Stock Markets July 2, 2026 10:58 AM

Upsales Technology posts preliminary Q2 growth, beats margin guidance on pro forma basis

Preliminary results show double-digit revenue growth, higher pro forma EBITDA margins and modest ARR pickup ahead of interim report

By Sofia Navarro
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Upsales Technology AB (publ) published preliminary second-quarter 2026 results showing net sales of about 41.4 million SEK, a year-on-year increase of roughly 10.7%. On a pro forma basis excluding Aira-related costs and spin-off extraordinary items, the company reported an EBITDA margin of about 36-38%, above its prior guidance of 35%. Annual Recurring Revenue rose by approximately 1.1 million SEK from Q1 to reach about 154.0 million SEK. The company cautioned the figures are preliminary and will be finalized in an interim report on July 22, 2026.

Upsales Technology posts preliminary Q2 growth, beats margin guidance on pro forma basis
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Key Points

  • Net sales were approximately 41.4 million SEK in Q2 2026, up about 10.7% year-on-year - impacts software/SaaS revenue readings and small-cap tech equities.
  • Pro forma EBITDA margin was approximately 36-38% after excluding Aira-related and spin-off extraordinary costs, above the company’s prior guidance of 35% - relevant to profitability and valuation metrics.
  • ARR rose by approximately 1.1 million SEK from Q1 to about 154.0 million SEK, signaling resumed recurring revenue growth for the quarter.

Upsales Technology AB (publ) on Thursday issued preliminary financials for the second quarter of 2026, reporting revenue growth and stronger profit margins compared with the prior year.

Net sales for the quarter came in at approximately 41.4 million Swedish kronor, representing a year-on-year increase of about 10.7%.

On a pro forma basis - which removes costs associated with Aira and extraordinary expenses tied to the spin-off - the company said its EBITDA margin reached roughly 36-38%. That outcome surpasses Upsales Technology’s earlier guidance level of 35%.

The company noted that Aira remained a part of Upsales until the Lex ASEA dividend in mid-May 2026; the pro forma presentation excludes the related costs so as to provide a clearer view of underlying operating profitability.

Annual Recurring Revenue (ARR) increased by approximately 1.1 million Swedish kronor compared with the first quarter of 2026, reaching about 154.0 million Swedish kronor.

"I’m pleased to see a very strong margin this quarter and continued double-digit revenue growth. It’s also good to see ARR growing again after being flat quarter-on-quarter in Q1. Going into Q3, churn is lower and we have a good chance of accelerating growth." - Daniel Wikberg, CEO

The company emphasized that these figures are preliminary. Full and final financial information for the second quarter will be disclosed in Upsales’ interim report, scheduled for publication on July 22, 2026.


Context and implications

The preliminary results indicate continued top-line expansion and an improvement in pro forma profitability after adjusting for Aira-related and spin-off costs. The ARR increase suggests recurring revenue momentum resumed after a flat Q1, while management highlighted lower churn heading into Q3 as a potential driver for faster growth.

Investors and market participants should note the provisional nature of the numbers and await the interim report for full audited figures and any additional disclosures related to the spin-off and Aira separation.

Risks

  • The reported figures are preliminary and subject to revision when the interim report is published on July 22, 2026 - this affects the reliability of current metrics used by investors.
  • Comparability is affected by the exclusion of Aira-related costs and extraordinary spin-off items in the pro forma presentation; actual, consolidated results may present a different profitability picture - relevant to financial analysis and valuation.
  • Management framed lower churn and the chance to accelerate growth as prospects rather than guarantees, leaving execution risk for near-term revenue expansion - relevant to revenue forecasts and SaaS market expectations.

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