Norwegian video collaboration technology firm Huddly AS reported a 13% organic revenue increase in the second quarter of 2026 when adjusted for one-time tariffs and currency effects, but headline revenue slipped 11% year-over-year to NOK 50 million from NOK 57 million in Q2 2025.
Gross margin surged to 49%, up 600 basis points from 43% a year earlier, driven by higher-margin strategic partnerships and improved product mix. Gross profit remained essentially flat at NOK 24.5 million versus NOK 24.2 million in the prior-year period.
Operating expenses rose 17% to NOK 60.8 million, including NOK 5.5 million in increased amortization and NOK 2.9 million tied to a non-cash employee share option program. The company’s operating cash flow deficit widened to NOK 50 million from NOK 18 million in Q2 2025, while its cash balance declined to NOK 62.3 million at quarter-end from NOK 110.2 million three months prior.
Strategic partners accounted for 27% of total revenue in Q2 2026, down from 45% in Q1 2026 but up from 20% in Q2 2025. Lenovo, which became a strategic partner in January 2026, began shipping to end-customers late in the quarter, while Jabra GN gradually introduced shipments. Barco remains in Microsoft’s certification process, and Shure continues active shipments to customers.
Huddly raised approximately NOK 70 million through a private placement after the quarter closed, following NOK 12.9 million in financing activities during the period that included a NOK 40 million loan from Innovation Norway. The company’s inventory stood at NOK 160 million, primarily in finished goods, and its current ratio was 1.71.
For the full year 2026, Huddly reduced its revenue guidance to a range of NOK 230–300 million, with gross margins expected between 45% and 50%. The company projects 2027 revenue of NOK 500–600 million and 2028 revenue of NOK 650–800 million, with gross margins remaining within the same bands.
Huddly also highlighted the expansion of its next-generation AI data channel integration with Microsoft Teams, launched in June 2026, and reiterated plans to launch the Huddly Crew+ system in Q1 2027. Operating cash flow is expected to turn positive in the second half of 2027.
The global videoconferencing devices market is projected to grow from about $5 billion in 2026 to $8 billion by 2029, representing a 16% compound annual growth rate. Huddly’s strategic partners aim for a 15–20% share of this market, while the multi-camera rooms segment is forecast to expand from below 1% to roughly 8% of video-enabled rooms by 2029.
