Norwegian video collaboration technology company Huddly AS reported a 11% year-over-year decline in revenue for the second quarter of 2026, despite gross margins climbing to 49%. The company posted revenue of NOK 50 million in Q2 2026, down from NOK 57 million in the same period last year, reflecting a 13% organic increase when adjusted for one-time items and currency effects.
Gross profit remained essentially flat at NOK 24.5 million compared with NOK 24.2 million in Q2 2025, while operating expenses rose 17% to NOK 60.8 million. The increase included NOK 5.5 million in higher amortization and depreciation costs and NOK 2.9 million related to a non-cash employee share option program. Cash flow from operations turned negative at NOK 50 million, compared with an outflow of NOK 18 million in the prior-year period, and the company's cash balance declined to NOK 62.3 million by quarter-end from NOK 110.2 million at the start of the quarter.
Strategic partner revenue accounted for 27% of total revenue in Q2 2026, down from 45% in the prior quarter but up from 20% in Q2 2025. The company cited an NOK 8 million impact from tariff stocking in the prior year and NOK 4 million in foreign exchange headwinds. Inventory levels stood at NOK 160 million, with a current ratio of 1.71.
Huddly raised approximately NOK 70 million in a private placement shortly after the quarter closed, at the top end of its targeted range. Financing activities during the quarter included NOK 12.9 million in proceeds, primarily from a NOK 40 million loan from Innovation Norway offset by NOK 30.8 million in shareholder loan repayments.
The company reduced its full-year 2026 revenue guidance to a range of NOK 230–300 million, with gross margins expected between 45% and 50%. Cash flow is projected to turn positive in the second half of 2027, with revenue for 2027 forecast at NOK 500–600 million and for 2028 at NOK 650–800 million. The global videoconferencing devices market is estimated at roughly $5 billion in 2026, with multi-camera rooms expected to expand from below 1% to about 8% of video-enabled rooms by 2029.
Huddly's strategic partnerships include Lenovo, which began shipping bundled solutions in Q2 2026, and Jabra GN, which also started customer shipments. Microsoft integration launched in June 2026, enabling features such as IntelliFrame with people labels and AI-powered recaps. The Huddly Crew+ system is scheduled for launch in Q1 2027.
