The first quarter of 2026 has started positively, with continued focus on long-term growth and a strengthened financial position following a completed capital raise. The company is investing in the expansion of its sales and engineering teams to meet increasing demand.

The revenue model has continued to evolve toward recurring Technology-as-a-Service revenues with longer contract durations, contributing to increased stability and predictability over time. Notable developments during the quarter include a multi-year agreement with Green Cargo and continued testing of the company’s products in the U.S. market.

At the same time, the company has continued work within its project with the Swedish Transport Administration (Trafikverket), in accordance with a previously awarded procurement for precision positioning. Overall, the company is well positioned for continued growth, with the aim of achieving positive cash flow.

Significant Events During the Quarter

• Received continued call-off orders and delivered rear-view camera systems in accordance with the call-off agreement with Green Cargo.
• Decided to implement a concept for reduced insurance costs in collaboration with Tågföretagen and Söderberg & Partners.
• Shipped rear-view camera systems to the U.S. for further testing with a Class I railroad company.
• Recognized in industry media for the company’s products and projects.
• Held a seminar in the Swedish Parliament on how new ways of working and technology can strengthen railway operations.
• Conducted a test installation of PMU:C on SJ’s X40 trains.

Financial Development

Period: January 1 – March 31, 2026

Operating Revenue

During the period January–March 2026, the company generated net sales of SEK 731 thousand (576).

Operating Costs

Cost of goods sold amounted to SEK -248 thousand (-267) during the period.

Other external expenses totaled SEK -3,461 thousand (-6,974), and personnel costs amounted to SEK -1,907 thousand (-1,167).

Operating Result

Operating profit (EBIT) for the period January–March 2026 amounted to SEK -2,547 thousand (-5,491). EBITDA for the same period amounted to SEK -2,333 thousand (-5,491).

Financial Position and Liquidity

Cash and cash equivalents as of March 31, 2026 amounted to SEK 7,267 thousand (439).

Equity ratio amounted to 74% (79%).

Total equity amounted to SEK 162,216 thousand (164,764).

Cash flow from operating activities during the period amounted to SEK -6,827 thousand (-785).

Earnings per share for the period were SEK -0.04 (-0.20).

Investments

During the period January–March 2026, the company capitalized development costs of SEK 2,552 thousand (2,342).