Interim report
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1 1 July – 30 September 2026 Interim report
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AI Revenue Assistant Software Stockholm AB (publ) Reg. no. 559573-4681 Interim report July – September 2026 2 Interim report THIRD QUARTER ■ Annualised recurring revenue (ARR) at the end of the quarter amounted to MSEK 1.85 ■ ARR increased by MSEK 0.08 during the quarter ■ Net sales amounted to MSEK 0.5 ■ EBITDA amounted to MSEK -3.1 ■ Operating profit (EBIT) amounted to MSEK -3.5 ■ Net income amounted to MSEK -2.7 ■ Cash flow from operating activities amounted to MSEK -3.5 YEAR-TO-DATE* ■ Annualised recurring revenue (ARR) at the end of the period amounted to MSEK 1.85 ■ ARR increased by MSEK 1.85 during the period ■ Net sales amounted to MSEK 0.9 ■ EBITDA amounted to MSEK -7.7 ■ Operating profit (EBIT) amounted to MSEK -8.4 ■ Net income amounted to MSEK -6.7 ■ Cash flow from operating activities amounted to MSEK -7.6 July – September 2026 SECOND QUARTER (compared to the same period last year) ■ Annual recurring revenue (ARR) at the end of the quarter was KSEK 152.9, an increase of 5.6% during the last 12 months ■ ARR decreased by KSEK 0.1 during the quarter ■ Net sales increased by 13.0% to KSEK 40.8 (36.1) ■ EBITDA increased to KSEK 7.2 (6.3) ■ EBITDA margin increased to 17.6% (17.5%) ■ Operating profit (EBIT) amounted to KSEK 3.9 (3.9) ■ Net income decreased to KSEK 3.0 (3.1) ■ Cash flow from operating activities increased to KSEK 9.8 (5.3) FIRST FIVE MONTHS (compared to the same period last year) ■ Annual recurring revenue (ARR) at the end of the quarter was KSEK 152.9, an increase of 5.6% during the last 12 months ■ ARR decreased by KSEK 0.1 during the quarter ■ Net sales increased by 13.0% to KSEK 40.8 (36.1) ■ EBITDA increased to KSEK 7.2 (6.3) ■ EBITDA margin increased to 17.6% (17.5%) ■ Operating profit (EBIT) amounted to KSEK 3.9 (3.9) ■ Net income decreased to KSEK 3.0 (3.1) ■ Cash flow from operating activities increased to KSEK 9.8 (5.3) *The company was incorporated on 23 February 2026 and had no operations prior to 1 April 2026. As this is the company's first financial year, no comparative figures exist.
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AI Revenue Assistant Software Stockholm AB (publ) Reg. no. 559573-4681 Interim report July – September 2026 3 All in on Aira for Fortnox When we listed Aira in June, we had more opportunities than people to pursue them. In the third quarter we chose one: Aira for Fortnox. We announced the rollout on 29 September. On 1 November the product becomes available to every one of Fortnox's more than 600,000 customer companies. Aira and Aira Connect have real traction, and we kept shipping: Salesforce support, an API, our MCP integration, qualifying agents and a Chrome extension. But nothing we have ever seen comes close to the Fortnox opportunity. That is why it now has our full focus. The smallest companies in Sweden make up most of the business community. Nobody has built sales tools for them. The owner of a three-person firm sells in between delivering. Learning a CRM has never been worth the effort. But there is one system they all keep in order: accounting. That is where you see who your customers are, what they buy, how often and for how much. Our usage data confirms it: the closer Aira gets to real financial data, the more value customers get. So we brought Aira to the data. The customer activates Aira in Fortnox, and from day one it works from their actual customers, invoices and orders. The result is a clear picture of who to contact, when, and why. SEK 699 a month. No setup. Our pilot customers confirm it: they want more deals, not a new system to learn. And our team has spent more than ten years building integrations with Fortnox and other accounting systems. It shows in how deep the integration goes. Of Fortnox's more than 600,000 customer companies, we estimate that around 120,000 sell actively and need what we offer. At an expected SEK 18,000 per customer per year, that is a market of about SEK 2.2 billion in Sweden alone. It also scales unlike anything we have built before. The product is bought and billed inside Fortnox, with no setup and no sales meeting. Our go-to-market combines outbound sales, events, digital channels and accounting firms that bring Aira to their clients. In November and December we meet entrepreneurs on the Aira Masterclass tour in seven Swedish cities. With a fully ramped team, which we plan for within two to three quarters, we will have the ability to close 200–400 new customers per month. We estimate that our sales and marketing investments pay back after four months on average. The same model fits e-conomic in Denmark, Tripletex in Norway and Xero in the UK. Together, these ecosystems give us a clear path to a fast-growing company with the potential to reach a billion kronor in revenue. It depends on execution and carries risk, but we have never seen the path this clearly. In the quarter, net sales amounted to approximately 0.5 MSEK. Annualised recurring revenue rose by approximately 0.08 MSEK to approximately 1.85 MSEK. EBITDA was approximately -3.1 MSEK and EBIT approximately -3.5 MSEK. A significant part of the development work, including Aira for Fortnox, was capitalised. Cash at the end of the period amounted to approximately 9.9 MSEK. Revenue from Aira for Fortnox starts with the launch on 1 November. Many of you have asked about our cash runway. We expect meaningful revenue from Aira for Fortnox already in the fourth quarter. With short buying cycles and a four-month payback, growth starts contributing to cash quickly and extends our runway. Should we see an opportunity to accelerate even further, the board will always evaluate different financing alternatives. Thank you to our shareholders for your trust, to our pilot customers for their candour, and to the team for a quarter of real focus. In a few weeks, the product is in customers' hands. Daniel Wikberg CEO, Aira CEO letter
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AI Revenue Assistant Software Stockholm AB (publ) Reg. no. 559573-4681 Interim report July – September 2026 4 Financial overview Net sales and result for the third quarter AI Revenue Assistant Software Stockholm AB (publ) was incorporated on 23 February 2026 and had no operations until the business segment Aira was acquired from Upsales Nordic AB on 1 April 2026. The Aira platform was launched globally on 15 April 2026. Net sales for the third quarter amounted to KSEK 451 and annualised recurring revenue (ARR) at the end of the period amounted to KSEK 1,850, an increase of KSEK 83 during the quarter. Total operating income amounted to KSEK 1,240, of which capitalised development costs represented KSEK 788, reflecting the continued development of the Aira platform and Aira Connect as well as Aira for Fortnox. Total operating expenses amounted to KSEK 4,735. Direct costs of KSEK 626 primarily relate to licensed data and AI infrastructure. Other external expenses of KSEK 2,341 primarily relate to IT services and software, product development, premises, marketing, advisors and ongoing costs of being listed on Nasdaq First North Growth Market. Personnel costs amounted to KSEK 1,355. EBITDA amounted to KSEK -3,082 and operating profit (EBIT) to KSEK -3,495. Net income amounted to KSEK -2,747, after net financial items of KSEK 40 and deferred tax of KSEK 708. As this is the company's first financial year, no comparative figures for prior periods are presented. Financial position Cash and cash equivalents at the end of the period amounted to KSEK 9,877 and total equity to KSEK 19,850. The company's only interest-bearing liabilities, KSEK 503, relate to the financing of a company car. Net cash amounted to KSEK 9,374. Cash flow for the third quarter Cash flow from operating activities amounted to KSEK -3,490, primarily attributable to the operating result adjusted for depreciation and amortisation, and a negative change in working capital. Cash flow from investing activities amounted to KSEK -799 and primarily relates to investments in capitalised development costs. Cash flow from financing activities amounted to KSEK -145, relating to amortisation of the car loan. The period 23 February – 30 September 2026 in summary The company was incorporated on 23 February 2026 and had no net sales, operating expenses or financial items prior to the acquisition of the Aira business segment on 1 April 2026. Net sales for the period amounted to KSEK 907. EBITDA amounted to KSEK -7,675, operating profit (EBIT) to KSEK -8,442 and net income to KSEK -6,678. Cash flow from operating activities amounted to KSEK -7,608 and cash flow from investing activities to KSEK -8,897. Cash flow from financing activities amounted to KSEK 26,382, primarily relating to the shareholders' contribution of KSEK 26,000 and proceeds of KSEK 500 from the share issues in connection with the incorporation of the company. Cash and cash equivalents at the end of the period amounted to KSEK 9,877. Net sales and result for the first quarter Aira had no net sales during the period. The company is in an investment and development phase ahead of its commercial launch. Direct product costs amounted to KSEK 552.1, primarily attributable to third-party API costs and data services used in the development and operation of the platform. Other external costs amounted to KSEK 4,230.9. The largest items relate to sales and marketing activities ahead of the commercial launch, external development resources and professional services. Administrative costs amounted to KSEK [X] and are expected to remain broadly stable over time. Other operating income and expenses consist primarily of foreign exchange movements on the company's cash balances and operating receivables and liabilities, and amounted to KSEK -4.3 net during the period. Personnel costs amounted to KSEK 1,559.7. EBIT amounted to KSEK -4,441.0. Financial income amounted to KSEK [X], primarily consisting of interest income on bank accounts. Financial expenses amounted to KSEK [X]. Result before tax amounted to KSEK [X] and net result amounted to KSEK [X]. Financial position Capitalised development costs at the end of the period amounted to KSEK [X] ([X]). The item relates to ongoing development of the Aira platform, which is continuously capitalised as work progresses. [Right-of-use assets amounted to KSEK [X] ([X]), relating to the office lease at Kungsgatan 49, Stockholm.] Cash and cash equivalents at the end of the period amounted to KSEK [X] ([X]). Total equity amounted to KSEK [X] ([X]). Cash flow for the first quarter Cash flow from operating activities amounted to KSEK -4,183.8 ([X]), primarily attributable to the operating result adjusted for depreciation and amortisation. Cash flow from investing activities amounted to KSEK -2,163.2 ([X]), relating entirely to investments in the development of the Aira platform. Cash flow from financing activities amounted to KSEK [X] ([X]). First nine months in summary Aira had no net sales during the period. Direct product costs amounted to KSEK [X] ([X]), primarily attributable to third-party API costs and data services used in the development and operation of the platform. Other external costs amounted to KSEK [X] ([X]), relating to sales and marketing activities, external development resources and professional services. Personnel costs amounted to KSEK [X] ([X]). EBIT amounted to KSEK [X] ([X]). Result before tax amounted to KSEK [X] ([X]) and net result amounted to KSEK [X] ([X]). Cash flow from operating activities amounted to KSEK [X] ([X]). Cash flow from investing activities amounted to KSEK [X] ([X]), relating entirely to capitalised development costs. Cash flow from financing activities amounted to KSEK [X] ([X]). Related party transactions No transactions have taken place between the company and related parties that have affected the company's financial position or result. Accounting policies This interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Accounting Standards Board's general guidelines BFNAR 2012:1 (K3). Accounting policies and calculation methods are consistent with those applied in the company's most recent annual report. Significant events during the quarter No significant events occurred during the reporting period. Significant events after the quarter No significant events occurred after the reporting period. Auditor Aira's auditor is Helene Andersson, certified auditor at BDO Mälardalen AB. This interim report has not been subject to review. Risks and uncertainties Aira is, like all companies, exposed to various risks in its operations. The risks are described in full in the 2024 annual report. Key risks include dependency on key personnel, delays in product development, the ability to successfully commercialise the platform, and customer concentration risk in early commercial stages. These risks may have a direct or indirect impact on the company's financial position and result.
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AI Revenue Assistant Software Stockholm AB (publ) Reg. no. 559573-4681 Interim report July – September 2026 5 Other information Accounting policies This interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Accounting Standards Board's general guidelines BFNAR 2012:1 (K3). Significant events during the quarter The first Aira Connect customer was signed in early July 2026. On 29 September 2026, Aira announced the rollout of Aira for Fortnox, which becomes available to Fortnox‘s customer companies in November. Significant events after the quarter On 7 October 2026, Aira announced that Aira for Fortnox will launch on 1 November 2026, together with the Aira Masterclass seminar tour in seven Swedish cities. On 14 October 2026, Aira held an investor presentation of Aira for Fortnox in Stockholm. Warrant-based incentive programme The Company‘s extraordinary general meeting on 23 April 2026 resolved, on the proposal of the board of directors, to adopt a warrant-based incentive programme, Warrant Programme 2026/2029, for key employees of the Company. The programme comprises a maximum of 250,000 warrants of series 2026/2029. Each warrant entitles the holder to subscribe for one new share in the Company at a subscription price corresponding to 200 percent of the volume-weighted average trading price of the Company‘s share during the period from 1 June 2026 to 15 June 2026. The warrants may be exercised during the period from 1 June 2029 to 30 June 2029. The warrants have been transferred to participants at market value, calculated using the Black & Scholes model. Assuming that all warrants are exercised, the number of shares and votes in the Company will increase by a maximum of 250,000, corresponding to a dilution of approx. 1.46 percent. Upon exercise, a net strike model is applied, which reduces the actual dilution. As required under Chapter 16, Section 3 of the Swedish Companies Act, the resolution was approved by the annual general meeting of Upsales Technology AB on 15 May 2026, which was the Company‘s parent company at the time. The Company has no other outstanding share-related incentive programmes. Auditor Aira's auditor is Helene Andersson, certified auditor at BDO Mälardalen AB. This interim report has not been subject to review. The share AI Revenue Assistant Software Stockholm AB (publ) has been listed on Nasdaq First North Growth Market since 3 June 2026. The company‘s ISIN code is SE0028778498 and the share is traded under the trading symbol AIRA. Certified Adviser Bergs Securities AB is the company's Certified Adviser. Disclosure of Report This information is information that AI Revenue Assistant Software Stockholm AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. This report was submitted for publication on 19 October 2026 at 08:30 CEST. The report was published on the Aira website at www.aira.app at the same time. Financial Calendar Interim report October – December 20262027-02-12 Annual report 2026 2027-03-19 Interim report January – March 2027 2027-04-23 Annual general meeting 2027 2027-05-12 Contact Additional information about the company can be found on the company's website www.aira.app. For further information, please contact: Ninnie Karlsson Chief Financial Officer investors@aira.app Net sales and result for the first quarter Aira had no net sales during the period. The company is in an investment and development phase ahead of its commercial launch. Direct product costs amounted to KSEK 552.1, primarily attributable to third-party API costs and data services used in the development and operation of the platform. Other external costs amounted to KSEK 4,230.9. The largest items relate to sales and marketing activities ahead of the commercial launch, external development resources and professional services. Administrative costs amounted to KSEK [X] and are expected to remain broadly stable over time. Other operating income and expenses consist primarily of foreign exchange movements on the company's cash balances and operating receivables and liabilities, and amounted to KSEK -4.3 net during the period. Personnel costs amounted to KSEK 1,559.7. EBIT amounted to KSEK -4,441.0. Financial income amounted to KSEK [X], primarily consisting of interest income on bank accounts. Financial expenses amounted to KSEK [X]. Result before tax amounted to KSEK [X] and net result amounted to KSEK [X]. Financial position Capitalised development costs at the end of the period amounted to KSEK [X] ([X]). The item relates to ongoing development of the Aira platform, which is continuously capitalised as work progresses. [Right-of-use assets amounted to KSEK [X] ([X]), relating to the office lease at Kungsgatan 49, Stockholm.] Cash and cash equivalents at the end of the period amounted to KSEK [X] ([X]). Total equity amounted to KSEK [X] ([X]). Cash flow for the first quarter Cash flow from operating activities amounted to KSEK -4,183.8 ([X]), primarily attributable to the operating result adjusted for depreciation and amortisation. Cash flow from investing activities amounted to KSEK -2,163.2 ([X]), relating entirely to investments in the development of the Aira platform. Cash flow from financing activities amounted to KSEK [X] ([X]). First nine months in summary Aira had no net sales during the period. Direct product costs amounted to KSEK [X] ([X]), primarily attributable to third-party API costs and data services used in the development and operation of the platform. Other external costs amounted to KSEK [X] ([X]), relating to sales and marketing activities, external development resources and professional services. Personnel costs amounted to KSEK [X] ([X]). EBIT amounted to KSEK [X] ([X]). Result before tax amounted to KSEK [X] ([X]) and net result amounted to KSEK [X] ([X]). Cash flow from operating activities amounted to KSEK [X] ([X]). Cash flow from investing activities amounted to KSEK [X] ([X]), relating entirely to capitalised development costs. Cash flow from financing activities amounted to KSEK [X] ([X]). Related party transactions No transactions have taken place between the company and related parties that have affected the company's financial position or result. Accounting policies This interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Accounting Standards Board's general guidelines BFNAR 2012:1 (K3). Accounting policies and calculation methods are consistent with those applied in the company's most recent annual report. Significant events during the quarter No significant events occurred during the reporting period. Significant events after the quarter No significant events occurred after the reporting period. Auditor Aira's auditor is Helene Andersson, certified auditor at BDO Mälardalen AB. This interim report has not been subject to review. Risks and uncertainties Aira is, like all companies, exposed to various risks in its operations. The risks are described in full in the 2024 annual report. Key risks include dependency on key personnel, delays in product development, the ability to successfully commercialise the platform, and customer concentration risk in early commercial stages. These risks may have a direct or indirect impact on the company's financial position and result. Kom ihåg att ändra till CET när sommartid är över
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AI Revenue Assistant Software Stockholm AB (publ) Reg. no. 559573-4681 Interim report July – September 2026 6 Income Statement [KSEK] Jul - Sep 2026 23 Feb - Sep 2026 Operating income Net sales 451 907 Capitalised development costs 788 2,027 Other operating income 1 36 Total operating income 1,240 2,969 Operating expenses Direct costs -626 -1,346 Other external expenses -2,341 -5,945 Personnel costs -1,355 -3,352 Depreciation, amortisation and impairment of tangible and intangible assets -413 -767 Other operating expenses 0 -1 Total operating expenses -4,735 -11,411 Operating profit (EBIT) -3,495 -8,442 Financial items Financial income 44 88 Financial expenses -4 -4 Total financial items 40 84 Profit before tax -3,455 -8,358 Deferred tax 708 1,680 Net income -2,747 -6,678 Rounding differences may affect the summations.
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AI Revenue Assistant Software Stockholm AB (publ) Reg. no. 559573-4681 Interim report July – September 2026 7 Balance Sheet [KSEK] Sep 30, 2026 ASSETS Non-current assets Capitalised development costs 7,897 Intangible assets 79 Tangible assets 797 Deferred tax assets 1,680 Other long-term receivables 62 Total non-current assets 10,515 Current assets Accounts receivable 212 Other current receivables 225 Prepaid expenses and accrued income 527 Cash and cash equivalents 9,877 Total current assets 10,841 TOTAL ASSETS 21,355 EQUITY AND LIABILITIES Equity Equity 19,850 Total equity 19,850 Long-term liabilities Long-term liabilities 503 Total long-term liabilities 503 Current liabilities Accounts payable 270 Other current liabilities 390 Accrued expenses and deferred income 343 Total current liabilities 1,003 TOTAL EQUITY AND LIABILITIES 21,355 Rounding differences may affect the summations.
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AI Revenue Assistant Software Stockholm AB (publ) Reg. no. 559573-4681 Interim report July – September 2026 8 Changes in Equity [KSEK] Sep 30, 2026 Opening balance 0 Share capital contribution upon incorporation 25 New share issue 475 Shareholders' contributions received 26,000 Proceeds from issue of warrants 28 Net income -6,678 Closing balance 19,850 Rounding differences may affect the summations.
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AI Revenue Assistant Software Stockholm AB (publ) Reg. no. 559573-4681 Interim report July – September 2026 9 Cash Flow Statement [KSEK] Jul - Sep 2026 23 Feb - Sep 2026 Operating activities Operating profit -3,495 -8,442 Adjustments for depreciation, amortisation and other non-cash items 413 767 Interest received 44 44 Interest paid -4 -4 Cash flow from operating activities before changes in working capital -3,042 -7,635 Changes in working capital Changes in current receivables 242 -836 Changes in current liabilities -690 862 Total change in working capital -447 27 Cash flow from operating activities -3,490 -7,608 Investing activities Investments in intangible assets -788 -8,715 Investments in tangible assets -11 -120 Acquisition of business 0 -62 Cash flow from investing activities -799 -8,897 Financing activities Proceeds from share issue - incorporation 0 25 Proceeds from share issue - new issue 0 475 Proceeds from warrants 0 28 Amortisation of loans -145 -145 Received shareholder contribution 0 26,000 Cash flow from financing activities -145 26,382 Cash flow for the period -4,434 9,877 Cash and cash equivalents at the beginning of the period 14,311 0 Exchange rate differences in cash and cash equivalents 0 0 Cash and cash equivalents at the end of the period 9,877 9,877 Rounding differences may affect the summations.
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AI Revenue Assistant Software Stockholm AB (publ) Reg. no. 559573-4681 Interim report July – September 2026 10 KPI Summary Jul - Sep 2026 23 Feb - Sep 2026 Net sales, KSEK 451 907 EBITDA, KSEK -3,082 -7,675 EBIT, KSEK -3,495 -8,442 Net income, KSEK -2,747 -6,678 Net sales growth for the period, % -1.0% n/a EBITDA margin, % n/m n/m EBIT margin, % n/m n/m Operating cash flow, KSEK -3,490 -7,608 Net cash, KSEK 9,374 9,374 Annualised recurring revenue (ARR) end of period, KSEK 1,850 1,850 ARR change during the period, KSEK 83 1,850 ARR growth during the period, % 4.7% n/a Equity per share, before dilution, SEK 1.18 1.18 Equity per share, after dilution, SEK 1.18 1.18 Earnings per share, before dilution, SEK -0.16 -0.40 Earnings per share, after dilution, SEK -0.16 -0.40 Number of shares at the end of the period, before dilution, # 16,838,375 16,838,375 Number of shares at the end of the period, after dilution, # 16,838,375 16,838,375 Average number of shares, before dilution, # 16,838,375 16,838,375 Average number of shares, after dilution, # 16,838,375 16,838,375 Average number of employees, # 6 6 n/a = not applicable n/m = not meaningful Rounding differences may affect the summations.
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AI Revenue Assistant Software Stockholm AB (publ) Reg. no. 559573-4681 Interim report July – September 2026 11 Definitions Net sales growth Net sales growth is the percentage change in net sales compared to the preceding period. EBIT Earnings before interest and tax. EBIT margin EBIT as a percentage of net sales. EBITDA Earnings before interest, taxes, depreciation and amortisation. EBITDA margin EBITDA as a percentage of net sales. Net cash Cash and bank balances minus interest bearing liabilities. Operating cash flow Cash flow from operating activities. Annualised recurring revenue (ARR) Annualised recurring revenue (ARR) is the annualised value of all active customer contracts at the end of the period. Monthly contracts are multiplied by 12 to derive the annualised value. Annual contracts are included at their full contract value. A contract is considered active until the paid period has expired, regardless of whether a cancellation has been made. ARR growth ARR growth is the percentage change in ARR during the period. ARR growth for the period is calculated as the change in ARR from the beginning to the end of the reporting period. ARR growth on an annual basis is calculated as the percentage change compared to the same period in the previous year. Equity per share Total equity divided by the number of shares at the end of the period. Equity per share after dilution Total equity divided by the number of shares at the end of the period after potential dilution. Earnings per share Net income divided by average number of shares in the period. Earnings per share after dilution Net income divided by average number of shares in the period after potential dilution.