Acconeer AB Q1 2026, Summary

Acconeer Reports Record Q1 Sales Amid Continued Losses

Swedish radar sensor manufacturer Acconeer AB achieved its third consecutive quarter of record sales in Q1 2026, with net sales reaching SEK 18.3 million, representing a 34% year-over-year increase. Despite this sales growth, the company continues to operate at a loss as it invests heavily in its next-generation A2 radar sensor technology and works to improve margins.

Financial Performance Highlights

Key financial metrics for the first quarter of 2026 compared to the same period in 2025:

• Net sales: SEK 18,287 thousand (up from SEK 13,609 thousand)
• Gross margin on sales of goods: 50% (down from 61%)
• Operating result: SEK -9,284 thousand (compared to SEK -7,007 thousand)
• Net loss after taxes: SEK -8,645 thousand (compared to SEK -6,796 thousand)
• Earnings per share: SEK -0.12 (compared to SEK -0.11)
• Cash flow from operating activities: SEK -6,632 thousand (relatively flat from SEK -6,661 thousand)

Margin Improvement Initiatives Showing Results

CEO Ted Hansson highlighted that the company's margin improvement efforts are beginning to bear fruit. The product sales margin reached 50% in Q1, an improvement from 46% in the previous quarter (before inventory adjustments). This represents progress toward the company's long-term target of at least 25% EBIT margin.

The gross margin of 50% reflects changes in product mix between sensors, modules, and development kits, as well as fluctuating component costs. Total gross margin including development services was 53%, down from 67% in the prior year period.

Strategic Product Developments

A major milestone during the quarter was the commencement of volume deliveries of the new A212 pulsed coherent radar sensor for a European premium car manufacturer. This advanced product is expected to open new markets and drive growth in both automotive and other applications.

According to CEO Hansson, more than fifteen customers are now working with the A212, all of which are large companies with significant volume potential. Applications under development include presence detection, often combined with classification, tracking, or vital signs monitoring.

The company also updated its industrial and automation offering with improved vibration measurement capabilities. Three of the four largest European industry players are currently evaluating Acconeer's products in this segment.

Market Penetration and Customer Wins

Acconeer's growth strategy focuses on larger customers rather than the sheer number of customer launches. The company secured several significant orders during the quarter, including a USD 610,000 order from Nexty Electronics for A212 sensors for automotive mass production and a USD 220,000 order from Future Electronics for level measurement devices.

Additional orders announced during and after the quarter included:

• USD 570,000 order from BEYD for A111 and A121 sensors
• USD 400,000 order for occupant detection in public transport (British train operator LNER is installing 36,000 sensors)
• USD 180,000 order from Digital Matter for asset tracking
• USD 140,000 post-quarter order from Micro Summit K.K. for tank level measurement
• USD 130,000 post-quarter order from Nexty Electronics for A121 automotive sensors

The company noted that sales in level measurement continue to increase, and cargo and container monitoring projects with European and Asian industry leaders have moved into the validation phase, generating volume orders.

Strong Order Book Signals Continued Growth

Perhaps most significantly, CEO Hansson disclosed that confirmed orders (both shipped and open) for 2026 delivery already exceed the company's total 2025 revenue in USD terms. This robust order book provides strong visibility for continued growth throughout the year.

Research and Development Investment

Operating expenses increased 25% to SEK 20,237 thousand, primarily due to increased R&D costs. The company capitalized SEK 5,409 thousand (21%) of total development costs of SEK 25,646 thousand during the quarter, compared to 37% capitalization in the prior year period.

The cumulative book value of capitalized development costs reached SEK 141,946 thousand as of March 31, 2026, primarily related to the A2 product family. Amortization of A2 development costs commenced on March 1, 2026, coinciding with the start of commercial deliveries, totaling SEK 1,645 thousand for the quarter.

Acconeer maintains a patent portfolio comprising 13 patent families with 25 granted patents and 10 pending applications across the U.S., Europe, and China.

Financial Position and Liquidity

The company strengthened its balance sheet during the quarter through a directed share issue to institutional investor Eiffel Investment Group, raising approximately SEK 31.7 million. The proceeds will primarily support growth acceleration while strengthening the shareholder base.

As of March 31, 2026:

• Cash and cash equivalents: SEK 67,177 thousand (up from SEK 43,372 thousand at year-end 2025)
• Total equity: SEK 277,585 thousand
• Equity ratio: 93%
• Total number of shares: 76,141,532

Accounts receivable increased 108% to SEK 12,536 thousand, reflecting increased deliveries at the end of the quarter. Inventory decreased 4% during the period to SEK 46,936 thousand, although levels remain elevated due to component purchases during pandemic-era shortages and improved manufacturing yields.

Progress Toward Financial Targets

Acconeer has established the following financial targets:

1. First EBIT positive quarter in 2025 (achieved in Q3 2025)
2. First cash flow positive quarter during 2026
3. Revenues exceeding SEK 300 million in 2027
4. Long-term EBIT margin of at least 25%

While the company has not yet achieved positive cash flow from operations (SEK -6,632 thousand in Q1), the strong order book and sequential margin improvements suggest progress toward the 2026 cash flow target.

Outlook and Strategic Direction

CEO Hansson expressed optimism about growth potential across all product areas for both the A1 and A2 families. The focused go-to-market strategy appears to be delivering results, with volume orders coming from larger customers across multiple application segments including automotive, industrial automation, level measurement, and public transport.

The company employs an average of 48 full-time equivalent employees, down from 52 in the prior year period, reflecting operational efficiency improvements.

With the A212 platform now in commercial production and a strong pipeline of large customers in validation phases, Acconeer appears well-positioned for continued revenue growth, though profitability remains dependent on achieving further margin improvements and operating leverage as volumes scale.