Techstep ASA reported a 12% year-over-year increase in total revenue to NOK 228.8 million for the second quarter of 2026, driven by a 22% rise in device revenue to NOK 176.4 million. The company’s net gross profit, however, declined 25% to NOK 52 million, compressing the net gross profit margin by 11 percentage points to 22.7% from 33.8% in the prior-year period.
Adjusted EBITA turned negative at NOK -12.9 million, compared with a positive NOK 0.4 million in Q2 2025, while the company recorded a net loss of NOK 30.5 million for the quarter. Net gross profit on a last-twelve-months basis fell 11% to NOK 235 million. Operating cash flow after investments in Device-as-a-Service remained negative at NOK -16.1 million.
Own software revenue declined 35% year-over-year to NOK 15.7 million, while advisory and services revenue grew 6% to NOK 36.7 million, though segment net gross profit fell 21%. Annual recurring revenue adjusted to NOK 244 million, a 1% year-over-year increase excluding the terminated Telecom Expense solution. Total assets stood at NOK 910 million, with net interest-bearing debt at NOK 82.6 million.
Techstep secured a NOK 40 million bridge facility during the quarter and established a revolving credit facility of NOK 45 million alongside a NOK 25 million overdraft facility. The company also announced plans for a rights issue of at least NOK 83.3 million at NOK 1 per share, with subscription expected between late September and mid-October 2026, subject to regulatory approval by September.
The company aims to reduce its annualized cost base to NOK 218 million by the end of 2026, a 15% reduction from the May 2026 baseline, with full run-rate effects expected by April 2027. Employee count is targeted to fall from 260 at year-end 2025 to approximately 160 by Q4 2026. Techstep’s stock traded at $1.62, down 1.82%, following the results presentation.
CFO Håvard Haukdal attributed margin pressure to a higher share of lower-margin device sales, reduced Device-as-a-Service contributions, and the end of lease income. CEO Morten Meier emphasized the integration of capabilities as a core value driver, reaffirming the company’s ambition to become a leading European mobile and circular tech partner by 2029.
