THE PERIOD 1 APRIL- 30 JUNE 2026
- Order intake increased by 389.6 percent to 135.4 MSEK (27.7). Adjusted for currency effects between the comparison periods, order intake increased by 412.4 percent.
- Net sales increased by 145.5 percent to 54.6 MSEK (22.3). Adjusted for currency effects between the comparison periods, net sales increased by 163.0 percent.
- Operating profit before depreciation (EBITDA) amounted to -9.8 MSEK (-8.5) and operating profit before financial items (EBIT) amounted to -11.6 MSEK (-10.7).
- Profit before tax amounted to -12.6 MSEK (-11.3).
- Earnings per share amounted to -0.7 SEK (-0.8).
- Cash flow amounted to -5.6 MSEK (-0.7). Of which -2.2 MSEK (-1.2) from operating activities, -0.3 MSEK (-0.7) from investing activities, and -3.1 MSEK (1.1) from financing activities.
- Cash and cash equivalents amounted to 39.4 MSEK (19.3) at the end of the period.
- FlexQube received additional follow-on orders during the quarter from a U.S.-based customer, one of the world's largest e-commerce and logistics companies, with a total value of approximately SEK 81 million. The orders, placed across multiple purchase orders during the quarter, include Navigator AMRs and cart train systems, with deliveries primarily scheduled for the third quarter of 2026.
- FlexQube received a follow-on order valued at approximately SEK 12 million from a vehicle manufacturer in the United States.
- FlexQube received orders with a combined value of approximately SEK 8.5 million from a customer in the U.S. aerospace industry.
- FlexQube received orders with a combined value of approximately SEK 4 million from a leading electric vehicle manufacturer in Germany. The orders represent a continuation of a long-standing customer relationship, under which FlexQube has delivered several thousand carts since 2021.
EVENTS AFTER THE END OF THE QUARTER
- FlexQube received follow-on orders valued at approximately SEK 22 million from a U.S.-based customer, one of the world's largest e-commerce and logistics companies. The orders relate to aftermarket services, including spare parts and service, for two of the customer's sites.
- FlexQube Strengthens Its IP Portfolio - Fifth U.S. Patent Granted for the Navigator AMR.
THE PERIOD 1 JANUARY - 30 JUNE 2026
- Order intake increased by 499 percent to 294.2 MSEK (49.1). Adjusted for currency effects between the comparison periods, order intake increased by 537.2 percent.
- Net sales increased by 113.9 percent to 110.6 MSEK (51.7). Adjusted for currency effects between the comparison periods, net sales increased by 129.8 percent.
- Operating profit before depreciation (EBITDA) amounted to -7.0 MSEK (-12.6) and operating profit before financial items (EBIT) amounted to -10.6 MSEK (-16.9).
- Profit before tax amounted to -12.7 MSEK (-18.0).
- Earnings per share amounted to -0.7 SEK (-1.4).
- Cash flow amounted to 3.7 MSEK (-14.6). Of which 8.0 MSEK (-4.5) from operating activities,
-1.6 MSEK (-1.7) from investing activities, and -2.7 MSEK (-8.5) from financing activities. - Cash and cash equivalents amounted to 39.4 MSEK (19.3) at the end of the period.
Link to the report for the second quarter 2026: https://flexqubegroup.com/financial-information/
The entire quarterly report is also attached to this press release.
CEO LETTER
Capacity ramp-up and very strong order intake
The second quarter of 2026 marks an important step in FlexQube's development. After several years of product development, pilot projects, and investments in our automation platform, we have now entered a significant commercial phase. Our focus is no longer primarily on developing the technology or securing the first pilot projects, but on scaling up commercial installations, expanding the use of our Navigator platform among new and existing customers, and building the organization required to support continued expansion.
This development is particularly evident at our large e-commerce and logistics customer in the United States, where Navigator is currently being used and evaluated across several application areas and parts of the customer's operations. At the same time, we are accelerating our work with other major international customers with similar needs. Sales processes for this type of automation are often lengthy and include development, verification, and pilot installations before a broader implementation can begin. Once a solution has been established, however, it creates opportunities for substantial, long-term business.
Our installation and service organization is growing rapidly and will consist of more than 15 people during the third quarter. One year ago, we had only a few people in these functions. This clearly illustrates how the business changes as pilot projects transition into larger commercial installations. For the projects we are delivering in 2026, we estimate that recurring revenue from service, support, and software licenses in 2027 could exceed the revenue generated in any single quarter of 2025.
SALES & EARNINGS
Order intake in the second quarter was our second highest ever (only the first quarter of 2026 was stronger). Total order intake for the quarter amounted to approximately SEK 135 million, an increase of approximately 390 percent compared with the second quarter of 2025. Excluding the large e-commerce and logistics customer in the United States, order intake was also the strongest in six quarters, driven by several major orders, primarily from the automotive industry in Europe and the United States. During the second quarter, we received our largest-ever orders for both tugger train systems and mechanical carts in the United States.
Sales amounted to approximately SEK 55 million, and it is not until the third quarter that a larger share of the current order book will be invoiced. The major difference compared with previous years is that we now have an order book that provides significantly better visibility for both production and resource planning.
The negative operating result is in line with plan and reflects our aggressive ramp-up of production and the organization, as well as pilot projects with short timelines, in order to meet the delivery schedule for the second half of the year. Through a combination of permanent and temporary personnel and our supplier network, we have built production capacity that, with the right product mix, corresponds to annualized sales of approximately SEK 700 million. This is a measure of capacity and should not be regarded as a sales forecast. The ramp-up has naturally resulted in significant non-recurring costs during the quarter, which are expected to decrease going forward. As delivery volumes increase and a greater share of sales is generated by the larger projects, we expect margins to return to more historically normal levels during the third quarter and beyond, despite the cost base having grown in line with higher volumes and our ambitions going forward.
At the same time, the rapid growth is placing temporary pressure on cash flow. Our largest projects have relatively long payment terms, while investments in components, production, installation, and the organization occur at an earlier stage. Working capital is therefore tied up during the ramp-up, and cash flow is expected to remain under pressure during the third quarter and the beginning of the fourth quarter. At the same time, we have the ability to limit the working-capital impact through advance payments and invoice financing, both through our own arrangements and through customer-specific financing programs. As the larger deliveries are invoiced and customer payments are received, we expect the trend to reverse during the fourth quarter.
ROBOT DEVELOPMENT AND MARKET
During the year, humanoid robots have taken major commercial steps forward and attracted increased interest from both investors and the public. This confirms the strong confidence in AI and robotics as a whole and contributes to greater interest in automation solutions in material handling as well. We believe that autonomous wheeled robots will continue to offer significant advantages through high operational reliability, rapid implementation, and the ability to integrate into existing material flows without extensive modifications to the factory.
In the longer term, we see significant opportunities to combine our Navigator platform with AI-based perception and robotic manipulators. The modular architecture we have built gives us strong opportunities to develop new functionality on top of an already proven platform, enabling us to benefit from advances in AI without having to start again from scratch.
The pilot we are conducting with a leading European retailer in Poland has progressed very positively. It is particularly encouraging that the customer has already identified additional application areas during the pilot phase. This strengthens our conviction that the step-by-step implementation model we use is the right approach for major international customers as well. We are now working together to evaluate how automation using Navigator AMR can be expanded into additional parts of the customer's operations. In addition, we continue to have very active discussions with the customer with whom we entered into a framework agreement in North America in February this year. These discussions also concern potential projects outside the United States and Mexico, most recently in Poland.
OUTLOOK
The third quarter will be our most intensive quarter ever, with production operating at full capacity to deliver against the order book we built during the first half of the year. Sales will grow significantly in the third quarter, and in July alone sales amounted to approximately SEK 54 million. By utilizing our supplier network, we have scaled up our delivery capacity for both carts and robots, with more than 50 people active in production during July, which is normally a vacation month. During the month, we delivered several hundred carts to a well-known US automotive manufacturer with a plant in Germany, as well as nearly 1,000 carts to a German automotive manufacturer with a plant in England. In other words, it was not only an intensive month for our AMR production.
During the third quarter, we will also, for the first time, have permanent staff on site at our e-commerce customer in the United States to operate and maintain our robotic systems. This is an important step for us. Our ambition is not only to deliver robots, but to become a long-term partner, with service, support, and continuous development forming a natural part of both the offering and the revenue stream. This strengthens the customer relationship while creating opportunities for recurring business over time.
At the same time, we are working intensively to achieve similar success with more customers. It should be noted that the large e-commerce customer in the United States is relatively unique, both in size and in its ability to rapidly embrace automation. Few customers have these characteristics, but we nevertheless see significant potential among many other customers, where volumes can grow considerably through our step-by-step implementation model.
Our success with such a large and automation-experienced customer provides very strong validation of our technology, our product portfolio, and our ability to deliver advanced automation solutions.
MULTIPLE APPLICATION AREAS AT OUR LARGEST E-COMMERCE CUSTOMER
At our large e-commerce and logistics customer, we are currently working on several key application areas at different stages of commercialization and rollout. All are based on the same Navigator AMR platform, complemented by customized load carriers and software for each material flow. Deliveries also include charging infrastructure, commissioning, integration, spare parts, and service.
The first application area ready for commercialization is an automated tugger train solution in which Navigator AMR is used to transport several different types of carts and pallets. Implementation at two major facilities is commencing during 2026.
To date, we have received orders for the first phase, corresponding to approximately 50 percent of the planned implementation at the two facilities. A second phase is planned for 2027, but is dependent on the customer's further decisions. We believe that a potential follow-on order could be announced during the first quarter of 2027. There is also potential for additional facilities of this type at the customer during 2027 and 2028.
In parallel, the customer has identified the opportunity to use the same tugger train application in other types of facilities within its logistics network. Since the first quarter of 2026, we have had a pilot installation with four tugger train systems in operation at one such facility. The results from this pilot installation have been very positive, both in terms of performance and the return on the customer's investment, which has generated increased interest from additional facilities of the same type within the customer's network. This clearly illustrates why it is now more natural to discuss an application area rather than individual projects, as the original project has grown to potentially include facilities beyond those initially envisaged.
In addition to the first commercial tugger train application, development and verification are under way for additional application areas at various stages of commercialization. Each new application area is developed by complementing Navigator AMR with a new customized load carrier and the software required for the relevant material flow. The platform's navigation, safety architecture, control system, and service organization are reused, enabling an efficient development process and creating favorable conditions for scalability.
Several of the applications also involve progressively deeper integration with the customer's technical infrastructure, such as AI-based camera systems and warehouse management systems (WMS). This increases both the functionality of the solutions and the strategic importance of the Navigator platform within the customer's operations.
A common feature of the application areas is that they represent significant commercial opportunities if the ongoing pilot projects and verification activities are successful. We also see that solutions originally developed for a specific material flow are being identified as relevant in other parts of the customer's logistics network. This strengthens our assessment that the flexibility of the Navigator platform creates opportunities for gradual expansion into additional material flows and facilities over time. If the ongoing installations and continued verification are successful, we see significant scaling potential from 2027 onward.
For the pilot where an expanded phase was previously communicated as representing a potential order value of approximately SEK 50 million in the fall of 2026, significant progress was made during the summer. We believe the conditions for a continuation have strengthened, but the timing and scope depend on the customer's continued evaluation and commercial decisions. The customer's long-term potential for this category of application is greater than for the tugger train application.
If the solutions verified to date are implemented further, we estimate that the aggregate sales potential at the customer over the coming years could amount to several hundred million Swedish kronor. With a broader rollout across additional application areas and facilities, the potential is higher. However, the timing and scope depend on the customer's continued evaluation and rollout decisions.
This development is gradually changing the nature of the partnership. While the initial focus was on developing and verifying individual application areas, the collaboration is now increasingly centered on how the Navigator platform can be used to automate several different material flows within the customer's logistics network.
We believe that this ability to scale the same platform, technology, and technical infrastructure across multiple application areas and facilities represents one of FlexQube's largest long-term business opportunities, for both existing and new customers.
One year ago, much of the focus was on verifying our technology in customer operations. Today, the focus is on delivering at greater scale and building an organization that can grow alongside our customers. This is a significantly more challenging phase, but it is also the phase in which long-term company value is created.
With the order book we have built, the customer relationships we have established, and the opportunities ahead of us, I am more convinced of FlexQube's long-term potential than ever before.
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 1300 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 2026-08-06 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
