Techstep, the Norwegian mobile and circular technology company, reported a 12% year-on-year increase in total revenue for the second quarter of 2026, reaching NOK 228.8 million. The growth was driven by a 22% rise in device revenue to NOK 276.4 million, largely from deliveries to Helse Midt-Norge. Own software revenue, however, declined 35% to NOK 15.7 million, dragging net gross profit down 25% to NOK 52 million and compressing margins to 22.7%, an 11 percentage point drop from the prior year.
Adjusted EBITA turned negative at NOK 12.9 million, compared with a positive NOK 0.4 million in Q2 2025, while the company posted a net loss of NOK 30.5 million. Operating cash flow remained negative at NOK 16.1 million, reflecting continued outflows tied to its Device-as-a-Service model. Cash at quarter-end stood at NOK 4.6 million, down NOK 3.1 million from the prior quarter.
The company’s balance sheet showed total assets of NOK 910 million, with total equity of NOK 412 million, an equity ratio of 45%. Non-current assets totaled NOK 731 million, including goodwill of NOK 485 million and customer relationships and technology valued at NOK 88 million. Net interest-bearing debt was NOK 82.6 million.
Management outlined a restructuring program targeting a NOK 218 million annualized cost base by year-end 2026, down from NOK 312 million in 2025, alongside plans to reduce headcount by approximately 160 full-time employees by Q4 2026. The full run-rate benefit of the program is expected by April 2027.
To bolster liquidity, Techstep secured a NOK 45 million revolving credit facility and a NOK 25 million overdraft facility in May, followed by a NOK 40 million bridge facility. The company now proposes a rights issue of at least NOK 83.3 million at NOK 1 per share, guaranteed by five shareholders. The indicative timeline spans from late August, when the draft prospectus will be submitted, to late October, when proceeds are expected to be released and used to repay the bridge facility.
