounted to 44.9 MSEK (19.4) at the end of the period.
- During the quarter, the Company received several orders related to the previously announced pilot order from one of the world's largest U.S.-based e-commerce and logistics companies, with a total value of approximately SEK 132 million.
- FlexQube has received an order worth approximately SEK 5 million from an international automotive manufacturer.
- FlexQube has received an order worth approximately SEK 2.5 million for the Navigator AMR from a customer in Mexico. In connection with the order, a framework agreement was signed covering the customer's facilities in North America.
EVENTS AFTER THE END OF THE QUARTER
- FlexQube has received additional follow-on orders from the same U.S.-based customer, one of the world's largest e-commerce and logistics companies, valued at approximately SEK 37 million and SEK 23 million. The orders include Navigator AMR robots and train systems, with planned deliveries primarily during the third quarter of 2026.
Link to the report for the first quarter 2026: https://flexqubegroup.com/financial-information/
The entire quarterly report is also attached to this press release.
CEO LETTER
Record order intake and continued positive earnings
Order intake in the first quarter of 2026 is by far our strongest ever, and the potential outcome we flagged during the autumn with this project has fully materialized so far. Through the American customer we have worked so actively with since the summer of 2025, our order intake has strengthened significantly. The project with the greatest short-term potential at this customer has involved several different product components, and during the autumn it long looked as though the most likely scenario was that we would only be awarded one half of the project.
Our strong development team and unique product platform in Navigator AMR enabled rapid development with high quality, and in fierce competition we presented a product that quite simply had higher performance than the two main competitors in the project.
The two other companies are, compared to us at FlexQube, giants within material handling, and it is impossible to overstate the strength of the signal that we, as a smaller Swedish company, can win this type of order. During the quarter we have received orders linked to this project with a total value of approximately SEK 132 million, and the potential for additional volume going forward remains in line with previous communication.
SALES & EARNINGS
Order intake in the quarter amounted to approximately SEK 159 million, which is the highest level in the company's history, while at the same time we are reporting positive EBITDA. In a continued uncertain market, net sales amounted to approximately SEK 56 million, an increase of 104 percent compared with the same period last year, currency-adjusted.
At the same time, EBIT amounted to approximately SEK 1 million, representing a clear improvement compared with the previous year. The earnings improvement is driven by a combination of higher volumes, an increased share of design and service revenues linked to robot business, as well as continued cost discipline. However, the product margin and earnings during the first quarter were negatively affected by start-up costs for the volume production planned for the second and third quarters.
Cash flow from operating activities was positive during the quarter, and cash flow in particular is always a prioritized area, and even more so now when we have a sharply increased order intake and need to secure deliveries from subcontractors. The strong order intake means that our order book has increased significantly and now exceeds SEK 210 million in end-April, creating good conditions for the coming quarters.
ROBOT DEVELOPMENT AND MARKET
Since the listing in 2017, our ambition has been clear: to challenge how material handling has traditionally been designed and delivered, and over time to build a world-leading position within modular solutions for internal logistics. Our conviction has consistently been that the material flows of the future require a high degree of customization in order to be successfully automated. We continue to see high activity in the market, where several of our larger projects, primarily in the USA, are developing in line with our expectations.
Our robotization journey continues to be central to the company's development. The combination of our cart products and our Navigator AMR system makes it possible to meet customers' needs for flexibility and scalability in increasingly complex material flows.
In the coming months, full focus will be on delivering on the larger orders we have received in the USA, where rollout will take place at two locations starting in July and continuing for several months thereafter. In parallel, we are running several larger development projects with the same customer, which may result in significant volumes in the coming years.
Large projects of this kind require clear focus within the organization, while at the same time we continue to drive other customer processes forward. We are actively recruiting to the organization, given the recent successes, and it is primarily in the USA where we see a strong need to strengthen.
We assess that the framework agreement we signed with a major automotive supplier in North America may generate some volume during the year, while we also have an exciting pilot with a European retail player in Poland during May.
A customer in Michigan, where we have now installed the first AMR system, has just completed a corporate merger that has increased the number of plants to just over 20. We are now in discussions regarding the potential rollout of our Navigator AMR to additional factories within the group.
CHALLENGES
The global market continues to be characterized by uncertainty, where changing trade flows, tariff structures, and longer lead times in supply chains are affecting both us and our customers. This places higher demands on planning and flexibility. It entails increased costs and greater complexity, particularly for smaller companies.
We are also continuing the work of adapting our presence in important markets. The establishment in Mexico is a concrete example of how we are working to improve our competitiveness and create better conditions for local sales and delivery. We continue to work on getting our legal entity in place, and the hope now is to finalize this during Q2.
OUTLOOK
At the beginning of April, we were exhibitors at MODEX in Atlanta, the largest internal logistics trade fair in the USA this year. I was there in person, and it is interesting to follow the development of the industry, especially since we have been exhibitors at this fair and similar fairs in the USA since 2013. Automation is, of course, an overarching theme, but automation is shifting from being a technological leap to being about streamlining real-world challenges within logistics, i.e., ergonomics, safety, and efficiency in combination. It was clearly visible how more exhibitors focused on highlighting a specific application and how it can be automated.
Without a very clear focus on solving the customer's problem and adapting the solution to our automation platform, we would never have been able to achieve the success we have had over the past six months. We have an incredible strength in our experience within carts and the combination of this with our Navigator AMR. This creates the conditions for iterating faster and being more agile compared with our competitors when it comes to developing solutions for each customer's unique needs.
Running a company successfully in 2026, in the midst of intense AI development, and at a point in history where we are likely living through the greatest technological revolution ever, requires many and fast decisions. It requires creativity, efficient development processes, and constantly questioning the direction you have chosen. The very largest companies have an enormous advantage from their size, and they largely determine the playing field, but I believe it will rather be the smaller companies that can truly take advantage of the opportunities created by AI going forward, not least by being able to make decisions faster and integrate AI solutions that create immediate value. If you can build a performance-oriented corporate culture where creativity can be combined with a strong focus on customer value, there are great opportunities for leverage.
Owning and developing your own software has, for 25 years, been something that has shaped company valuations more than owning and developing your own hardware. This has shifted in a short period of time, and even though we have a great deal of code that we ourselves have created to manage all the interfaces between both different software systems and hardware platforms, the value of the strong hardware platform we stand on is reinforced. Uniquely designed hardware combined instead with customized software, based on stable software systems within navigation and safety, has been our path for several years and is what the entire Navigator AMR system is built upon.
We enter the rest of 2026 with clear momentum in the business. The strong order intake in the quarter, in combination with a growing project portfolio, gives us a good starting position for the rest of 2026 and beyond. The USA continues to be our most important market, and we see good opportunities to further strengthen our position there.
As a challenger within robotized material handling, we have taken important steps over the past year. With a record-strong order intake, a positive result, and a clearer position in the market, I look ahead to the future development with great confidence.
About FlexQube
FlexQube is a technology company headquartered in Gothenburg, Sweden with subsidiaries in USA, Mexico, Germany and England. FlexQube offers solutions for cart-based material handling using a patented modular concept. FlexQube develops and designs customized solutions for both robotic and mechanical cart logistics. Through the own developed and unique automation concept FlexQube can offer robust and self-driving robotic carts. FlexQube has more than 1200 customers in 40 countries with primary markets being North America and Europe.
FlexQube's customers can be found within the manufacturing industry, distribution- and warehousing. We represent some of the most successful companies in the world with a significant share being represented on the Fortune 500 list. These companies exist within automotive, electric vehicle manufacturing, online retail, heavy-duty trucks, industrial automation and retail logistics.
For more information, contact:
CEO, Anders Fogelberg
anders.fogelberg@flexqube.com
+46 702 86 06 74
This information is information that FlexQube is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-04-29 08:00 CEST.
The share (FLEXQ) is traded on Nasdaq First North. FNCA Sweden AB is the company's Certified Adviser. Read more at www.flexqube.com
