Results are out.
- The report is still messy and incomplete. CEO comments are conspicuous by their absence, etc. This started in the previous quarterly report after the CFO left. Apparently, the new CFO has not fixed the issue.
- The report covers an exceptional 16-month financial year (September 2024 → December 2025) due to a change in the fiscal year, which makes direct comparison to previous years difficult. The company has admitted to this confusion and announced it will publish a separate comparison document to clarify the figures shortly after the report.
- Revenue from QVance does not yet appear to be recognized, which is a disappointment. This is in direct contradiction with the company’s comments that turnover would have accumulated since at least late summer.
- In practice, however, it seems that QVance’s sales are visible in the items Advances received and commitments (+1.1 MSEK, the parent company’s share of this growth was almost non-existent), Unbilled work and accrued income (increased by approx. 0.9 MSEK from a year ago), and Accounts receivable (increased by approx. 1M SEK at the point when QVance was said to have become operational).
- Although accounts receivable and advances point to some kind of operational activity, the company’s cash position fell to 26 million kronor by the end of 2025 (32.7 MSEK the previous year). This was influenced at least by QVance’s new isolator, which appears on the balance sheet likely as a 4.4 million kronor work-in-progress acquisition.
Edit: The CEO will comment on the quarter tonight: Digital temakväll - Life Science | Aktiespararna