Interim report
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1 Huddly Q3 2026 Report Q3 2026 Report
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2 Huddly Q3 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.
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3 Huddly Q3 2026 Report Contents Q3 2026 at a glance 4 Q3 2026 review 5 Financial review 7 Outlook 9 Risks and uncertainties 10 Financial statements 12 Notes to the financial statements 18
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4 Huddly Q3 2026 Report Q3 2026 at a glance Financials: ▪ Revenue of NOK 42 million, -1% YoY in constant currency (-7% reported): Channel up 13% YoY in constant currency; Strategic Partners revenue in line with Q2, with ramp-up slower than planned due to longer commercial roll-out ▪ Gross margin of 44%, 45% excluding a one-off write-off. Higher RAM prices explain the gap to ~47% underlying, expected to be recovered through pricing Strategic Partners and Channel status: ▪ Strategic Partners hold ~15–20% of the market: Partners already shipping and have started scaling and expanding into new regions ▪ Channel momentum in the Americas and APAC offset a softer EMEA. New leadership in place to drive the next growth phase Outlook: ▪ 2026 revenue target changed to NOK 200–240 million: Strategic Partner commercial roll-out has taken longer than planned
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5 Huddly Q3 2026 Report Q3 2026 review Revenue in Q3 2026 was NOK 42 million, down 1% YoY in constant currency and down 7% as reported. Channel revenue grew 13% year-over-year in constant currency, while Strategic Partner revenue was in line with Q2 2026 as the commercial rollout has taken longer than planned. Gross margin was 44% in the quarter, or 45% adjusted for a one-off write-off. In the quarter, Lenovo and Jabra expanded shipments to additional regions. Barco finalized Microsoft Teams certification for all room types in October 2026. Huddly also strengthened its Channel organization with a new Global Head of Channel Sales. 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. Strategic Partners Strategic Partner revenue was at the same level as the previous quarter and lower than expected, as the commercial rollout has taken longer than planned in 2026. Three Strategic Partners are now shipping to end customers, and the quarter was characterized by geographic expansion. Volumes are anticipated to increase through the coming quarters. Lenovo, signed as a Strategic Partner in January 2026, bundles its ThinkSmart compute solutions with Huddly’s portfolio of single camera, multi-camera and full-room AI systems, sold directly through Lenovo. The product portfolio is now shipping to end customers in Europe, North America and Australia. During the quarter, joint sales training programs were established and will roll out from October 2026. Huddly together with Microsoft and Intel participated in Lenovo’s EMEA and APAC channel council, a key event for large customers, distributors and resellers. Jabra is shipping Huddly bundles in Europe, North America and APAC, and is actively promoting them under the “Room for More” concept. Combining the Jabra PanaCast videobar with scalable Huddly Crew cameras, the collaboration provides a complete solution for rooms seating from two to 22 people, and
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6 Huddly Q3 2026 Report has increased Huddly’s penetration in Android/MDEP-based rooms where Huddly has previously been under-represented. Barco finalized Microsoft Teams certification for all room types in October 2026, an important milestone for sales enablement. The bundles combining Barco ClickShare Hub with Huddly audio and video will start shipping in Q4 2026 through key Channel distributors in Europe and North America. Channel Channel revenue in Q3 2026 grew 13% year- over-year in constant currency (7% reported). Distribution stock levels in the US are normalizing after a challenging first half of 2026, and sales velocity from distributors to resellers is trending positively in both the Americas and APAC. In North America, demand is increasing in the higher education and government verticals, with growth driven by smaller project rollouts and upgrades from existing customers. Asia Pacific continued to grow at double-digit rates, scaling with distribution partners in India, Australia and New Zealand. Europe was softer in the quarter. In the UK, sales-in to distributors reduced following a period of strong sales-out, although activity is picking up. The rest of EMEA was challenging after slow summer months, while demand is increasing in higher education, manufacturing and defence. Channel leadership was strengthened during the quarter with the appointment of John Howard as Global Head of Channel Sales, bringing extensive executive sales leadership experience from Logitech and Bang & Olufsen. Products and technology The product roadmap is on track toward one modular platform for every room size. The Huddly Crew+ platform, combining Huddly C1 with the new Huddly E1 device launching in Q1 2027, extends Huddly’s modular solution with both video and audio for every room, from small and medium rooms all the way to boardrooms and multipurpose spaces. Crew+ is a complete plug-and-play system that requires no configuration, and it feeds room perception AI to Microsoft Teams Rooms and Copilot, ready for agents. Each step in the roadmap addresses larger rooms with larger technology budgets, and higher selling prices and a larger share of the room technology budget are expected to drive future revenue and margin growth.
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7 Huddly Q3 2026 Report Financial review Income statement Total revenue in Q3 2026 amounted to NOK 41.9 million, a decrease of 7% compared to NOK 45.1 million in the third quarter of 2025 and a 17% decrease compared to NOK 50.4 million in the second quarter of 2026. Sales revenue generated through Channel sales increased by 7% year-on-year, whereas Strategic sales decreased by 27% year-on-year. The revenue split in Q3 2026 was 68% of Channel sales and 32% of Strategic Partner sales. Gross profit amounted to NOK 18.4 million in Q3 2026, compared to NOK 20.5 million in the third quarter of 2025. Gross margin slightly decreased to 44% from 45% in Q3 2025 and from 49% in Q2 2026. Excluding a one-off effect, gross margin in Q3 2026 was 45%. Revenue from subleasing a portion of the Oslo office is reflected in Sublease revenue of NOK 1.6 million in Q3 2026. Operating expenses amounted to NOK 66.0 million in Q3 2026, compared to NOK 54.6 million in Q3 2025. Employee benefit expenses amounted to NOK 32.2 million, compared to NOK 27.3 million in the corresponding quarter last year. Other operating expenses amounted to NOK 13.4 million, compared to NOK 10.8 million in Q3 2025. Amortization and depreciation amounted to NOK 20.5 million, compared to NOK 16.6 million in Q3 2025. The increase in the amortization is mainly due to R&D capitalization relating to the launch of the C1 in Q3 2025. 114 FTEs were employed at the end of Q3 2026 vs. 109 FTEs at the end of Q3 2025. Net financial items were negative NOK 0.7 million in Q3 2026, compared to negative NOK 6.3 million in Q3 2025. The main driver behind the change was differences in net foreign exchange gains/losses. The third quarter of 2026 ended with a loss before tax of NOK 46.7 million, compared to a loss before tax of NOK 38.9 million in the same period last year, mainly explained by increase in operating expenses and partly offset by change in net foreign exchange gains/losses. Cash flow Cash flow from operating activities was negative NOK 35.7 million in the third quarter of 2026 compared to positive NOK 1.3 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 18.5 million in Q3 2026, compared to negative NOK 20.5 million in the same period NOK million Q3 2026 Q3 2025 Change YTD Sep 2026 YTD Sep 2025 Change Revenue 41.9 45.1 -7% 140.7 147.1 -4% Gross profit 18.4 20.5 -10% 65.8 68.5 -4% Gross margin 44% 45% 47% 47% Sublease revenue 1.6 1.5 4.7 4.6 Operating expenses (incl. amortization and depreciation) -66.0 -54.6 21% -190.1 -179.3 6% Operating profit (EBIT) -46 -32.6 -119.6 -106.2 Net financials -0.7 -6.3 -10.7 -7.0 Profit/Loss before tax -46.7 -38.9 -130.3 -113.1 Cash flow from operating activities -35.7 1.3 Cash and cash equivalents ending balance 66.4 74.0
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8 Huddly Q3 2026 Report last year, mainly reflecting continued investments in the development of Huddly's products and intellectual property. Cash flow from financing activities was positive NOK 58.9 million in Q3 2026, compared to NOK 52.0 million in the same period last year. The Company raised NOK 69.5 million in gross proceeds from issuance of new shares in the quarter. Cash and cash equivalents amounted to NOK 66.4 million at the end of the third quarter of 2026. This marks a decrease of NOK 7.5 million compared to Q3 2025. Financial position Intangible assets amounted to NOK 247.6 million at the end of September 2026, which is a slight decrease from NOK 247.7 in Q3 2025, as amortization slightly exceeded capitalized R&D. Total non-current assets amounted to NOK 296.2 million, compared to NOK 313.2 million at the end of Q3 2025. Excluding cash and cash equivalents, current assets decreased by NOK 16.6 million to NOK 195.1 million compared to NOK 211.8 million at the end of Q3 2025. Inventory increased by NOK 73.1 million vs. Q3 2025, to NOK 144.8 million, mainly due to the continued expansion of Strategic Partner business. Inventory is expected to decrease and release cash from Q4 2026. Consignation inventories held by third parties decreased by NOK 25.2 million to NOK 33.1 million at Q3 2026. Trade receivables amounted to NOK 9.7 million in Q3 2026, a decrease of NOK 26.6 million compared to Q3 2025. Other current receivables decreased by NOK 38.0 million to NOK 7.5 million in Q3 2026. Other non-current receivables amounted to NOK 9.7 million in Q3 2026. For enhanced comparability, the presentation of the cash and other non‑current receivables position for Q3 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 Q3 2025 interim financial statements presented this deposit within cash and cash equivalents position. Equity decreased by NOK 6.0 million, from NOK 357.3 million at the end of Q3 2025 to NOK 351.3 million at the end of Q3 2026. The equity ratio was 63% at the end of the third quarter of 2026. Non-current liabilities increased to NOK 72.9 million from NOK 71.0 million in Q3 2025. The non-current liabilities include office lease liabilities of NOK 31.5 million and long-term debt of NOK 39.8 million. Current liabilities decreased to NOK 133.5 million from NOK 170.6 million at the end of Q3 2025. The decrease is primarily related to lower consignation liabilities. Consignation liabilities decreased by NOK 27.4 million to NOK 34.3 million. Trade payables decreased by NOK 7.1 million to NOK 28.5 million, while other current liabilities decreased by NOK 4.7 million to NOK 53.8 million.
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9 Huddly Q3 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, with multi-camera penetration expected to increase from below 1% to approximately 8% of video-enabled rooms – the segment where Huddly holds a leading technological position. 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. Together, the signed Strategic Partners represent an estimated 15-20% of the global videoconferencing devices market. Lenovo, Jabra and Shure are shipping to end customers, and Barco will start shipping in Q4 2026. The Strategic Partners’ commercial rollout across regions and the product portfolio has taken longer than planned during 2026. Revenue is expected to ramp up through 2027. The cost base is stable and dimensioned to support the expected revenue trajectory with limited additional hiring, so that incremental gross profit from higher volumes falls through to cash flow. Cash flow and working capital is expected to improve from Q4 2026 as inventory built for Strategic Partner deliveries converts to revenue and cash. The Company has lowered its 2026 revenue target to NOK 200-240 million (gross margin approximately 45-50%), reflecting the timing of Strategic Partner commercial roll-out rather than underlying demand. The targets of NOK 500- 600 million in 2027 and NOK 650-800 million in 2028 (gross margin approximately 45-50% in both years), and positive cash flow from the second half of 2027, are unchanged.
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10 Huddly Q3 2026 Report Risks and uncertainties Huddly is exposed to the following major groups of risks: Product risks, Market risks, Currency 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
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11 Huddly Q3 2026 Report non-recourse factoring agreement covering selected trade receivables. The agreement supports Huddly’s liquidity position by accelerating cash inflows and enhancing flexibility in working capital management. Huddly remains focused on executing a business strategy aimed at achieving cash flow positivity from 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.
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12 Huddly Q3 2026 Report Financial statements and notes to financials Huddly AS Q3 2026
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13 Huddly Q3 2026 Report Financial statements Interim consolidated statement of profit or loss Q3-2026 Amounts in NOK 1,000 (unaudited) Note Q3 2026 Q3 2025 YTD Sep 2026 YTD Sep 2025 2025 Sales of goods 3 41,867 45,059 140,729 147,096 211,312 Total revenue from sales of goods 41,867 45,059 140,729 147,096 211,312 Cost of goods sold (23,427) (24,578) (74,903) (78,550) (114,215) Gross profit 18,440 20,481 65,826 68,546 97,097 Sublease revenue 1,573 1,523 4,716 4,568 6,091 Employee benefit expenses 4 (32,172) (27,287) (86,525) (91,741) (118,269) Other operating expenses (13,356) (10,752) (41,757) (40,761) (49,944) Amortization and depreciation (20,505) (16,563) (61,815) (46,769) (68,605) Total operating expenses (66,032) (54,602) (190,098) (179,270) (236,817) Operating profit/(loss) (46,020) (32,599) (119,556) (106,157) (133,629) Interest income 423 95 453 116 2,616 Interest expense (3,398) (3,472) (9,877) (10,669) (14,032) Other financial expense (402) (1,188) (1,253) (2,596) (2,788) Net foreign exchange gains (losses) 2,706 (1,713) (44) 6,174 6,252 Net financial items (671) (6,278) (10,721) (6,976) (7,952) Profit/(loss) before income tax (46,690) (38,877) (130,276) (113,132) (141,581) Income tax - - - - 113 Profit/(loss) for the year (46,690) (38,877) (130,276) (113,132) (141,468) Profit/(loss) for the year is attributable to: Owners of Huddly AS (46,690) (38,877) (130,276) (113,132) (141,468) Earnings per share in NOK Basic earnings per share (1.44) (1.75) (4.25) (5.50) (6.36) Diluted earnings per share (1.44) (1.75) (4.25) (5.50) (6.36)
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14 Huddly Q3 2026 Report Consolidated statement of comprehensive income/loss Q3-2026 Amounts in NOK 1,000 (unaudited) Q3 2026 Q3 2025 YTD Sep 2026 YTD Sep 2025 2025 Profit/(loss) for the year (46,690) (38,877) (130,276) (113,132) (141,468) Other comprehensive income: Items that might be subsequently reclassified to profit or loss: Exchange differences on translation of foreign operations (3,427) 1,373 (4,858) (12,875) (11,960) Total comprehensive income for the year (50,118) (37,505) (135,135) (126,008) (153,428) Total comprehensive income for the year is attributable to: Owners of Huddly AS (50,118) (37,505) (135,135) (126,008) (153,428)
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15 Huddly Q3 2026 Report Interim consolidated statement of financial position Q3-2026 Amounts in NOK 1,000 (unaudited) Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Goodwill 5 8,018 8,018 8,018 Intangible assets 5 239,571 239,713 241,150 Tangible assets 1,711 2,854 2,568 Right-of-use assets 37,217 48,297 45,754 Deferred tax asset - - - Other non-current receivables 9,663 14,297 14,327 Total non-current assets 296,180 313,178 311,817 Current assets Inventories 144,804 71,691 91,974 Consignation inventories 33,139 58,293 23,090 Trade receivables 9,742 36,307 33,124 Other current receivables 7,461 45,485 54,172 Cash and cash equivalents 6 66,431 73,955 58,364 Total current assets 261,576 285,731 260,723 TOTAL ASSETS 557,756 598,910 572,540 Amounts in NOK 1,000 (unaudited) Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 EQUITY AND LIABILITIES Equity Share capital 2,173 1,664 1,707 Share premium and other paid in capital 482,076 467,470 331,055 Foreign currency translation reserves (2,639) 1,303 2,219 Retained earnings (130,276) (113,132) - Total equity 4,7,8 351,334 357,304 334,981 Non-current liabilities Long term debt 39,800 24,750 24,750 Lease liabilities (non-current) 31,500 45,101 42,096 Provisions 1,239 - 1,289 Other non-current liabilities 408 1,141 408 Total non-current liabilities 72,947 70,991 68,543 Current liabilities Lease liabilities (current portion) 15,176 12,964 13,528 Trade payables 28,526 35,674 61,820 Current tax payables 1,713 1,891 1,798 Consignation liabilities 34,254 61,609 27,521 Other current liabilities 53,807 58,476 64,349 Total current liabilities 133,476 170,614 169,017 Total liabilities 206,422 241,605 237,560 TOTAL EQUITY AND LIABILITIES 557,756 598,910 572,540
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16 Huddly Q3 2026 Report Interim consolidated statement of changes in equity Q3-2026 Amounts in NOK 1,000 (unaudited) YTD Sep 2026 YTD Sep 2025 2025 Equity - beginning of period, 01.01 334,981 389,758 389,758 Total comprehensive income/(loss) for the year (135,135) (126,008) (153,428) Share issue 146,538 81,801 86,515 Equity change on employee options 4,950 11,747 12,129 Sales of own shares - 6 6 Equity - end of period 351,334 357,304 334,981
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17 Huddly Q3 2026 Report Interim consolidated statement of cash flows Q3-2026 Amounts in NOK 1,000 (unaudited) Note Q3 2026 Q3 2025 YTD Sep 2026 YTD Sep 2025 2025 Cash flows from operating activities Profit/(loss) before income tax (46,690) (38,877) (130,276) (113,132) (141,580) Adjustments for: Share-based payments expense 4,8 2,889 530 4,950 11,747 12,129 Depreciation and amortization 20,505 16,563 61,815 46,769 68,605 Net financial items 4,224 6,278 14,274 6,976 6,138 Change in operating assets and liabilities: Change in trade receivables 1,588 2,293 23,382 12,584 15,937 Change in inventories (including consignation inventories) (18,099) (6,071) (62,878) (975) 13,945 Change in trade payables (18,772) 9,678 (33,284) 10,337 36,470 Change in other current assets and liabilities 23,814 16,566 41,979 (5,017) (36,942) Non cash reclassification (4,832) - (4,832) - - Taxes paid - - - - (1,199) Paid interests (340) (242) (1,242) (1,070) (1,342) Items classified as investing or financing - (5,462) (380) (5,462) (1,664) Net cash inflow/(outflow) from operating activities (35,713) 1,255 (86,493) (37,243) (29,503) Cash flows from investing activities Payment for property, plant and equipment (66) (58) (63) (293) (427) Payment for investments in intangible assets 5 (18,432) (20,472) (48,151) (54,586) (77,679) Proceeds from disposals - - - 4 - Interest received - - - - 2,580 Net cash inflow/(outflow) from investing activities (18,498) (20,529) (48,214) (54,875) (75,525) Cash flows from financing activities Proceeds from issuance of ordinary shares 8 69,552 60,792 155,552 85,792 93,463 Share repurchase - - - 6 6 Payments of transaction costs equity transactions 8 (3,814) (3,018) (7,955) (5,157) (6,948) Repayments of lease liabilities (3,446) (1,805) (10,095) (8,671) (11,919) Loan proceeds - - 15,050 - - Paid interest on loan (1,873) (2,174) (5,181) (5,630) (7,323) Paid interest on lease liabilities (1,479) (1,758) (4,543) (5,520) (7,161) Net cash inflow/(outflow) from financing activities 58,939 52,037 142,828 60,820 60,117 Net increase/(decrease) in cash and cash equivalents 4,728 32,763 8,120 (31,299) (44,914) Cash and cash equivalents, start of period 62,329 40,899 58,364 105,499 105,498 Effects of exchange rate changes on cash and cash equivalents (626) 294 (54) (245) (2,220) Cash and cash equivalents, end of period 66,431 73,955 66,431 73,955 58,364
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18 Huddly Q3 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 September 2026, authorized for issue by the Board of Directors on 4 November 2026. 2. Accounting policies The unaudited interim consolidated financial statements for the nine-month period ending 30 September 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.
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19 Huddly Q3 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 Q3 2026, operational expenses of NOK 2.9 million related to the share-option program were recognized directly in Other Equity in accordance with IFRS 2. As the closing market price was below the exercise price of the options at 30 September 2026, no provision for accrued social security tax on unexercised options has been recognized. The provision of NOK 1.1 million recognized at 30 June 2026 has been reversed in the third quarter. 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 Sales of goods by customer segment, % Q3 2026 Q3 2025 YTD Sep 2026 YTD Sep 2025 2025 Strategic partners % 32% 41% 35% 28% 34% Channel partners % 68% 59% 65% 72% 66% Total sales of goods 100% 100% 100% 100% 100% Amounts in NOK 1,000 Sales of goods by customer segment Q3 2026 Q3 2025 YTD Sep 2026 YTD Sep 2025 2025 Strategic partners 13,582 18,501 48,970 41,583 71,420 Channel partners 28,285 26,558 91,759 105,513 139,892 Total sales of goods 41,867 45,059 140,729 147,096 211,312 Sales of goods by customer geography, % Q3 2026 Q3 2025 YTD Sep 2026 YTD Sep 2025 2025 EMEA / APAC 62% 50% 59% 43% 51% Americas 38% 50% 41% 57% 49% Total sales of goods 100% 100% 100% 100% 100% Amounts in NOK 1,000 Sales of goods by customer geography Q3 2026 Q3 2025 YTD Sep 2026 YTD Sep 2025 2025 EMEA / APAC 25,954 22,472 82,827 63,230 107,125 Americas 15,913 22,587 57,902 83,866 104,187 Total sales of goods 41,867 45,059 140,729 147,096 211,312
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20 Huddly Q3 2026 Report incentive plan and the outstanding synthetic options. The following table shows the outstanding instruments as of the end of September 2026. 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. Overview outstanding options 2021 incentive plan 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 2026 2025 Options granted, outstanding 01.01 1,445,555 - Options granted 463,740 1,460,254 Options exercised - - Options forfeited during the year (18,694) (14,699) Options granted, outstanding at end of period 1,890,601 1,445,555 Options vested, at end of period 822,034 644,480 Overview synthetic options 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
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21 Huddly Q3 2026 Report The following table presents the balance sheet value of the intangible assets divided into different categories. 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 September 2025 presented in these financial statements has been adjusted to exclude the bank deposit for office premise deposit; however, the previously published Q3 2025 interim financial show the deposit as cash and cash equivalents. The bank deposit for office premises amounted to NOK 5.5 million as of 30 September 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 34,775,893 shares with a par value of NOK 0.0625, giving a total share capital of NOK 2,173,493.3125. In Q3 2026, the Company issued 3,161,444 new shares, increasing total share capital by NOK 197,590.25. The parent company, Huddly AS, owns 53,000 treasury shares and has 34,722,893 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 1,152 shareholders as of 30 September 2026. Amounts in NOK 1,000 (unaudited) 30 Sep 2026 30 Sep 2025 31 Dec 2025 Development 223,486 224,617 225,754 Patents, design and trademark 16,025 15,035 15,336 Domains and licenses 61 61 61 Goodwill 8,018 8,018 8,018 Total 247,589 247,731 249,168 Amounts in NOK 1,000 (unaudited) 30 Sep 2026 30 Sep 2025 31 Dec 2025 Bank deposits 66,431 73,955 58,364 Total cash and cash equivalents 66,431 73,955 58,364 Amounts in NOK 1,000 (unaudited) 30 Sep 2026 30 Sep 2025 31 Dec 2025 Restricted cash included in the above: - 3,709 5,016 Advance payment of social taxes - 3,709 5,016
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22 Huddly Q3 2026 Report Below are the 20 largest shareholders. 8. Equity Summary of changes in equity On 26 August 2026, the Board of Directors of Huddly AS issued a total of 3,161,444 offer shares in connection with a private placement, raising NOK 69,551,768 in gross proceeds and increasing the share capital to NOK 2,173,493.3125. Shareholder name Number of shares Ownership SONSTAD AS 4,562,545 13% KOLBERG MOTORS AS 2,847,187 8% LEIF HÜBERT AS 2,172,293 6% INAK 3 AS 2,020,000 6% MUSTANG CAPITAL AS 1,770,000 5% TTC INVEST AS 1,600,000 5% Morgan Stanley & Co. Int. Plc. 1,094,888 3% KREBREAL HOLDING AS 1,000,000 3% SOM HOLDING AS 858,798 2% PORTIA AS 838,121 2% MP PENSJON PK 834,989 2% RBC INVESTOR SERVICES TRUST 815,183 2% INVEST 102 AS 814,287 2% MULTIPLIKATOR AS 763,009 2% VIOLA AS 738,728 2% MELVER INVEST AS 714,364 2% RIVERTOWN TRADING AS 558,954 2% ALDEN AS 506,291 1% SORTUN INVEST AS 485,515 1% JAKOB HATTELAND HOLDING AS 470,354 1% All others 9,257,387 27% Total 34,722,893 100% Amounts in NOK 1,000 (unaudited) YTD Sep 2026 YTD Sep 2025 2025 Equity - beginning of period, 01.01 334,981 389,758 389,758 Total comprehensive income/(loss) for the year (135,135) (126,008) (153,428) Share issue 146,538 81,801 86,515 Equity change on employee options 4,950 11,747 12,129 Sales of own shares - 6 6 Equity - end of period 351,334 357,304 334,981
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23 Huddly Q3 2026 Report 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. 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.
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24 Huddly Q3 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 opi nions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. This Report is current end September 2026, however, relates to Q3 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 o f 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.
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25 Huddly Q3 2026 Report