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Huddly AS, Q2 2026 Huddly AS, Q2 2026 Q2 2026 Results Presented by CEO Rósa Stensen and CFO Abhijit Banik
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Huddly AS, Q2 2026 Key highlights Q2 2026 2 Revenue and Gross margin: ▪ NOK 50 million in Q2 2026 revenue, a reported YoY decline of 11%. Organic YoY growth was 13%, adjusted for tariff stocking and FX effects ▪ Strong gross margin, despite increasing component prices: 49% in Q2 2026, up from 43% in Q2 2025 Strategic partners: ▪ Q2 revenues lower than expected due to a longer-than-planned commercial roll-out process ▪ Strategic partnerships further strengthened during the quarter through strong commitment and close collaboration ▪ Shipment to end-customers started in Q2 for selected products and regions. Expected to gradually ramp up through the coming quarters Products: ▪ In June, Huddly brought its next-generation AI data channel to Microsoft Teams, enabling smarter collaboration ▪ Launching Crew+ in 2027: Higher selling prices and a larger share of the room budget drive future revenue and margin growth Outlook: ▪ Delayed ramp-up of Strategic partners reduces the 2026 revenue target to NOK 230-300 million. Cash flow positive from second half of 2027 Key financials 45%Change YoY: 7%75% 26% -11% 25%Change YoY: 13%110% 29% 13% Organic growth (adjusted for tariff stocking in Q2’25 and USD depreciation)
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Huddly AS, Q2 2026 Business plan priorities 3 Strategic focus Grow Strategic partner and Channel revenue Maintain healthy gross margin by monetizing on AI enabled products Disciplined investments and cost control 1 2 3
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Huddly AS, Q2 2026 Strategic partners overview: Strong position & growth potential 4 The world’s largest PC manufacturer, bundling their own ThinkSmart Core Gen 2 compute with Huddly C1 and Crew Jabra has a strong position in small to medium rooms with its PanaCast videobar, now enhancing their offering for large rooms with Huddly Crew Shure is an iconic audio brand and world leader, pairing naturally with Huddly cameras for an end-to-end solution Complementing Barco’s ClickShare Hub Microsoft Teams Room solution with wireless content sharing with Huddly audio and video ~15-20 % market share Huddly’s current Strategic partners account for ~15–20% of a USD ~5 billion market, which is projected to grow to USD ~8 billion by 2029 (~16% CAGR) S c : F t & S “ b V d C f c D c M k t F c t t 2029” Global videoconferencing devices market 2026: USD ~5 billion Growth potential
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Huddly AS, Q2 2026 Lenovo brings Huddly to the global market through its own sales channels 5 “Combining our technical prowess with Huddly through bundles that feature Lenovo’s ThinkSmart Core Gen 2 and ThinkSmart Manager with Huddly C1 videobar, Crew cameras, and more, Lenovo is offering customers a scalable and easy-to-run platform that transforms meeting spaces with the growing smart collaboration feature set AI enables” - Marcus Kennedy, General Manager, Intelligent Commercial Solutions at Lenovo ▪ Lenovo was signed as a Strategic partner in January 2026. Lenovo is a global t ch y d d th w d’ t p c p t p d ▪ As a first phase in the partnership, Lenovo offers its compute devices with Huddly’s portfolio of single camera, multi-camera, and full-room AI systems. The offering was launched at ISE in Q1 2026 and started shipping at the end of Q2 2026 ▪ The Lenovo-Huddly offering is sold directly through Lenovo and supported in the Lenovo ThinkSmart Manager management platform ▪ Lenovo has throughout 2026 conducted an extensive global sales and marketing push to build customer pipeline Huddly C1 Crew together with Lenovo ThinkSmart Huddly Crew together with Lenovo ThinkSmart
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Huddly AS, Q2 2026 Jabra and Huddly go after the large-room market with “Room for More” 6 “We are launching into a rapidly expanding market for intelligent meetings with untapped potential across large rooms. This collaboration addresses a real need in the market and allows us to combine our strengths to support secure MDEP-based systems and large meeting spaces, with the clear goal of delivering integrated solutions to customers around the world” - Holger Reisinger, SVP for Video Solutions at Jabra ▪ Jabra is actively promoting the Huddly bundles through their go-to-market under the "Room for More" concept ▪ Large room market penetration: Huddly complements Jabra's portfolio for large rooms, driving growth through broader market coverage and a more complete solution offering for room sizes between 2 to 22 people ▪ Medium and Large meeting room bundles: With the Jabra PanaCast videobar at the center and scalable Huddly L1 & Crew camera options capturing multiple angles, participants enjoy an immersive and dynamic video experience Jabra PanaCast Room Kit for large meeting room with Huddly Crew Image source: Jabra
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Huddly AS, Q2 2026 Strategic partner rollout status at end of Q2-26 7 Contract negotiations and signing Scaling and volume ramp upEnabling end-customer shipment 1 2 3 ▪ Identify bundling opportunities based on complementary product strengths and customer needs ▪ Evaluate operational setup, product and bundling specifications and GTM model ▪ Agree on contractual terms and conditions ▪ Set up bundles based on agreed hardware and software specifications ▪ Prepare supply chain and logistics for product deliveries ▪ Strategic partner GTM: Roadshows, digital marketing and training of sales personnel ▪ Shipments to end-customers ▪ Demand and pipeline build up ▪ Close collaboration between Huddly and partner to optimize GTM and product offering Strategic partner from start to revenue – High-level stages Lenovo: Shipment to end-customers started at the end of Q2-26 for selected product and regions Jabra: Shipment to end-customers gradually started in Q2-26 Barco: Microsoft certification in progress Shure: Shipping to end-customers
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Huddly AS, Q2 2026 AI cameras: Huddly L1, S1 and IQ AI camera systems: Huddly Crew AI-native collaboration systems: Huddly Crew+ Product roadmap on track: Complete AI-native collaboration system 8 Product evolution Video Audio Video Audio Video Audio E1 launching in Q1 2027 AI data channelAI data channel AI data channel
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Huddly AS, Q2 2026 AI data channel Huddly now supports next generation Microsoft Teams IntelliFrame with AI data channel 9 “We believe the future is the intelligent room, powered by devices that give AI the eyes, ears, and understanding to see and hear every participant clearly, to know who is speaking and where they are” - Albert Kooiman, General Manager, Teams Partner Engineering and Customer Enablement at Microsoft Next-generation data capture Huddly builds a structured, live model of the room Microsoft Teams Rooms Room context becomes collaboration intelligence A dedicated connection sharing real-time room understanding with Microsoft Teams ▪ IntelliFrame people labels: New AI-powered experiences in Teams ▪ Richer transcripts and AI recaps: Who said what, who owns the action item ▪ Beyond the meeting: How a space is being used, and whether a room is ready for the next meeting ▪ AI-native devices designed to capture the missing context ▪ Captures who is present, who is speaking, where people are located, and how they interact ▪ Built at the edge, across multiple cameras
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Huddly AS, Q2 202610 The Huddly Crew+ system covers small and medium rooms…
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Huddly AS, Q2 202611 …scales effortlessly to large rooms…
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Huddly AS, Q2 2026 12 …and all the way to the all-hands space – one modular system for every room
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Huddly AS, Q2 2026 Huddly Crew+ is uniquely positioned in a market growing 8X 13 S c : F t & S “ b V d C f c D c M k t F c t t 2029” Multi-camera room penetration – % of video-enabled rooms Unique, market-leading solution AI-native platform – video, audio and AI data channel in one modular system Global distribution power Sh pp d t th h St t c p t ’ global sales networks A category growing 8X Multi-camera rooms forecast to grow from below 1% to ~8% of video-enabled rooms by 2029 1 Disruptive pricing A premium video and audio offering at a significantly lower price point than competing alternatives 2 3 4
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Huddly AS, Q2 2026 Higher selling prices and a larger share of the room budget drive future revenue and margin growth 14 Small: 3-6 people (~60% of total # of rooms) Medium: 6-9 people (~15% of total # of rooms) Large: 9-14 people (~15% of total # of rooms) Very large: >14 people (~10% of total # of rooms) 5 kUSD 10 kUSD 15 kUSD 20 kUSD Meeting room size Room technology budget (video, audio and compute) Huddly C1 Huddly Crew with C1 Huddly Crew+ (C1 and E1)
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Huddly AS, Q2 2026 Channel sales: Recovery taking hold in the US, growth in UK and APAC 15 North America: Stabilizing ▪ The US market is stabilizing following a challenging H1 2026 due to elevated stocking levels and delayed investment decisions ▪ Strengthened US go-to-market organization to deepen engagement with customers and distributors UK: Growing ▪ Strong growth in sell-out volumes in the UK and Ireland EMEA: Under pressure ▪ Europe (outside UK) Channel sales were volatile in Q2-26 ▪ New distribution partner established in South Africa Asia Pacific: Growing ▪ Small, but growing market for Huddly with double digit growth ▪ Scaling with new distribution partners in India, Australia and NZ ▪ Future focus on entering new countries Overview of key Channel markets and growth trends
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Huddly AS, Q2 2026 Summary: Revenue-driving inflection points 16 1 Q3 2026 AI data channel launch Integration with Microsoft Teams IntelliFrame people labels 2 H2 2026 Strategic partner ramp-up at global scale Full-room solutions scaling through St t c p t ’ b tw k 3 Q1 2027 Crew+ launch Crew+ completes Huddly AI-native product platform, increasing Total Addressable Market (TAM) and allowing for higher average revenue per room 4 H2 2027 Cash-flow positive Self-funded from operations 1) F t & S “ b V d C f c D c M k t F c t t 2029” Fueled by large and growing market with Multi-camera rooms forecasted to grow from under 1% to ~8% of video-enabled rooms by 20291)
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Huddly AS, Q2 2026 Business case: Promising growth prospects 17 Attractive market Product leadership Go-to-market with key partners 1 2 3 Investment case: Key growth drivers Growth ambitions (NOK million) – Updated Cash flow positive from second half of 2027 Large and growing market with estimated 16 % CAGR. Multi-camera rooms are forecast to grow from under 1% to ~8% of video- enabled rooms by 20291) Positioned as the market leader within AI-Native multi camera systems. Driving future revenue and margins with the scalable and modular Huddly Crew+ platform A strong partner driven distribution with global market leaders such as Lenovo, Jabra, Shure and Barco actual actual estimate estimate estimate ~230-300 ~500-600 ~650-800 ~45-50% ~45-50% ~45-50% 1) F t & S “ b V d C f c D c M k t F c t t 2029”
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Huddly AS, Q2 2026 Huddly AS, Q2 2026 Financials
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Huddly AS, Q2 2026 Revenue: Strategic partners ramping up slower than planned 19 Revenue development and split NOK million, % of total revenue ▪ Sales to Strategic partners in Q2 2026 increased by 7% compared to Q2 2025 ▪ Strategic partner revenue was lower than anticipated, as volume is now expected to gradually ramp up through the coming quarters ▪ Channel revenue in Q2 2026 was 16% below Q2 2025. Adjusted for Q2 2025 channel stocking ahead of the anticipated tariffs and USD depreciation, the YoY change in Channel was +11% (+13% for total revenue) 22 9 2 St t c p t Ch > 45% Change YoY: 7%75% 26% -11% 25% Change YoY: 13%110% 29% 13% Organic growth (adjusted for tariff stocking in Q2’25 and USD depreciation*) * t ck d f Q2’2 t Q ’2 d c t t USD/ c cy Q ’2 t Q2’2 Q2’2
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Huddly AS, Q2 2026 Underlying revenue growth of 13% 20 effect re enue re enue rganic growth ariff stoc ing in ▪ Reported YoY decline of 11% is mainly explained by one-time tariff stocking in Q2'25 and a weaker USD against the NOK ▪ Organic growth measured at constant currency (Q2'25 average USD/NOK of 10.3) and adjusted for NOK 8 million of tariff- related channel stocking in Q2'25 > Revenue NOK million 13% organic growth
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Huddly AS, Q2 2026 Gross margin improved to 49% 21 Gross margin (%) development ▪ The gross margin for Q2 2026 improved to 49%, up from 43% in Q2 2025 ▪ Q2 2026 benefited from a favorable customer and product mix, with no material one-off items impacting gross margin for the period ▪ The full-year 2026 gross margin is estimated at 45-50%, holding up well despite increasing component prices > ~45-50% estimated in 2026
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Huddly AS, Q2 2026 Summarized P&L: Gross profit held despite lower revenue 22 ▪ The YoY revenue decline was driven by Channel sales, while Strategic partner revenue grew but came in below plan ▪ However, the strong gross margin in Q2 2026 offset the revenue decline, keeping gross profit in line with Q2 2025 ▪ Cash OPEX was stable YoY: Of the NOK 9.0 million increase, NOK 5.5 million relates to higher amortization and depreciation, and NOK 2.9 million to the non-cash employee share option program Condensed profit & loss statement NOK million > p f t Gross margin S b p t p c t t d d p c t erating rofit t f c rofit oss efore ta 0 2 0 2 2 9 hange 9 9 2 0 0 02 0 0 2 0 hange 0
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Huddly AS, Q2 2026 R&D investments to drive long-term growth 23 ▪ Capitalized R&D investments of NOK 11.8 million in Q2 2026 (-15% YoY), reflecting a lower share of engineering hours on capitalizable development projects ▪ Huddly has 57 engineers, of whom approximately 45 have extensive expertise in AI and machine learning ▪ Ongoing investments are aimed at maintaining Huddly's technological leadership and supporting future revenue growth: Primarily completing the modular platform that positions Huddly in the attractive large-room solutions market with both video and audio Capitalized R&D cost NOK million >
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Huddly AS, Q2 2026 Q2 2026 cash flow 24 Cash flow NOK million ▪ Operating cash flow was NOK -50 million in Q2 2026, compared to NOK -18 million in Q2 2025. The higher outflow is largely working capital- related, as inventory has been built up in anticipation of Strategic partner demand ▪ Financing includes loan proceeds of NOK 40.0 million from Innovation Norway, repayment of a NOK 30.8 million shareholder loan facility in June 2026, and NOK 11.0 million in gross proceeds from a repair issue ▪ Note: The cash balance excludes a NOK 11 million bank deposit related to office premises inancing erations n estments ther changes ash end of un ash end of Mar 9 2 9 0 >
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Huddly AS, Q2 2026 Huddly AS, Q2 2026 Q&A CEO, Rósa Stensen CFO, Abhijit Banik Chair of the Board, Jon Øyvind Eriksen
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Huddly AS, Q2 2026