Q3 in line with preliminary figures, orders in focus - Q3 initial

The Q3 results were in line with the preliminary figures, and we believe focus now shifts to Q4 order conversion. Qualisys reported sales of SEK46.1m and EBIT of SEK0.2m, in line with the preliminary figures published on 20 October and our estimates. Encouragingly, the gross margin improved to 72.2%, from 70.7% in Q3 2025, underlining the resilience of the underlying business model despite lower volumes.

Delayed US Life Science and Engineering orders drove the weak quarter. Americas sales fell Y/Y to SEK16.1m (SEK25.5m in Q3 2025), reflecting changing US research-funding priorities and postponed Engineering projects. This decline explains the group’s sales miss for the quarter. EMEA was stable despite Middle East uncertainty, while APAC grew 11% Y/Y. Order intake was broadly in line Y/Y, but the main question is still when delayed projects will convert into orders.

Q4 conversion is key. Management maintained its financial targets and highlighted that Q4 is seasonally the strongest quarter. It highlighted that the first OnTraq agreements, with a Premier League club and an NFL team, together with the November launch of Prisma Pose, are positive longer-term steps for markerless and recurring revenue. However, they are too early to offset the delayed core orders. We expect limited consensus estimate changes, with the conference call focus likely to be on management’s confidence around Q4 order conversion.

Conference call will be held at 10:00 CET at Webcast.