Q2 2026 Techstep ASA Earnings Call Transcript
Key Points
- Techstep ASA (OSL:TECH) achieved 12% year-on-year revenue growth in Q2 2026, reaching NOK228.8 million, driven by device deliveries including to Helse Midt-Norge.
- The company is executing a cost reduction program targeting an annualized cost base of NOK218 million by end of 2026, down from NOK312 million in 2025, with 25 FTE reductions and organizational simplification.
- Techstep ASA (OSL:TECH) secured a NOK40 million bridge facility and a fully underwritten rights issue of at least NOK83.3 million to strengthen financial flexibility and support execution.
- Commercial proof points include first deliveries in Spain through Vodafone and other operators, with potential for up to 80,000 devices by 2027, as well as contract renewals with Equinor and Bane NOR.
- The company completed a group-wide ERP rollout and is standardizing its operating platform with digital commerce, AI, and automation, aiming for a more scalable structure and improved operating leverage.
- Techstep ASA (OSL:TECH) reported a net gross profit decline of 25% year-on-year to NOK52 million, with margin falling to 22.7% from 33.8%, due to a higher share of lower-margin device sales and lower Device as a Service contribution.
- Adjusted EBITA turned negative at NOK12.9 million, a year-on-year decline of NOK13.3 million, reflecting weak earnings quality and operational challenges.
- Own software revenues declined 35% year-on-year to NOK15.7 million, with core own software down 6%, largely due to the terminated legacy telecom expense contract and some customer churn.
- Operating cash flow was negative NOK16.1 million in Q2, with net cash flow from operations negative NOK6 million, pressured by weaker earnings and working capital outflows.
- The company faces delays in healthcare rollouts, which have restrained growth in managed health services and contributed to lower consulting and services net gross profit.
Good morning, and welcome to Techstep's Q2 presentation. Today, we will focus on how we are sharpening our market position, simplifying the business and building a more scalable platform for profitable growth. We will take you through the Q2 financial performance and a business update before we open up for questions at the end. You can always submit questions in the Q&A chat or send an e-mail to [email protected]. We are presenting from our headquarter in Oslo.
I'm happy to have our CFO, Havard Haukdal by my side. Havard is still quite new to Techstep, close to four months now as our CFO, and he brings broad experience from corporate finance, strategic financial management and operational leadership. That experience is highly relevant as we strengthen execution discipline and the financial foundations for profitable growth.
Thank you, Morten. Since joining Techstep, I have been motivated by the pace of the organization and a clear focus and
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