Seco SpA shares jumped 9.66%, or $0.34, to $3.86 from a previous close of $3.52, finishing near a 52-week high of $3.90, after the company reported second-quarter 2026 results and raised its 2027 revenue outlook. The stock, traded under ticker IOT, moved after a quarter in which gross margin reached 56%, up about 400 basis points sequentially. Market expectation cited in the transcript was $0.07 per share on revenue of $50.39 million.
Seco said edge computing revenue rose 6% year over year, while software recurring revenue increased 13% year over year. Order intake was up 55% year over year on a July year-to-date basis, around EUR 50 million in absolute terms, and the book-to-bill ratio was 1.4 times. The company added about 20 indirect employees compared with the first half of 2025, primarily in research and development and logistics. Inventory rose by EUR 18 million due to strategic stocking of critical memories and components. Cash generation was about EUR 12 million in the first half of 2026, and adjusted net financial position increased by about EUR 6 million at period-end, reflecting the inventory expansion. Leverage was about 1.0 times EBITDA. Production capacity expanded to EUR 350 million in annual revenue, with new PCBA plants fully operational in Italy and China.
For the third quarter, Seco guided to revenue of about EUR 60 million, representing a 25% year-over-year progression and the highest quarterly revenue in company history. EBITDA margin could exceed 20%. The company raised its base-case 2027 revenue outlook to at least EUR 270 million, above market consensus of EUR 245 million. A partnership with Neura Robotics is expected to add not less than EUR 25 million of additional revenue in 2027, with mass production planned to begin in the first quarter of 2027.
CEO Massimo Mauri said physical AI involves machines perceiving and interacting with reality, and that Seco’s offering is competitive in that area. He also said 70% of customers say they want a technology partner rather than just a supplier. CFO Lorenzo Mazzini and head of corporate development and investor relations Marco Letizia were named among executives in the transcript. The transcript also named Clea, Arduino, Raspberry Pi, Qualcomm, Intel and NXP among platforms and companies referenced in the discussion.
