Interim Report January – September 2026
Interim report January – September 2026
The Group July – September 2026 (TSEK)
- Net sales 1,409 (1,519) -7%
- Operating result 23,915 (-8,502)
- Result for the period 24,044 (-10,846)
- Earnings per share before and after dilution 1.19 (-0.73)
The Group January – September 2026 (TSEK)
- Net sales 3,796 (4,472) -15%
- Operating result -1,364 (-30,636)
- Result for the period 1,571 (-38,158)
- Earnings per share before and after dilution -0.08 (-2.58)
Summary of the third quarter
Net Sales
- Net sales for the quarter amounted to 1.4 MSEK, compared to 1.5 MSEK in Q3 2025.
- Net sales were down by 7%, affected by nonrecurring revenue of approximately 0.5 MSEK received in Q3 2025 for a customer-specific product development. On a like-for-like basis, underlying recurring sales increased by 41% compared to the same period last year.
- Q3 marked a milestone for the FIA DSI, where discussions that have been taking place throughout the year with large organizations have started to convert into contracts regarding pilots, and initial revenues. While financial contributions remain limited during these early client ramp-up periods, establishing clear validation is critical to be able to driving larger commercial volumes.
Result
- Result after tax for the quarter was 24.0 MSEK, compared to –10.8 MSEK in Q3 2025.
- The result was positively impacted by 40.4 MSEK, following the settlement agreement entered between Greater Than AB and ABAX AS on July 30, resolving all outstanding disputes. Under the terms of the settlement, ABAX paid Greater Than a total of 64 MSEK, of which 40.4 MSEK impacted operating income.
- The result was negatively impacted by operating expenses, driven by legal costs of approx. 2.5 MSEK linked to the now settled dispute and a provision of 3.7 MSEK recognized under personnel costs, while we await a decision from the Swedish Tax Agency (Skatteverket) regarding eligibility for R&D tax deductions.
- The result was further impacted by financial items, driven by positive currency fluctuations of approx. 1.9 MSEK and costs associated with the share issue of 1.5 MSEK.
CEO statement
Continued focus on commercial execution
We entered quarter three of 2026 having reached a final settlement agreement with ABAX AS, resolving all outstanding disputes and confirming that our IP is preserved. The settlement payment of SEK 64 million had a positive impact on our operating income of approximately SEK 40 million.
Q3 financial results
The settlement aside, net sales for the quarter amounted to SEK 1.4 million, slightly down versus SEK 1.5 million in the same quarter last year. The comparison is affected by a non-recurring revenue of SEK 0.5 million received in Q3 2025 for a customerspecific product development. On a like-for-like basis, underlying recurring sales increased by 41% compared to the same period last year, reflecting progress made in both of our sales channels, although from low levels.
Activity in Direct Enterprise sales
In this sales channel, where we sell our AI model directly to companies on a software-as-a-service (SaaS) basis, we have continued to review our portfolio to focus our resources on core customers with long-term potential. Building on the two contracts signed in the second quarter, we signed one new contract in Q3, and our priority now is on ensuring that these new customers are fully onboarded.
Continued progress in Global Partnerships
In Global Partnerships, where we supply our AI model to partners who manage commercial distribution through their own networks, activity continued. In our partnership with the Fédération Internationale de l’Automobile (FIA), our AI model powers the FIA Driver Safety Index (DSI), which the FIA brings to market in two ways: through sales to large organizations and through its global network of Member Clubs for local market distribution. Progress continues to be made in both areas.
Q3 marked an important milestone for the FIA DSI. Discussions that have been taking place throughout the year with large organizations have converted into contracts regarding pilots, and initial revenues. While financial contributions remain limited during these early client ramp-up periods, establishing clear validation is critical to be able to driving larger commercial volumes. Public proof points are already emerging, with Equans BeLux recently publishing results of using the FIA DSI alongside the FIA Smart Driving Challenge, providing tangible, real-world evidence to support broader, longterm market adoption.
Within the Member Club network, I saw strong commitment firsthand while attending both the FIA American Congress and the FIA APAC Congress. To date, 20 Member Clubs globally have adopted the FIA DSI, broadening its reach and establishing a local sales presence in key markets. Having now experienced a full sales cycle, commercial timelines remain well aligned with our estimate of three to twelve months as organizations and Clubs transition from onboarding to full commercial integration.
In our partnership with Honda, following on from last quarter, the focus has been on concluding pilots and summarizing feedback, allowing for the product to be finalized for commercial launch.
Maintaining focus
Closing this quarter, I am pleased to see that progress is being made in both our sales channels, and I am confident that we are moving in the right direction. Going forward, my full attention remains on commercial execution as we continue to make mobility safer and more sustainable.
Johanna Forseke
Chief Executive Officer