Finnish communications technology provider Savox Communications reported first-half 2026 revenue of EUR 22.6 million, a 12% increase from the same period last year, while its shares fell 2.85% to $10.24 on Tuesday.
Quarterly revenue reached EUR 12.4 million, up 15% year-over-year. The company’s total order book, including options, reached a record EUR 61.5 million, with firm orders rising 47% to EUR 36.2 million. Defense-related orders accounted for 59% of firm orders in the first half, though they contributed 38% of revenue. The defense book-to-bill ratio stood at 2.5x, while the overall book-to-bill was 1.6x.
Gross profit increased 20% to EUR 9.1 million, though gross margin narrowed to 40% from 38% in the prior-year period and 45% for the full year 2025. Comparable operating loss improved to EUR -0.7 million from EUR -1.3 million a year earlier, while second-quarter operating profit was flat at zero. Operating expenses grew 5%, lagging the 12% revenue increase.
Savox listed on Nasdaq Helsinki in June 2026, raising EUR 30 million in gross proceeds. As of June 30, net debt stood at EUR 14.1 million, and levered free cash flow over the last twelve months was negative $8.16 million. The company plans to hire more than 12 employees in Jyväskylä and use IPO proceeds to strengthen its balance sheet and reduce debt ahead of the second half.
Management emphasized a shift from product-focused operations to systems and capabilities, noting that the first half prioritized growth over profitability. Supply chain pressures, particularly for memory components, were cited as challenges due to elevated AI-related demand. Full-year 2026 guidance remains unchanged, with business weighted toward the second half amid government and defense delivery cycles.
