Interim report
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1 Huddly Q2 2026 Report Q2 2026 Report Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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2 Huddly Q2 2026 Report Empowering human collaboration While most video systems are static hardware, Huddly delivers the new standard - combining edge AI, software, and hardware into a continuously evolving, AI-native camera platform that automates the meeting experience and scales across every room in your organization. Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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3 Huddly Q2 2026 Report Contents Key highlights Q2 2026 4 Q2 2026 review 5 Financial review 7 Outlook 9 Responsibility statement 10 Risks and uncertainties 11 Financial statements 13 Notes to the financial statements 19 Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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4 Huddly Q2 2026 Report Key highlights Q2 2026 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 Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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5 Huddly Q2 2026 Report Q2 2026 review Revenue in Q2 2026 was NOK 50 million, a reported decline of 11 % from Q2 2025. Adjusted for tariff-related channel stocking in Q2 2025 and currency effects, organic growth was 13 % year-over-year. Gross margin improved to 49 % in the quarter, up from 43 % in Q2 2025, despite increasing component prices. The quarter marked the transition from preparation to commercial rollout for Huddly’s Strategic partners: Lenovo and Jabra started shipments of new bundles to end-customers. In June, Huddly announced support for next-generation Microsoft Teams IntelliFrame with an AI data channel. Operational review Huddly’s technology enables human collaboration in the hybrid workplace and is key in creating inclusive and productive meetings. Huddly’s AI technology and products are acknowledged as groundbreaking, a result of substantial investments in research and development. Continued R&D investments will keep Huddly well ahead of the competition. Huddly’s business plan rests on three strategic priorities: growing Strategic partner and Channel revenue, maintaining a healthy gross margin by monetizing on AI-enabled products, and disciplined investments and cost control. Huddly continued to execute on all three priority areas. Reported revenue declined 11 % year-over-year to NOK 50 million, while organic growth, adjusted for tariff-related stocking in Q2 2025 and currency effects, was 13 %. Strategic partners Strategic partner revenue increased 7 % compared to Q2 2025, but came in lower than expected due to a longer-than-planned commercial rollout process. The partnerships were further strengthened during the quarter, and the first bundles started shipping to end customers – moving Lenovo and Jabra into the scaling phase of the partner journey, with volumes expected to gradually ramp up through the coming quarters. Lenovo, signed as a Strategic partner in January 2026, bundles its ThinkSmart Core Gen 2 compute with Huddly’s portfolio of single camera, multi-camera, and full-room AI systems. The bundles, launched at ISE in Q1 2026, started shipping to end customers at the end of Q2 2026 for selected products and regions. They are sold directly through Lenovo, and backed by an extensive global sales and marketing push throughout 2026. Jabra is actively promoting its Huddly bundles under the “Room for More” concept, with shipments to end customers gradually starting in Q2 2026. Combining the Jabra PanaCast videobar with scalable Huddly Crew cameras, the collaboration expands Jabra’s offering for large rooms and provides a complete solution for rooms seating from two to 22 people. Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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6 Huddly Q2 2026 Report Barco is in the enabling phase ahead of rollout and scaling. Microsoft Teams certification of the bundles combining Barco ClickShare Hub with Huddly audio and video is in progress: the small and medium room bundles were certified during the quarter, with certification of the large room bundles expected in H2 2026. Products and technology The product roadmap is on track toward complete AI-native collaboration systems. The Huddly Crew+ platform, combining Huddly C1 with the new E1 device launching in Q1 2027, extends Huddly’s modular solution with both video and audio for every room size – from small and medium rooms all the way to all-hands spaces. Higher selling prices and a larger share of the room technology budget are expected to drive future revenue and margin growth. In June 2026, Huddly announced support for next-generation Microsoft Teams IntelliFrame with an AI data channel – a dedicated connection sharing real-time room understanding with Microsoft Teams. Huddly’s AI-native devices capture who is present, who is speaking, and where people are located, enabling new experiences such as IntelliFrame people labels and richer transcripts and meeting recaps. The announcement strengthens Huddly’s position as a technology leader within AI cameras. Channel Channel revenue in Q2 2026 was 16 % below Q2 2025. Adjusted for the tariff-related channel stocking in Q2 2025 and currency effects, Channel revenue grew 11 % year-over-year. The US market is stabilizing following a challenging first half of 2026, and Huddly has strengthened its US go-to-market organization to deepen engagement with customers and distributors. The UK and Asia Pacific regions delivered growth in the quarter, while Channel sales in Europe outside the UK were volatile. Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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7 Huddly Q2 2026 Report Financial review Income statement Total revenue in Q2 2026 amounted to NOK 50.4 million, a decrease of 11 % compared to NOK 56.7 million in the first quarter of 2025 and a 4% increase compared to NOK 48.5 million in the first quarter of 2026. Sales revenue generated through Channel sales decreased by 16 % year-on-year, whereas Strategic sales increased by 7% year-on-year. The revenue split in Q2 2026 was 73 % of Channel sales and 27 % of Strategic partner sales. Gross profit amounted to NOK 24.5 million in Q2 2026, compared to NOK 24.2 million in the second quarter of 2025. Gross margin increased to 49% from 43% in Q2 2025 and from 47% in Q1 2026. Revenue from subleasing a portion of the Oslo office is reflected in Sublease revenue of NOK 1.6 million in Q2 2026. Operating expenses amounted to NOK 60.8 million in Q2 2026, compared to NOK 51.8 million in Q2 2025. Employee benefit expenses amounted to NOK 26.3 million, compared to NOK 23.7 million in the corresponding quarter last year. Other operating expenses amounted to NOK 13.8 million, compared to NOK 13.0 million in Q2 2025. Amortization and depreciation amounted to NOK 20.6 million, compared to NOK 15.1 million in Q2 2025. The increase in the amortization is mainly due to R&D capitalization relating to the launch of the C1 in Q3 2025. 110 FTEs were employed at the end of Q2 2026 vs. 111 FTEs at the end of Q2 2025. Net financial items were negative NOK 6.4 million in Q2 2026, compared to positive NOK 5.9 million in Q2 2025. The main driver behind the change was differences in net foreign exchange gains/losses. The second quarter of 2026 ended with a loss before tax of NOK 41.1 million, compared to a loss before tax of NOK 20.2 million in the same period last year, mainly explained by change in net foreign exchange gains/losses and increased amortization and depreciation. Cash flow Cash flow from operating activities was negative NOK 49.8 million in the second quarter of 2026 compared to negative NOK 18.0 million in the same period last year. The change is mainly driven by inventory build up to meet future Strategic partner demand and fluctuations in trade payables. Cash flow from investing activities was negative NOK 11.8 million in Q2 2026, compared to negative NOK 14.1 million in the same period last year, mainly reflecting continued investments in the development of Huddly's products and intellectual property. NOK million Q2 2026 Q2 2025 Change YTD 2026 YTD 2025 Change Revenue 50.4 56.7 -11% 98.9 102.0 -3% Gross profit 24.5 24.2 1% 47.4 48.1 -1% Gross margin 49% 43% 48% 47% Sublease revenue 1.6 1.5 3.1 3.0 Operating expenses (incl. amortization and depreciation) -60.8 -51.8 17% -124.1 -124.7 0% Operating profit (EBIT) -34.7 -26.1 -73.5 -73.6 Net financials -6.4 5.9 -10.0 -0.7 Profit/Loss before tax -41.1 -20.2 -83.6 -74.3 Cash flow from operating activities -49.8 -18.0 177% Cash and cash equivalents ending balance 62.3 40.9 52% Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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8 Huddly Q2 2026 Report Cash flow from financing activities was positive NOK 12.9 million in Q2 2026, compared to negative NOK 7.7 million in the same period last year. The change is at large due to a new loan from Innovation Norway leading to gross proceeds of 40.0 MNOK, and issuance of ordinary shares of NOK 11.0 million. This was offset by the repayment of the short-term portion of the loan facility of 30.8 MNOK. Cash and cash equivalents amounted to NOK 62.3 million at the end of the second quarter of 2026. This marks a decrease of NOK 47.9 million since the end of the first quarter of 2026 and an increase of NOK 21.4 million compared to Q2 2025. Financial position Intangible assets amounted to NOK 237.9 million at the end of June 2026, an increase of NOK 12.8 million compared to Q2 2025, primarily due to continued capitalization of investments in intellectual property and R&D. Total non-current assets amounted to NOK 302.3 million, compared to NOK 321.8 million at the end of Q2 2025. Excluding cash and cash equivalents, current assets increased by NOK 4.9 million to NOK 195.3 million compared to NOK 190.4 million at the end of Q2 2025. Inventory increased by NOK 62.7 million vs. Q2 2025, to NOK 139.5 million, mainly due to longer supply lead times and the continued expansion of Strategic partner business. Consignation inventories held by third parties decreased by NOK 26.8 million to NOK 20.3 million at Q2 2026. Trade receivables amounted to NOK 11.3 million in Q2 2026, a decrease of NOK 27.3 million compared to Q2 2025. Other current receivables decreased by NOK 3.8 million to NOK 24.1 million in Q2 2026. Other non-current receivables amounted to NOK 15.3 million in Q2 2026. For enhanced comparability, the presentation of the cash and other non‑current receivables position for Q2 2025 has been adjusted in these financial statements by reclassifying the bank deposit for office premises from cash and cash equivalent to other non‑current receivables position. The previously published Q2 2025 interim financial statements presented this deposit within cash and cash equivalents position. Equity decreased by NOK 2.0 million, from NOK 335.3 million at the end of Q2 2025 to NOK 333.3 million at the end of Q2 2026. The equity ratio was 60 % at the end of the second quarter of 2026. Non-current liabilities decreased to NOK 75.9 million from NOK 105.4 million in Q2 2025. The non-current liabilities include office lease liabilities of NOK 34.5 million and long-term debt of NOK 39.8 million. Current liabilities increased to NOK 150.7 million from NOK 112.3 million at the end of Q2 2025. The increase is primarily related to higher trade payables and other current liabilities, partially offset by lower consignation liabilities. Trade payables increased by NOK 21.5 million to NOK 47.5 million, while other current liabilities increased by NOK 44.3 million to NOK 65.6 million. Consignation liabilities decreased by NOK 29.1 million to NOK 21.5 million. Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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9 Huddly Q2 2026 Report Outlook The underlying market for Huddly’s products is strong, with the trend towards hybrid collaboration being a robust long-term driver. The Company addresses a vast market with significant untapped potential: currently, only 10- 15 % of roughly a hundred million meeting rooms are equipped with video conferencing systems. A second wave of video conferencing installations and room refreshes post COVID-19, with an increased focus on quality, is expected to drive higher penetration as the need for technology addressing hybrid collaboration pain points intensifies. Frost & Sullivan translates this into an annual growth rate of approximately 16 % towards 2029. Growth through Strategic partners remains the Company's key priority, alongside maintaining and organically growing its position in Channel. Huddly has built solid momentum through its partner-led go-to-market model: Shure was signed as a Strategic partner in October 2024, Barco in June 2025, Jabra in September 2025, and Lenovo in January 2026. With first end- customer shipments for Lenovo and Jabra started in Q2 2026, Strategic partner sales are expected to gradually ramp up through the coming quarters. Huddly is positioned as the market leader within AI camera systems. The Huddly C1 videobar, first shipped in August 2025, and supporting next-generation Microsoft Teams IntelliFrame since June 2026, is an important near-term growth driver. The scalable and modular Huddly Crew+ platform, with the E1 device launching in Q1 2027, is expected to drive future revenue and margins by lifting selling prices and capturing a larger share of the room technology budget. The Company targets a revenue of NOK 230- 300 million in 2026 (gross margin approximately 45-50 %), NOK 500-600 million in 2027 (gross margin approximately 45-50 %), and NOK 650- 800 million in 2028 (gross margin approximately 45-50 %), with a target of generating positive cash flow from the second half of 2027. Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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10 Huddly Q2 2026 Report Responsibility statement From the Board of Directors and CEO of Huddly AS We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1 January to 30 June 2026 has been prepared in accordance with IAS 34 – Interim Financial Reporting and gives a true and fair view of the (Company’s and) Group’s assets, liabilities, financial position and profit or loss as a whole. We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related parties’ transactions. Oslo, August 26, 2026 Jon Øyvind Eriksen Chair of the Board Rósa Stensen CEO Kristian Kolberg Board Member Anika Jovik Board Member Bente Sollid Board Member Svenn Tore Larsen Board Member Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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11 Huddly Q2 2026 Report Risks and uncertainties Huddly is exposed to the following major groups of risks: Product risks, Market risks, Credit risks and Liquidity risks. Some of these are outside of Huddly’s control, such as geopolitical risks and market specific cyclical risks. Product risks The Company’s core business is to develop innovative videoconferencing solutions, thus there are inherent risks related to product development. Risks include technological complexity, rapidly evolving customer needs, shifting market trends, and the continuous need to deliver high-performance, reliable products. Failure to anticipate or respond to these changes may lead to delays in product launches, increased development costs, or products that do not meet market expectations. In addition, dependence on third-party suppliers and partners for certain components may expose the Company to further delays or quality issues. Market risks Huddly faces risks related to tariffs and ongoing trade tensions, which could impact supply chain costs. Escalating trade disputes may lead to higher import duties and regulatory challenges, affecting profitability and pricing flexibility. Huddly’s contract manufacturer is based in Poland, and the risk exposure is mainly related to tariffs between Europe, North America and Asia. The Company is closely monitoring the situation and evaluating strategies to mitigate potential disruptions. Furthermore, Huddly is observing increasing component prices, especially DRAM which is an important part in AI-enabled audiovisual products. This poses challenges to Huddly’s gross margins, and the Company is evaluating alternative sourcing options, measures to streamline operations and pricing adjustments. Currency risks The main exposure to foreign currency is derived from accounts payable and accounts receivable in connection with the sale and purchase of goods in foreign currency, in addition to other operating expenses denominated in a foreign currency, such as foreign payroll and services. The Company does not normally use contracts to hedge the foreign exchange exposure. The exposure is largely hedged through receipts and debts being denominated, directly or indirectly, in the same currency (a "natural hedge"). Credit risks Huddly's credit risk is related to the sale of goods and services on credit, and working capital advance tied up at the Company’s contract manufacturer. Huddly monitors the outstanding amounts and follows up closely with its customers and partners should amounts become overdue. Liquidity risks Huddly's liquidity strategy is to secure sufficient cash, cash equivalents and credit facilities available at any time to finance the operations and investments for the next 12 months. Huddly manages liquidity risk by monitoring the expected future cash from operations and available cash to assess whether they are adequate to serve the operational and financial obligations. This is done by preparing cash flow forecasts on a 12-month forward rolling basis, and detailed by weekly cash monitoring, based on different sales and cost scenarios. Tied up working capital is supervised, focusing on inventory, accounts receivable, and accounts payable. During Q4 2025, Huddly entered into a non-recourse factoring agreement covering selected trade receivables. The agreement supports Huddly’s liquidity position by Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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12 Huddly Q2 2026 Report accelerating cash inflows and enhancing flexibility in working capital management. Huddly remains focused on executing a business strategy aimed at achieving cash flow positivity in H2 2027. However, it is important to acknowledge the inherent uncertainties surrounding this objective. The business plan remains subject to various external and internal factors that may impact both revenue realization and cost structure, thereby affecting forecasted cash flows. Among these are macroeconomic volatility, tariffs and the timing and volume of revenue from Channel partners and existing and new Strategic partners. In response to these uncertainties, the Board of Directors is prepared to implement strategic measures to maintain financial flexibility and optimize cash flows as necessary. The Company has a shareholder loan from certain shareholders of NOK 30.75 million with interest rate of 3 months NIBOR + 8% p.a. that matures on 9 June 2027. Following discussions with the Company, all lenders have agreed to extend their respective portions of the loan by 12 months, i.e., until 9 June 2028. As security under the Loan Agreement, the Company has pledged certain of its intellectual property rights including patents, trademarks and designs. Connected to the said extension, the Company has decided that the pledge shall continue to secure the loan after the extension of the current maturity date, subject to the Company reaching agreement with Innovation Norway (cf. the two loans from Innovation Norway totaling NOK 40 million) and with the Lenders on their respective rights in such collateral. The portion of the loan facility drawn at any time has an interest exposure linked to NIBOR. Huddly considers the risk associated with interest rate fluctuations as low. Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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13 Huddly Q2 2026 Report Financial statements and notes to financials Huddly AS Q2 2026 Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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14 Huddly Q2 2026 Report Financial statements Interim consolidated statement of profit or loss Q2-2026 Amounts in NOK 1,000 (unaudited) Note Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Sales of goods 3 50,373 56,742 98,862 102,037 211,312 Total revenue from sales of goods 50,373 56,742 98,862 102,037 211,312 Cost of goods sold (25,868) (32,497) (51,476) (53,971) (114,215) Gross profit 24,505 24,245 47,386 48,065 97,097 Sublease revenue 1,575 1,523 3,143 3,045 6,091 Employee benefit expenses 4 (26,323) (23,716) (54,354) (64,453) (118,269) Other operating expenses (13,796) (13,022) (28,401) (30,009) (49,944) Amortization and depreciation (20,643) (15,112) (41,310) (30,206) (68,605) Total operating expenses (60,762) (51,850) (124,065) (124,668) (236,817) Operating profit/(loss) (34,682) (26,082) (73,536) (73,558) (133,629) Interest income 31 (77) 30 22 2,616 Interest expense (3,139) (3,613) (6,479) (7,198) (14,032) Other financial expense (563) (731) (851) (1,408) (2,788) Net foreign exchange gains (losses) (2,727) 10,275 (2,750) 7,887 6,252 Net financial items (6,398) 5,854 (10,050) (698) (7,952) Profit/(loss) before income tax (41,080) (20,228) (83,586) (74,255) (141,581) Income tax - - - - 113 Profit/(loss) for the year (41,080) (20,228) (83,586) (74,255) (141,468) Profit/(loss) for the year is attributable to: Owners of Huddly AS (41,080) (20,228) (83,586) (74,255) (141,468) Earnings per share in NOK Basic earnings per share (1.30) (0.97) (2.82) (3.76) (6.36) Diluted earnings per share (1.30) (0.97) (2.82) (3.76) (6.36) Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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15 Huddly Q2 2026 Report Consolidated statement of comprehensive income/loss Q2-2026 Amounts in NOK 1,000 (unaudited) Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Profit/(loss) for the year (41,080) (20,228) (83,586) (74,255) (141,468) Other comprehensive income: Items that might be subsequently reclassified to profit or loss: Exchange differences on translation of foreign operations 1,919 (7,138) (1,431) (14,248) (11,960) Total comprehensive income for the year (39,161) (27,366) (85,017) (88,503) (153,428) Profit/(loss) for the year is attributable to: Owners of Huddly AS (39,161) (27,366) (85,017) (88,503) (153,428) Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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16 Huddly Q2 2026 Report Interim consolidated statement of financial position Q2-2026 Amounts in NOK 1,000 (unaudited) Note 30 Jun 2026 30 Jun 2025 31 Dec 2025 ASSETS Non-current assets Goodwill 5 8,018 8,018 8,018 Intangible assets 5 237,870 225,050 241,150 Tangible assets 1,920 3,271 2,568 Right-of-use assets 39,217 51,516 45,754 Deferred tax asset - - - Other non-current receivables 15,263 33,935 14,327 Total non-current assets 302,288 321,789 311,817 Current assets Inventories 139,498 76,768 91,974 Consignation inventories 20,346 47,145 23,090 Trade receivables 11,331 38,639 33,124 Other current receivables 24,079 27,843 54,172 Cash and cash equivalents 6 62,329 40,899 58,364 Total current assets 257,582 231,294 260,723 TOTAL ASSETS 559,870 553,083 572,540 Amounts in NOK 1,000 (unaudited) Note 30 Jun 2026 30 Jun 2025 31 Dec 2025 EQUITY AND LIABILITIES Equity Share capital 1,976 1,304 1,707 Share premium and other paid in capital 414,099 408,312 331,055 Foreign currency translation reserves 788 (70) 2,219 Retained earnings (83,586) (74,255) - Total equity 4,7,8 333,277 335,291 334,981 Non-current liabilities Long term debt 39,800 55,500 24,750 Lease liabilities (non-current) 34,477 48,493 42,096 Provisions 1,228 - 1,289 Other non-current liabilities 408 1,452 408 Total non-current liabilities 75,913 105,445 68,543 Current liabilities Lease liabilities (current portion) 14,354 12,571 13,528 Trade payables 47,495 26,000 61,820 Current tax payables 1,771 1,911 1,798 Consignation liabilities 21,461 50,591 27,521 Other current liabilities 65,599 21,274 64,349 Total current liabilities 150,680 112,347 169,017 Total liabilities 226,593 217,792 237,560 TOTAL EQUITY AND LIABILITIES 559,870 553,083 572,540 Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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17 Huddly Q2 2026 Report Interim consolidated statement of changes in equity Q2-2026 Amounts in NOK 1,000 (unaudited) Q2 2026 Q2 2025 2025 Equity - beginning of period, 01.01 334,981 389,758 389,758 Total comprehensive income/(loss) for the year (85,017) (88,503) (153,428) Share issue 81,252 22,813 86,515 Equity change on employee options 2,061 11,218 12,129 Sales of own shares - 6 6 Equity - end of period 333,277 335,291 334,981 Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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18 Huddly Q2 2026 Report Interim consolidated statement of cash flows Q2-2026 Amounts in NOK 1,000 (unaudited) Note Q2 2026 Q2 2025 YTD Jun 2026 YTD Jun 2025 2025 Cash flows from operating activities Profit/(loss) before income tax (41,080) (20,228) (83,586) (74,255) (141,580) Adjustments for: Share-based payments expense 4,8 1,785 421 2,061 11,218 12,129 Depreciation and amortization 20,643 15,112 41,310 30,206 68,605 Net financial items 6,398 (5,853) 10,049 698 6,138 Change in operating assets and liabilities: Change in trade receivables 7,325 (5,859) 21,794 10,291 15,937 Change in inventories (including consignation inventories) (17,102) 2,178 (44,780) 5,097 13,945 Change in trade payables (28,761) (3,080) (14,512) 659 36,470 Change in other current assets and liabilities 1,606 (425) 18,165 (21,582) (36,942) Taxes paid - - - - (1,199) Paid interests (585) (266) (902) (828) (1,342) Items classified as investing or financing - - (380) - (1,664) Net cash inflow/(outflow) from operating activities (49,771) (18,000) (50,781) (38,498) (29,503) Cash flows from investing activities Payment for property, plant and equipment - (84) 3 (235) (427) Payment for investments in intangible assets 5 (11,827) (13,973) (29,718) (34,115) (77,679) Proceeds from disposals - - - 4 - Interest received - - - - 2,580 Net cash inflow/(outflow) from investing activities (11,827) (14,057) (29,716) (34,346) (75,525) Cash flows from financing activities Proceeds from issuance of ordinary shares 8 11,000 - 86,000 25,000 93,463 Share repurchase - - - 6 6 Payments of transaction costs equity transactions 8 (628) - (4,141) (2,139) (6,948) Repayments of lease liabilities (3,447) (4,060) (6,648) (6,866) (11,919) Loan proceeds 9,050 - 15,050 - - Paid interest on loan (1,604) (1,760) (3,308) (3,457) (7,323) Paid interest on lease liabilities (1,479) (1,880) (3,064) (3,762) (7,161) Net cash inflow/(outflow) from financing activities 12,892 (7,701) 83,889 8,782 60,117 Net increase/(decrease) in cash and cash equivalents (48,706) (39,757) 3,392 (64,061) (44,914) Cash and cash equivalents, start of period 110,240 81,998 58,364 105,498 105,498 Currency translation differences 210 72 (24) 57 (630) Effects of exchange rate changes on cash and cash equivalents 586 (1,413) 596 (596) (1,590) Cash and cash equivalents, end of period 62,329 40,899 62,329 40,899 58,364 Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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19 Huddly Q2 2026 Report Notes to the financial statements 1. General information Huddly AS (the “Company”) and its subsidiary Huddly Inc. (together referred to as the “Group” or “Huddly”) uses its technology to create tools for team collaboration. Huddly combines expertise across the fields of design, hardware, software, and artificial intelligence. Huddly’s smart cameras are designed to make it easier and better for people to communicate with each other. Huddly’s collaboration with industry-leading partners enabling high-quality video experiences on all major collaboration platforms. Huddly AS is a public limited liability company incorporated and domiciled in Norway. The address of its registered office is Stortorvet 7, 0155 Oslo, Norway. Huddly AS is listed on Euronext Growth on the Oslo Stock Exchange and has ticker “HDLY”. Huddly Inc. is registered in the state of Delaware in the United States of America. The consolidated condensed interim financial statements comprise the financial statements to the parent company and its subsidiary at end of June 2026, authorized for issue by the Board of Directors on 26 August 2026. 2. Accounting policies The unaudited interim consolidated financial statements for the six-month period ending 30 June 2026, have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not include all information required for full annual financial statements and should be read in conjunction with the consolidated financial statements for 2025. The accounting policies applied in the preparation of the interim financial statements are consistent with those applied in the preparation of the annual financial statements for the year ending 31 December 2025. The Group has not adopted any standard, interpretation or amendment that has been issued but is not yet mandatory. Huddly Inc. is included in the consolidated financial statements as the control criteria in IFRS 10 are met. The presentation currency of the Group is NOK which corresponds to the functional currency of the main entity in the Group. As a result of rounding adjustments, amounts and percentages may not add up to the total. All numbers are in NOK thousands unless otherwise stated. 3. Revenue from contracts with customers and segment disclosures The market for Huddly’s intelligent cameras is global. The Management team has therefore determined the operating segments on this basis. The Group considers the business as one operational segment. The Group’s operating profit arises from activities in this segment, which is the only revenue generating segment across the entire operation irrespective of geographic location. Performance is measured by the Management team based on the operating segment's revenue and profitability on a global basis. Other information is measured in a manner consistent with that in the Annual Report for 2025. Principles of revenue recognition are stated in the accounting principles to the Annual Report for 2025. Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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20 Huddly Q2 2026 Report Sales of goods by customer group In the following table, revenue is disaggregated by customer group, as defined by the Management team. Sales of goods by geography In presenting the geographic information, revenue has been based on the geographic location of customers. 4. Employee benefit expenses and option programs The Company’s only active share incentive program is the 2025 incentive plan implemented in February 2025, directed at employees. Participants are granted options to subscribe for shares in the Company based on a pre-determined strike price. The options in the 2025 option program are subject to a 3.5-year vesting schedule. The 2025 incentive plan replaced the plan established in 2024. All participants agreed to transfer their preexisting holdings from the 2024 incentive plan to the 2025 incentive plan. The options under the 2021 incentive plan have now largely expired. Both 2021 and 2024 incentive programs have been closed for new members. All options may only be exercised in a coordinated process led by the Company's Board. The participant may only exercise 1/3 of vested options each year. In Q2'26, operational expenses of NOK 1.8 million related to the share-option program were recognized directly in Other Equity in accordance with IFRS 2. As the closing market price exceeded the exercise price of the options at 30 June 2026, a provision for accrued social security tax of NOK 1.1 million on unexercised options has been recognized. A reverse share split in January 2025 resulted in 100 existing shares, each with a nominal value of NOK 0.000625, being consolidated into one share. This affected both the number of options in the 2021 incentive plan and the outstanding synthetic options. The following table shows the outstanding instruments as of the end of June 2026. Sales of goods by customer segment, % Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Strategic partners % 27% 22% 36% 23% 34% Channel partners % 73% 78% 64% 77% 66% Total sales of goods 100% 100% 100% 100% 100% Amounts in NOK 1,000 Sales of goods by customer segment Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 Strategic partners 13,374 12,474 35,388 23,082 71,420 Channel partners 36,999 44,268 63,474 78,955 139,892 Total sales of goods 50,373 56,742 98,862 102,037 211,312 Sales of goods by customer geography, % Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 EMEA / APAC 42% 37% 58% 40% 51% Americas 58% 63% 42% 60% 49% Total sales of goods 100% 100% 100% 100% 100% Amounts in NOK 1,000 Sales of goods by customer geography Q2 2026 Q2 2025 YTD 2026 YTD 2025 2025 EMEA / APAC 21,293 21,071 56,873 40,758 107,125 Americas 29,080 35,671 41,989 61,279 104,187 Total sales of goods 50,373 56,742 98,862 102,037 211,312 Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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21 Huddly Q2 2026 Report 5. Intangible assets Development projects are continuously reviewed in terms of potential future earnings and only capitalized as intangible assets if the project is likely to create future revenue, and costs incurred can be measured reliably. Capitalized costs include expenses directly attributable to the development of intangible assets, such as personnel, prototyping and consultancy services. Huddly is continually working on securing its intellectual property. All intangible assets are measured initially at cost and amortized using the straight-line amortization method over the estimated useful life. For detailed information on useful life of different intangible assets please refer to Note 11 in Huddly Annual Report 2025. The following table presents the balance sheet value of the intangible assets divided into different categories. Overview outstanding options 2021 incentive plan Q2 2026 2025 Options granted, outstanding 01.01 101,540 10,160,073 Reverse split adjustment - (10,058,533) Adjustment beginning - 101,540 Options granted - - Options exercised - - Options cancelled - - Options expired (80,527) - Options forfeited during the year - - Options granted, outstanding at end of period 21,013 101,540 Options vested, at end of period 21,013 101,123 2025 incentive plan Q2 2026 2025 Options granted, outstanding 01.01 1,445,555 - Options granted 333,990 1,460,254 Options exercised - - Options forfeited during the year (8,195) (14,699) Options granted, outstanding at end of period 1,477,360 1,445,555 Options vested, at end of period 689,683 644,480 Overview synthetic options Q2 2026 2025 Options granted, outstanding 01.01 58,711 5,871,111 Reverse split adjustment - (5,812,400) Adjustment beginning - 58,711 Options granted - - Options exercised - - Options forfeited during the year - - Options granted, outstanding at end of period 58,711 58,711 Options vested, at end of period 58,711 58,711 Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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22 Huddly Q2 2026 Report 6. Cash and cash equivalents Cash and cash equivalents include bank deposits. The Group considers all highly liquid assets with an original or remaining maturity of three months or less at the date of acquisition to be cash equivalents. The cash flow statement is presented using the indirect method. During the current reporting period, the Group performed an updated assessment of the presentation of a cash deposit paid in connection with bank deposit for office premises, considering its current nature and liquidity characteristics. As of the current reporting period, the deposit for office premises is presented under other non-current receivables position. For enhanced comparability, the cash position for 30 June 2025 presented in these financial statements has been adjusted to exclude the bank deposit for office premise deposit; however, the previously published Q2 2025 interim financial show the deposit as cash and cash equivalents. The bank deposit for office premises amounted to NOK 11.0 million as of 30 June 2026 (2025: NOK 11.0 million). The reclassification represents a change in presentation and has no impact on the Group’s net assets or liquidity. 7. Share capital and shareholder information The parent company, Huddly AS, has 31,614,449 shares with a par value of NOK 0.0625, giving a total share capital of NOK 1,975,903.0625. In Q2 2026, the Company issued 550,000 new shares, increasing total share capital by NOK 34,375. The parent company, Huddly AS, owns 53,000 treasury shares and has 31,561,449 outstanding shares in the market. The Company has one share class, common shares, which all have the same voting and dividend rights. The Company has 1,185 shareholders as of 30 June 2026. Below are the 20 largest shareholders. Amounts in NOK 1,000 (unaudited) 30 Jun 2026 30 Jun 2025 31 Dec 2025 Development 220,925 212,195 225,754 Patents, design and trademark 16,884 12,794 15,336 Domains and licenses 61 61 61 Goodwill 8,018 8,018 8,018 Total 245,888 233,067 249,168 Amounts in NOK 1,000 (unaudited) 30 Jun 2026 30 Jun 2025 31 Dec 2025 Bank deposits 60,840 40,899 58,364 Cash in transit 1,489 - - Total cash and cash equivalents 62,329 40,899 58,364 Amounts in NOK 1,000 (unaudited) 30 Jun 2026 30 Jun 2025 31 Dec 2025 Restricted cash included in the above: - 3,412 5,016 Advance payment of social taxes - 3,412 5,016 Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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23 Huddly Q2 2026 Report 8. Equity Summary of statement of changes in share capital and share premium On 9 April 2026 the Board of Directors of Huddly AS issued a total of 550,000 offer shares related to a subsequent repair offering raising NOK 11,000,000 in gross proceeds and increased the share capital to NOK 1,975,903.0625 9. Related party transactions For detailed information on related party transactions, please refer to Note 23 (Related party transactions) in the Huddly AS Annual Report for 2025. All transactions with related parties are considered priced on an arm’s length basis. Shareholder name Number of shares Ownership SONSTAD AS 4,108,000 13% KOLBERG MOTORS AS 2,574,460 8% LEIF HÜBERT AS 1,990,475 6% MUSTANG CAPITAL AS 1,770,000 6% INAK 3 AS 1,439,196 5% TTC INVEST AS 1,430,653 5% SOM HOLDING AS 854,253 3% PORTIA AS 838,121 3% MP PENSJON PK 834,989 3% RBC INVESTOR SERVICES TRUST 815,183 3% AASE P. HOLDING AS 762,300 2% INVEST 102 AS 739,287 2% VIOLA AS 738,728 2% MELVER INVEST AS 714,364 2% MULTIPLIKATOR AS 644,828 2% SONGA CAPITAL AS 554,179 2% RIVERTOWN TRADING AS 477,000 2% Morgan Stanley & Co. Int. Plc. 473,063 1% The Northern Trust Comp 454,460 1% SORTUN INVEST AS 430,970 1% All others 8,916,940 28% Total 31,561,449 100% Amounts in NOK 1,000 (unaudited) Q2 2026 Q2 2025 2025 Equity - beginning of period, 01.01 334,981 389,758 389,758 Total comprehensive income/(loss) for the year (85,017) (88,503) (153,428) Share issue 81,252 22,813 86,515 Equity change on employee options 2,061 11,218 12,129 Sales of own shares - 6 6 Equity - end of period 333,277 335,291 334,981 Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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24 Huddly Q2 2026 Report 10. Management performance measures The following Alternative Performance Measures (APMs) are used in addition to provide enhanced insight into the Group’s operations, financing, and prospects in this report. Definition of Huddly’s financial APMs Gross profit: The company's net sales revenue less its cost of goods sold. The net sales figure is simply gross revenue, less the credit returns, allowances, and or discounts. EBIT: Earnings before interest and income taxes as an indicator of a company's profitability. EBIT is calculated as revenue less expenses (including cost of goods sold) excluding interest and tax. Working capital: The Company’s operating liquidity includes inventory, trade and other short-term receivables minus trade payables, other short-term liabilities, and currency translation differences. 11. Events after the reporting date After the end of the reporting period, all lenders under the Company's NOK 30.75 million shareholder loan, which matures on 9 June 2027, have agreed to extend their respective portions of the loan by 12 months, until 9 June 2028. The intellectual property pledged as security under the loan agreement will continue to secure the loan following the extension, subject to the Company reaching agreement with Innovation Norway and the lenders on their respective rights in the collateral. Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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25 Huddly Q2 2026 Report Disclaimer This document (the “Report”) has been produced by Huddly AS (the “Company”, “Huddly”), to provide information to authorized recipients of this document (“Recipient”). An authorized recipient is a person to whom Huddly has directly provided a copy of this document or to whom Huddly has made available via a third party authorized by Huddly. The Recipient acknowledges and agrees that all intellectual property rights in the Report vests in the Company. The Recipient may only use this Report for the sole and exclusive purpose of considering potential investment in the Company. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including but not limited to projections, estimates, targets, and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. This Report is current end June 2026, however, relates to Q2 2026. There may have been changes in matters which affect the Company subsequent to the date of this Report. Neither the issue nor delivery of this Report shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed. This Report is subject to Norwegian law, and any dispute or claim arising in respect of this Report is subject to the exclusive jurisdiction of Norwegian courts. Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E
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26 Huddly Q2 2026 Report Docusign Envelope ID: 532AAD0D-D1FD-8F6E-82D3-CFD8FA69CA5E