The result was excellent for this point in time.
a) Q2 operating profit is in the black and cash flow was strong!
b) “Our outlook, particularly in the defense industry, is strong.” 
c) The financial situation is no longer critical (?): “…we have been able to reduce net debt, meet financial covenants, and achieve an even more stable financial position.”
d) April–June 2026 in brief
- Net sales grew by 8.8% to 11.9 (10.9) million euros.
- Operating profit strengthened to 165 (-491) thousand euros.
- Cash flow from operations was 3,725 (355) thousand euros.
- Earnings per share improved to -0.06 euros (-0.19) for both A and B shares.
- Order backlog on June 30, 2026, was 25.4 (9.1) million euros.
- Orders received were nearly at the same level as the comparison period, totaling 9.8 (10.0) million euros.
e) Deliveries for the NATO order have begun; this is good, as it means no delays or the like.
- Order backlog is strong, and a decent amount of new orders have been received as well. And admittedly, we are waiting for new large Defence orders—that cannot be denied in this investment case.
++ Active new product launches have been carried out recently, and “We continue to focus strongly on the active international sales of Defence products as well as the launch of new products and military capabilities, so that we are able to fully capitalize on the opportunities offered by the defense market.”
Great stuff!