Interim report
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OFLEXQUBE FLEXQUBE driven conte ANT FLEXQUBE FLEXCUSE FLEXQUBE QUARTERLY REPORT SECOND QUARTER 2026 Q2 2026 1 FlexQube AB ( publ )
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Q2 2026 2 FlexQube AB (publ) FINANCIAL SUMMARY Second quarter Six months TSEK 2026 2025 Change 2026 2025 Change Order intake 135 411 27 656 389.6% 294 200 49 114 499.0% Net sales 54 635 22 256 145.5% 110 566 51 687 113.9% Operating Profit before depreciations (EBITDA) -9 766 -8 497 14.9% -6 978 -12 558 44.4% Operating Income (EBIT) -11 558 -10 714 7.9% -10 561 -16 866 37.4% Operating margin -21.2% -48.1% 27.0% -9.6% -32.6% 23.1% Income for the period -12 587 -11 392 10.5% -12 696 -18 160 30.1% Earnings per share -0.7 -0.8 0.1 -0.7 -1.4 0.6 FINANCIAL POSITION Working Capital 14 132 35 360 -60.0% 14 132 35 360 -60.0% Solidity 15.1% 29.4% -14.3% 15.1% 29.4% -14.3% Cash and cash equivalents 39 406 19 273 104.5% 39 406 19 273 104.5% Cash flow from operating activities -2 190 -1 181 85.5% 7 982 -4 456 279.1% Cash flow for the period -5 636 -742 -659.4% 3 738 -14 640 125.5%
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Q2 2026 3 FlexQube AB (publ) FINANCIAL SUMMARY ▪ Order intake increased by 389.6 percent to 135.4 MSEK (27.7). Adjusted for currency effects between the comparison periods, order intake increased by 412.4 percent. ▪ Net sales increased by 145.5 percent to 54.6 MSEK (22.3). Adjusted for currency effects between the comparison periods, net sales increased by 163.0 percent. ▪ Operating profit before depreciation (EBITDA) amounted to -9.8 MSEK (-8.5) and operating profit before financial items (EBIT) amounted to -11.6 MSEK (-10.7). ▪ Profit before tax amounted to -12.6 MSEK (-11.3). ▪ Earnings per share amounted to -0.7 SEK (-0.8). ▪ Cash flow amounted to -5.6 MSEK (-0.7). Of which -2.2 MSEK (-1.2) from operating activities, -0.3 MSEK (-0.7) from investing activities, and -3.1 MSEK (1.1) from financing activities. ▪ Cash and cash equivalents amounted to 39.4 MSEK (19.3) at the end of the period. ▪ FlexQube received additional follow-on orders during the quarter from a U.S.-based customer, one of the world's largest e-commerce and logistics companies, with a total value of approximately SEK 81 million. The orders, placed across multiple purchase orders during the quarter, include Navigator AMRs and cart train systems, with deliveries primarily scheduled for the third quarter of 2026. ▪ FlexQube received a follow-on order valued at approximately SEK 12 million from a vehicle manufacturer in the United States. ▪ FlexQube received orders with a combined value of approximately SEK 8.5 million from a customer in the U.S. aerospace industry. ▪ FlexQube received orders with a combined value of approximately SEK 4 million from a leading electric vehicle manufacturer in Germany. The orders represent a continuation of a long-standing customer relationship, under which FlexQube has delivered several thousand carts since 2021. PERIOD APR-JUN 2026 EVENTS AFTER END OF THE QUARTER ▪ FlexQube received follow-on orders valued at approximately SEK 22 million from a U.S.-based customer, one of the world's largest e-commerce and logistics companies. The orders relate to aftermarket services, including spare parts and service, for two of the customer's sites. ▪ FlexQube Strengthens Its IP Portfolio– Fifth U.S. Patent Granted for the Navigator AMR.
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Q2 2026 4 FlexQube AB (publ) FINANCIAL SUMMARY ▪ Order intake increased by 499 percent to 294.2 MSEK (49.1). Adjusted for currency effects between the comparison periods, order intake increased by 537.2 percent. ▪ Net sales increased by 113.9 percent to 110.6 MSEK (51.7). Adjusted for currency effects between the comparison periods, net sales increased by 129.8 percent. ▪ Operating profit before depreciation (EBITDA) amounted to -7.0 MSEK (-12.6) and operating profit before financial items (EBIT) amounted to -10.6 MSEK (-16.9). ▪ Profit before tax amounted to -12.7 MSEK (-18.0). ▪ Earnings per share amounted to -0.7 SEK (-1.4). ▪ Cash flow amounted to 3.7 MSEK (-14.6). Of which 8.0 MSEK (-4.5) from operating activities, -1.6 MSEK (-1.7) from investing activities, and -2.7 MSEK (-8.5) from financing activities. ▪ Cash and cash equivalents amounted to 39.4 MSEK (19.3) at the end of the period. PERIOD JAN-JUN 2026
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Q2 2026 5 FlexQube AB (publ) CEO LETTER Capacity ramp-up and very strong order intake The second quarter of 2026 marks an important step in FlexQube's development. After several years of product development, pilot projects, and investments in our automation platform, we have now entered a significant commercial phase. Our focus is no longer primarily on developing the technology or securing the first pilot projects, but on scaling up commercial installations, expanding the use of our Navigator platform among new and existing customers, and building the organization required to support continued expansion. This development is particularly evident at our large e-commerce and logistics customer in the United States, where Navigator is currently being used and evaluated across several application areas and parts of the customer's operations. At the same time, we are accelerating our work with other major international customers with similar needs. Sales processes for this type of automation are often lengthy and include development, verification, and pilot installations before a broader implementation can begin. Once a solution has been established, however, it creates opportunities for substantial, long-term business. Our installation and service organization is growing rapidly and will consist of more than 15 people during the third quarter. One year ago, we had only a few people in these functions. This clearly illustrates how the business changes as pilot projects transition into larger commercial installations. For the projects we are delivering in 2026, we estimate that recurring revenue from service, support, and software licenses in 2027 could exceed the revenue generated in any single quarter of 2025. SALES & EARNINGS Order intake in the second quarter was our second highest ever (only the first quarter of 2026 was stronger). Total order intake for the quarter amounted to approximately SEK 135 million, an increase of approximately 390 percent compared with the second quarter of 2025. Excluding the large e- commerce and logistics customer in the United States, order intake was also the strongest in six quarters, driven by several major orders, primarily from the automotive industry in Europe and the United States. During the second quarter, we received our largest-ever orders for both tugger train systems and mechanical carts in the United States. Sales amounted to approximately SEK 55 million, and it is not until the third quarter that a larger share of the current order book will be invoiced. The major difference compared with previous years is that we now have an order book that provides significantly better visibility for both production and resource planning. The negative operating result is in line with plan and reflects our aggressive ramp-up of production and the organization, as well as pilot projects with short timelines, in order to meet the delivery schedule for the second half of the year. Through a combination of permanent and temporary personnel and our supplier network, we have built production capacity that, with the right product mix, corresponds to annualized sales of approximately SEK 700 million. This is a measure of capacity and should not be regarded as a sales forecast. The ramp-up has naturally resulted in significant non-recurring costs during the quarter, which are expected to decrease going forward. As delivery volumes increase and a greater share of sales is generated by the larger projects, we expect margins to return to more historically normal levels during the third quarter and beyond, despite the cost base having grown in line with higher volumes and our ambitions going forward. At the same time, the rapid growth is placing temporary pressure on cash flow. Our largest projects have relatively long payment terms, while investments in components, production, installation, and the organization occur at an earlier stage. Working capital is therefore tied up during the ramp-up, and cash flow is expected to remain under pressure during the third quarter and the beginning of the fourth quarter. At the same time, we have the ability to limit the working-capital impact through advance payments and invoice financing, both through our own arrangements and through customer-specific financing programs. As the larger deliveries are invoiced and customer payments are received, we expect the trend to reverse during the fourth quarter.
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Q2 2026 6 FlexQube AB (publ) ROBOT DEVELOPMENT AND MARKET During the year, humanoid robots have taken major commercial steps forward and attracted increased interest from both investors and the public. This confirms the strong confidence in AI and robotics as a whole and contributes to greater interest in automation solutions in material handling as well. We believe that autonomous wheeled robots will continue to offer significant advantages through high operational reliability, rapid implementation, and the ability to integrate into existing material flows without extensive modifications to the factory. In the longer term, we see significant opportunities to combine our Navigator platform with AI - based perception and robotic manipulators. The modular architecture we have built gives us strong opportunities to develop new functionality on top of an already proven platform, enabling us to benefit from advances in AI without having to start again from scratch. The pilot we are conducting with a leading European retailer in Poland has progressed very positively. It is particularly encouraging that the customer has already identified additional application areas during the pilot phase. This strengthens our conviction that the step -by-step implementation model we use is the right approach for major international customers as well. We are now working together to evaluate how automation using Navigator AMR can be expanded into additional parts of the customer's operations. In addition, we continue to have very active discussions with the customer with whom we entered into a framework agreement in North America in February this year. These discussions also concern potential projects outside the United States and Mexico, most recently in Poland. OUTLOOK The third quarter will be our most intensive quarter ever, with production operating at full capacity to deliver against the order book we built during the first half of the year. Sales will grow significantly in the third quarter, and in July alone sales amounted to approximately SEK 54 million. By utilizing our supplier network, we have scaled up our delivery capacity for both carts and robots, with more than 50 people active in production during July, which is normally a vacation month. During the month, we delivered several hundred carts to a well-known US automotive manufacturer with a plant in Germany, as well as nearly 1,000 carts to a German automotive manufacturer with a plant in England. In other words, it was not only an intensive month for our AMR production. During the third quarter, we will also, for the first time, have permanent staff on site at our e- commerce customer in the United States to operate and maintain our robotic systems. This is an important step for us. Our ambition is not only to deliver robots, but to become a long-term partner, with service, support, and continuous development forming a natural part of both the offering and the revenue stream. This strengthens the customer relationship while creating opportunities for recurring business over time.
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Q2 2026 7 FlexQube AB (publ) At the same time, we are working intensively to achieve similar success with more customers. It should be noted that the large e-commerce customer in the United States is relatively unique, both in size and in its ability to rapidly embrace automation. Few customers have these characteristics, but we nevertheless see significant potential among many other customers, where volumes can grow considerably through our step-by-step implementation model. Our success with such a large and automation-experienced customer provides very strong validation of our technology, our product portfolio, and our ability to deliver advanced automation solutions. MULTIPLE APPLICATION AREAS AT OUR LARGEST E-COMMERCE CUSTOMER At our large e-commerce and logistics customer, we are currently working on several key application areas at different stages of commercialization and rollout. All are based on the same Navigator AMR platform, complemented by customized load carriers and software for each material flow. Deliveries also include charging infrastructure, commissioning, integration, spare parts, and service. The first application area ready for commercialization is an automated tugger train solution in which Navigator AMR is used to transport several different types of carts and pallets. Implementation at two major facilities is commencing during 2026. To date, we have received orders for the first phase, corresponding to approximately 50 percent of the planned implementation at the two facilities. A second phase is planned for 2027, but is dependent on the customer's further decisions. We believe that a potential follow-on order could be announced during the first quarter of 2027. There is also potential for additional facilities of this type at the customer during 2027 and 2028. In parallel, the customer has identified the opportunity to use the same tugger train application in other types of facilities within its logistics network. Since the first quarter of 2026, we have had a pilot installation with four tugger train systems in operation at one such facility. The results from this pilot installation have been very positive, both in terms of performance and the return on the customer's investment, which has generated increased interest from additional facilities of the same type within the customer's network. This clearly illustrates why it is now more natural to discuss an application area rather than individual projects, as the original project has grown to potentially include facilities beyond those initially envisaged. In addition to the first commercial tugger train application, development and verification are under way for additional application areas at various stages of commercialization. Each new application area is developed by complementing Navigator AMR with a new customized load carrier and the software required for the relevant material flow. The platform's navigation, safety architecture, control system, and service organization are reused, enabling an efficient development process and creating favorable conditions for scalability. Several of the applications also involve progressively deeper integration with the customer's technical infrastructure, such as AI-based camera systems and warehouse management systems (WMS). This increases both the functionality of the solutions and the strategic importance of the Navigator platform within the customer's operations.
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This development is gradually changing the nature of the partnership. While the initial focus was on developing and verifying individual application areas, the collaboration is now increasingly centered on how the Navigator platform can be used to automate several different material flows within the customer's logistics network. We believe that this ability to scale the same platform, technology, and technical infrastructure across multiple application areas and facilities represents one of FlexQube's largest long-term business opportunities, for both existing and new customers. One year ago, much of the focus was on verifying our technology in customer operations. Today, the focus is on delivering at greater scale and building an organization that can grow alongside our customers. This is a significantly more challenging phase, but it is also the phase in which long-term company value is created. With the order book we have built, the customer relationships we have established, and the opportunities ahead of us, I am more convinced of FlexQube's long-term potential than ever before. A common feature of the application areas is that they represent significant commercial opportunities if the ongoing pilot projects and verification activities are successful. We also see that solutions originally developed for a specific material flow are being identified as relevant in other parts of the customer's logistics network. This strengthens our assessment that the flexibility of the Navigator platform creates opportunities for gradual expansion into additional material flows and facilities over time. If the ongoing installations and continued verification are successful, we see significant scaling potential from 2027 onward. For the pilot where an expanded phase was previously communicated as representing a potential order value of approximately SEK 50 million in the fall of 2026, significant progress was made during the summer. We believe the conditions for a continuation have strengthened, but the timing and scope depend on the customer's continued evaluation and commercial decisions. The customer's long-term potential for this category of application is greater than for the tugger train application. If the solutions verified to date are implemented further, we estimate that the aggregate sales potential at the customer over the coming years could amount to several hundred million Swedish kronor. With a broader rollout across additional application areas and facilities, the potential is higher. However, the timing and scope depend on the customer's continued evaluation and rollout decisions. Q2 2026 8 FlexQube AB (publ) Anders Fogelberg VD FlexQube AB (publ)
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FINANCIAL SUMMARY 1 April – 30 June 2026 Q2 2026 9 FlexQube AB (publ) Numerical data given in brackets in this interim report refer to comparison with the interim period 1 April– 30 June 2025 or the balance sheet date 2025-06-30. FlexQube's accounting currency is in Swedish kronor (SEK). When converting foreign subsidiaries' income statement, the Group applies an average price for the year. The Group's order intake during the current quarter amounted to 135.4 MSEK (27.7), an increase of 389.6 percent compared to the same quarter last year. REVENUE Net sales for the quarter amounted to 54.6 MSEK (22.3), an increase of 145.5 percent compared to the same period last year. ORDER INTAKE 0 50 100 150 200 250 300 350 400 450 0 20 40 60 80 100 120 140 160 180 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 2026 ROLLING 12 MONTHS QUARTER Order intake (MSEK) 0 50 100 150 200 250 0 10 20 30 40 50 60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 2026 ROLLING 12 MONTHS QUARTER Net Sales (MSEK)
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Q2 2026 10 FlexQube AB (publ) Operating profit before depreciation (EBITDA) amounted to -9.8 MSEK (-8.5). The deterioration in earnings was primarily attributable to higher personnel costs and increased other external expenses associated with the company's scaling-up activities. Other external costs have increased by 87.4 percent and are mainly due to increased consulting and freight costs. Personnel costs increased by 28.0 percent. Operating profit before financial items (EBIT) amounted to -11.6 MSEK (-10.7), with depreciation amounting to -1.8 MSEK (-2.2). Profit before tax amounted to -12.6 MSEK (-11.3) and net profit amounted to -12.6 MSEK (-11.4). Deferred tax claims on loss carry forwards has not been taken into account. CASHFLOW Cash flow for the period amounted to -5.6 MSEK (-0.7), of which: Cash flow from operating activities amounted to -2.2 MSEK (-1.2). The change between the periods was primarily driven by increased inventory levels and higher trade receivables related to larger upcoming projects. Cash flow from investing activities amounted to -0.3 MSEK (-0.7). The change between the comparative periods was attributable to lower investments in property, plant and equipment. Cash flow from financing activities amounted to -3.1 MSEK (1.1). The change between the comparative periods was attributable to lower short-term financial liabilities. Cash and cash equivalents amounted to 39.4 MSEK (19.3) at the end of the period. OPERATING INCOME FINANCIAL SUMMARY 1 April – 30 June 2026
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Q2 2026 11 FlexQube AB (publ) Operating profit before depreciation (EBITDA) amounted to -7.0 MSEK (-12.6). The improvement in results is primarily attributable to the increased net sales. Other external costs have increased by 49.1 percent and are mainly due to higher consulting and freight costs. Personnel costs increased by 11.3 percent. Operating profit before financial items (EBIT) amounted to -10.6 MSEK (-16.9), with depreciation amounting to -3.6 MSEK (-4.3). Profit before tax amounted to -12.7 MSEK (-18.0) and net profit amounted to -12.7 MSEK (-18.2). Deferred tax claims on loss carry forwards has not been taken into account. CASHFLOW Cash flow for the period amounted to 3.7 MSEK (-14.6), of which: Cash flow from operating activities amounted to 8.0 MSEK (-4.5). The change between the periods is primarily attributable to large advance payments. Cash flow from investing activities amounted to -1.6 MSEK (-1.7). The change between the comparative periods is attributable to decreased investments in intangible assets. Cash flow from financing activities amounted to -2.7 MSEK (-8.5). The change between the comparative periods was primarily attributable to a newly raised loan. Cash and cash equivalents amounted to 39.4 MSEK (19.3) at the end of the period. OPERATING INCOME FINANCIAL SUMMARY 1 January– 30 June 2026
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FINANCIAL POSITION 30 June 2026 Q2 2026 12 FlexQube AB (publ) Numerical data given in parentheses in this interim report refer to comparison with the balance sheet date 2025-06-30. FlexQube's accounting currency is in Swedish kronor (SEK). When converting foreign subsidiaries’ balance sheet items, the Group applies the current exchange rate as of 2026-06-30. The company’s total assets as of June 30th 2026, amounted to 271.3 MSEK (100.9). Intangible fixed assets amounted to 14.9 MSEK (19.1). This item primarily consists of expenses related to development costs for FlexQube’s AGV and AMR systems. Other items included in intangible fixed assets are expenses for development work related to IT and software solutions for customers, patents and trademarks, as well as conceptual development of FlexQube’s mechanical building blocks. Financial non-current assets amounted to SEK 10.0 million (0.0). This item consists of funds held in an account with Danske Bank as security for the Group’s overdraft facility. Current assets amounted to 243.3 MSEK (77.3) as of the balance sheet date, of which inventory amounted to 83.7 MSEK (34.7), accounts receivable amounted to 95.6 MSEK (18.0), and cash equivalents amounted to 39.4 MSEK (19.3). Accounts receivable increased primarily from customer advances invoiced but not recognized as revenue. At the end of the period, equity amounted to 41.0 MSEK (29.7). Short-term liabilities amounted to 219.8 MSEK (68.1) and consists primarily of customer advance payments, trade payables, and utilized overdraft facilities. CONSOLIDATED BALANCE SHEET The number of employees at FlexQube reflects the scalable business model that the group actively works with, both to leverage economies of scale in the long term and due to a somewhat limited cost structure in the short term. PERSONNEL RELATED PARTY TRANSACTIONS No related party transactions during the quarter. The number of employees at the end of the period was 48 (41), of which 6 were women (7). The average number of employees during the period from January to June 2026 was 46 (40), of which 6 were women (7).
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FINANCIAL POSITION 30 June 2026 Q2 2026 13 FlexQube AB (publ) FlexQube works continuously to evaluate and manage risk by assessing preventive measures and having relevant policies and guidelines in place. FlexQube is exposed to market and financial risks, of which currency and liquidity risks are the most significant. The Board of Directors annually decides on a finance policy aimed at identifying and minimizing the effects of financial risks. The currency risk is due to the fact that part of the Group's revenues are in EUR for the European market, while operating expenses are mainly in SEK. The U.S. entity has local manufacturing and supply chain operations in the U.S. and only limited purchases are made in currencies other than USD. Thus, the currency risk is limited for the US entity, except for any intra-group transactions. The liquidity risk is mainly due to the fact that the Group's major customers require long payment periods and that the Group is in an expansive phase. Management continuously follows forecasts for liquidity reserves and expected cash flows. The Group works actively to reduce liquidity risk through prudent liquidity management and ongoing close cooperation with the Group's lenders and other partners. FlexQube is an international company facing risks related to changing market conditions. FlexQube works actively to be a leader in its field of activity in order to withstand risk in the form of increased competition. FlexQube's significant risks and uncertainties are described in more detail in the Annual Report for 2025. RISK AND UNCERTAINTY
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CORPORATE GOVERNANCE Q2 2026 14 FlexQube AB (publ) FlexQube’s share capital amounted to 1.7 MSEK on June 30, 2026. The number of shares totaled 17 220 360 with equal rights, corresponding to a nominal value of 0.1 SEK. The company's share is listed on Nasdaq Stockholm First North under the ticker FLEXQ since December 14, 2017. FlexQube had a turnover during the period from April 1 to June 30, 2026, of 2 362 108 shares. This resulted in an average turnover of approximately 39 368 shares per trading day, with a value of 972 914 SEK. The average price for the share during the period was 24.5 SEK. FLEXQUBE SHARE The latest closing price at the end of the period was 30.0 SEK, representing an increase of 188.5 percent from the closing price on December 31, 2025. SHAREHOLDER STRUCTURE * Share owner data as of 2026-06-30 Shareholders Shares (T) Shares (%) Christian Thiel via Feldthusen Invest AB 2 988 17.4% Roosgruppen AB 2 645 15.4% Nicklas Johansson 1 524 8.8% Anders Fogelberg via Birdmountain Invest AB 1 517 8.8% Nils-Robert Persson 1 328 7.7% Per Augustsson via Augutech AB 1 263 7.3% Nordnet Pensionsförsäkringar AB 1 162 6.7% Avanza Pension 908 5.3% Peter Ahldin 353 2.0% Övriga 3 532 20.6% Total 17 220 100.0%
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CORPORATE GOVERNANCE Q2 2026 15 FlexQube AB (publ) FlexQube has at the time of this report three active warrant programs for employees and board members. The purpose of the programs is to create conditions to maintain and increase the motivation of senior executives, employees and other key persons within the Company and company group within Sweden, USA, Mexico, Germany and United Kingdom. The company finds that it is in all shareholders’ interest that senior executives, employees and other key persons, which are considered important to the development of the company group, have a long-term interest in developing high value of the Company's share. A long-term ownership engagement is expected to stimulate an increased interest for the business and result as a whole as well as to increase the motivation for the participants and to create a common interest for the participant and the Company's shareholders. More information about the warrant programs and full conditions can be found on the company website. WARRANT PROGRAM Warrant Program Warrants(T) Issue Price Duration of program Pot.dilution 2023-2026:C 20 23.62 2026-12-01 – 2027-02-28 0.1% 2024-2027 88 15.59 2027-06-01 – 2027-06-30 0.5% 2026-2029 180 38.7 2029-06-01 – 2029-06-30 1.1% Total 288 1.7%
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Q2 2026 16 FlexQube AB (publ) FINANCIAL STATEMENTS CONSOLIDATED INCOME STATEMENT Second quarter Six months Full Year TSEK 2026 2025 2026 2025 2025 April-Jun April-Jun Jan-Jun Jan-Jun Jan-Dec Net sales 54 635 22 256 110 566 51 687 105 217 Other operating income* 1 637 142 1 955 388 848 Total operating revenue 56 272 22 398 112 521 52 075 106 065 Goods for resale -34 766 -11 591 -65 456 -22 775 -45 720 Gross profit 21 506 10 807 47 065 29 300 60 345 OPERATING EXPENSES Other external costs -16 201 -8 642 -28 659 -19 215 -38 329 Personnel costs -13 458 -10 511 -23 892 -21 464 -41 206 Other operating expenses* -1 613 -151 -1 492 -321 -1 024 EBITDA -9 766 -8 497 -6 978 -12 558 -20 214 Depreciation of fixed assets -1 792 -2 217 -3 583 -4 308 -8 701 Write-downs of fixed assets - - - - -1 059 Totalt operating expenses -33 064 -20 662 -57 626 -45 308 -90 319 Operating income (EBIT) -11 558 -10 714 -10 561 -16 866 -29 974 FINANCIAL INCOME AND EXPENSES Interest income and similar credits 8 12 20 36 59 Interest expenses and similar charges -1 015 -640 -2 122 -1 205 -2 109 Total financial items -1 006 -628 -2 101 -1 169 -2 050 Income after financial items -12 564 -11 342 -12 662 -18 035 -32 024 Income taxes -23 -50 -34 -125 -6 Income for the period -12 587 -11 392 -12 696 -18 160 -32 030 Attributable to: Owner of the Parent Company -12 587 -11 392 -12 696 -18 160 -32 030 Earnings per share attributable to owners of the Parent Company -0.7 -0.8 -0.7 -1.4 -1.9 *Includes exchange rate changes of operating items
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Q2 2026 17 FlexQube AB (publ) CONSOLIDATED BALANCE SHEET ASSETS TSEK 2026-06-30 2025-06-30 2025-12-31 ASSETS Fixed assets Intangible fixed assets Capitalized development expenses 8 888 13 350 10 212 Concessions, patents, licenses, trademarks 5 999 5 723 5 991 Total intangible fixed assets 14 887 19 073 16 203 Tangible fixed assets Property, plant and equipment 1 633 2 172 2 278 Inventories, tools and installations 1 470 2 348 1 605 Total tangible fixed assets 3 102 4 520 3 883 Financial assets Other non-current assets 10 001 - 10 015 Total financial assets 10 001 - 10 015 Total fixed assets 27 990 23 593 30 101 Current assets Inventories 83 709 34 683 41 519 Total inventories etc. 83 709 34 683 41 519 Current receivables Accounts receivable 95 585 17 963 32 474 Other receivables 2 171 638 1 652 Prepaid expenses and accrued income 22 419 4 723 9 088 Total current recievables 120 174 23 324 43 214 Cash and cash equivalents 39 406 19 273 35 513 Total current assets 243 289 77 280 120 247 TOTAL ASSETS 271 280 100 873 150 348
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Q2 2026 18 FlexQube AB (publ) CONSOLIDATED BALANCE SHEET EQUITY AND LIABILITIES TSEK 2026-06-30 2025-06-30 2025-12-31 Equity Capital stock 1 722 1 340 1 722 Additional paid in capital 263 546 225 240 263 546 Retained earnings -211 543 -178 742 -181 200 Income for the period -12 696 -18 160 -32 030 Total equity 41 029 29 679 52 038 Non-current liabilities Liabilities to credit institutions 8 857 1 071 1 071 Other non-current liabilities 1 579 1 980 2 082 Total non-current liabilities 10 436 3 052 3 154 Current liabilities Accounts payable 49 239 10 719 22 667 Overdraft facility 29 997 29 999 30 001 Advances from customers 115 924 6 568 14 887 Liabilities to credit institutions 3 796 6 946 13 727 Current tax liability 5 5 5 Other current liabilities 9 643 6 462 6 119 Accrued expenses and deferred income 11 211 7 444 7 750 Total current liabilities 219 814 68 143 95 156 TOTAL EQUITY AND LIABILITIES 271 280 100 873 150 348 **Specification of overdraft limit and unused portion of check for each period is given below: Specification of overdraft limit and unused part of check: 2026-06-30 2025-06-30 2025-12-31 Overdraft limit (TSEK) 30 000 30 000 30 000 Unused part of overdraft facility (TSEK) 3 1 -
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CONSOLIDATED CHANGES IN EQUITY Q2 2026 19 FlexQube AB (publ) TSEK Capital stock Additional paid in capital Retained earnings etc. Total equity Opening balance 2025-01-01 1 340 225 240 -175 665 50 915 Income for the period 0 0 -32 030 -32 030 Exchange rate differences when converting foreign subsidiaries 0 0 -5 535 -5 535 Premium paid when issuing warrant 382 38 306 0 38 688 OUTGOING BALANCE 2025-12-31 1 722 263 546 -213 230 52 038 0 0 0 0 Opening balance 2026-01-01 1 722 263 546 -213 230 52 038 Income for the period 0 0 -12 696 -12 696 Exchange rate differences when converting foreign subsidiaries 0 0 1 688 1 688 OUTGOING BALANCE 2026-06-30 1 722 263 546 -224 239 41 029
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CONSOLIDATED CASH FLOW STATEMENT Q2 2026 20 FlexQube AB (publ) Second quarter Six months Full Year TSEK 2026 2025 2026 2025 2025 Oct-Dec Oct-Dec Jan-Dec Jan-Dec Jan-Dec OPERATING ACTIVITIES Operating income before financial items -11 558 -10 714 -10 561 -16 866 -29 974 Adjustments for items not included in cash flow Depreciation 1 792 2 358 3 583 3 683 7 529 Other items not included in cash flow 426 186 125 -757 -127 Received interest 8 12 20 36 59 Interest paid -1 015 -730 -2 091 -1 129 -1 960 Income tax paid -22 -50 -34 -126 -7 Cash flow from operating activities before changes in working capital -10 368 -8 937 -8 957 -15 160 -24 481 Cash flow from changes in working capital Changes in inventories -37 488 1 569 -42 083 9 -918 Changes in operating receivables -15 417 8 103 -76 352 15 502 -5 641 Changes in operating liabilities 61 083 -1 915 135 374 -4 807 8 096 Cash flow from operating activities -2 190 -1 181 7 982 -4 456 -22 944 INVESTMENT ACTIVITES Acquisition of intangible fixed assets -329 -267 -1 028 -589 -1 502 Acquisition of tangible fixed assets 22 -442 -577 -1 072 -1 806 Acquisition of tangible fixed assets -2 - -10 015 - -10 015 Disposal of financial fixed assets - - 16 - - Cash flow from investments acitivites -309 -709 -1 591 -1 662 -13 324 FINANCING ACTIVITIES New share issue - - - - 38 688 Change in non-current financial liabilities -12 320 3 303 -11 435 -3 538 1 560 New borrowings 10 000 - 10 000 - - Amortization of loans -817 -2 780 -1 110 -5 223 -3 203 Amortization of financial leasing liabilities - 624 -107 238 -232 Cash flow from financing activites -3 137 1 147 -2 652 -8 523 36 812 CASH FLOW FOR THE PERIOD -5 636 -742 3 738 -14 640 544 Cash and cash equivalents at the beginning of the period 44 907 19 372 35 513 35 495 35 495 Exchange difference in cash and cash equivalents 136 643 155 -1 583 -526 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 39 406 19 273 39 406 19 273 35 513
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GROUP QUARTERLY OVERVIEW Q2 2026 21 FlexQube AB (publ) Income Statement 2026 2025 2024 Full Year TSEK Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 R12 2026 2025 2024 Net sales 54 635 55 931 36 104 17 427 22 256 29 431 44 446 25 218 24 903 36 850 164 096 105 217 131 417 Other Income 1 637 318 132 328 142 246 350 29 722 44 2 415 848 1 145 Total operating revenue 56 272 56 249 36 235 17 755 22 398 29 677 44 795 25 247 25 625 36 894 166 511 106 065 132 562 Goods for resale -34 766 -30 690 -14 495 -8 450 -11 591 -11 183 -23 431 -11 233 -13 828 -19 700 -88 401 -45 720 -68 192 Gross profit 21 506 25 559 21 740 9 304 10 807 18 494 21 364 14 014 11 797 17 194 78 110 60 345 64 370 Other external costs -16 201 -12 458 -11 111 -8 003 -8 642 -10 573 -9 103 -8 345 -10 079 -12 708 -47 774 -38 329 -40 235 Personnel costs -13 458 -10 434 -10 694 -9 048 -10 511 -10 953 -11 368 -9 764 -12 254 -13 840 -43 634 -41 206 -47 227 Other operating expenses* -1 613 121 659 -504 -151 -1 029 -94 -397 -545 249 -1 336 -1 024 -786 EBITDA -9 766 2 788 594 -8 251 -8 497 -4 061 800 -4 492 -11 082 -9 105 -14 634 -20 214 -23 878 Depreciation of fixed assets -1 792 -1 791 -2 063 -2 329 -2 217 -2 092 -3 086 -2 367 -2 310 -2 299 -7 975 -8 701 -10 062 Write-downs of fixed assets - - -1 059 - - - - - - - -1 059 -1 059 - Totalt operating expenses -33 064 -24 562 -24 268 -19 885 -21 520 -24 646 -23 650 -20 873 -25 189 -28 598 -101 779 -90 319 -98 310 Operating income (EBIT) -11 558 997 -2 528 -10 580 -10 714 -6 152 -2 286 -6 859 -13 392 -11 404 -23 669 -29 974 -33 940 Financial Net -1 006 -1 095 -368 -512 -628 -541 -332 -578 -473 -962 -2 982 -2 050 -2 343 Tax on income of period -23 -12 -6 125 -50 -75 -9 -1 -67 - 85 -6 -77 Income for the period -12 587 -110 -2 902 -10 968 -11 392 -6 769 -2 627 -7 438 -13 931 -12 366 -26 566 -32 030 -36 360 Balance Sheet 2026 2025 2024 Full Year TSEK Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 R12 2026 2025 2024 Fixed Assets 27 990 29 473 30 101 21 970 23 593 25 473 26 176 27 587 29 147 30 109 27 990 30 101 26 176 Inventories 83 709 46 524 41 519 35 278 34 683 36 822 39 959 43 902 45 898 47 530 83 709 41 519 39 959 Accounts receivable 95 585 94 835 32 474 15 171 17 963 23 189 31 855 28 109 23 854 37 466 95 585 32 474 31 855 Cash and cash equivalents 39 406 44 907 35 513 12 935 19 273 19 372 35 495 33 146 40 733 45 364 39 406 35 513 35 495 Other assets 24 590 9 385 10 740 4 181 5 361 7 930 7 513 6 381 8 219 6 407 24 590 10 740 7 513 Total assets 271 280 225 125 150 348 89 534 100 873 112 786 140 999 139 125 147 851 166 875 271 280 150 348 140 999 Total Equity 41 029 52 121 52 038 18 138 29 679 41 308 50 916 50 640 59 706 73 828 41 029 52 038 50 916 Total non-current liabilities 10 436 2 753 3 154 2 509 3 052 3 503 3 961 4 448 5 105 5 888 10 436 3 154 3 961 Advances from customers 115 924 70 873 14 887 7 128 6 568 2 483 5 050 10 589 5 289 4 621 115 924 14 887 5 050 Accounts payable 49 239 33 408 22 667 11 081 10 719 13 881 18 569 15 859 15 969 15 015 49 239 22 667 18 569 Other current liabilities 54 652 65 968 57 602 50 678 50 856 51 611 62 503 57 590 61 781 67 522 54 652 57 602 62 503 Total equity and liabilities 271 280 225 125 150 348 89 534 100 873 112 786 140 999 139 125 147 851 166 875 271 280 150 348 140 999 Cash Flow Statement 2026 2025 2024 Full Year TSEK Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 R12 2026 2025 2024 Cash Flow from operating activities -2 190 10 172 -12 217 -6 272 -1 181 -3 275 4 563 -3 542 1 373 -13 546 -10 506 -22 944 -11 153 Cash Flow from investment activities -309 -1 281 -10 440 -1 222 -709 -953 -1 267 -657 -1 411 -1 234 -13 253 -13 324 -4 569 Cash flow from financing activities -3 137 485 45 667 -333 1 147 -9 670 -1 522 -3 061 -3 390 9 404 42 682 36 812 1 432 Cash flow for the period -5 636 9 375 23 011 -7 827 -742 -13 898 1 774 -7 260 -3 429 -5 376 18 923 544 -14 290
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GROUP QUARTERLY OVERVIEW Q2 2026 22 FlexQube AB (publ) 2026 2025 2024 Full Year TSEK Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 R12 2026 2025 2024 Order intake 135 411 158 789 54 140 40 112 27 656 21 458 26 641 28 545 41 809 30 459 388 453 143 366 127 454 Change Order intake group, % 389.6% 640.0% 103.2% 40.5% -33.9% -31.5% -14.9% -1.9% 121.3% -14.8% 272.4% 12.5% 10.8% Net Sales 54 635 55 931 36 104 17 427 22 256 29 431 44 446 25 218 24 903 36 850 164 096 105 217 131 417 Change Net Sales, % 145.5% 90.0% -18.8% -30.9% -10.6% -20.1% 41.2% 49.0% -33.0% 25.5% 35.2% -19.9% 14.3% Cash and cash equivalents 39 406 44 907 35 513 12 935 19 273 19 372 35 495 33 146 40 733 45 364 39 406 35 513 35 495 Number of emplyees closing 48 44 42 39 41 40 42 44 45 49 48 42 42 Shares (T) 17 220 17 220 17 220 13 404 13 404 13 404 13 404 13 404 13 404 13 404 17 220 17 220 13 404 Equity per share, SEK 2.4 3.0 3.0 1.4 2.2 3.1 3.8 3.8 4.5 5.5 2.4 3.0 3.8 Earnings per share, SEK -0.7 0.0 -0.2 -0.8 -0.8 -0.5 -0.2 -0.6 -1.0 -0.9 -1.5 -1.9 -2.7 Operating margin, % -21% 2% -7% -61% -48% -21% -5% -27% -54% -31% -14% -28% -26% Profit margin, % -23% 0% -8% -63% -51% -23% -6% -29% -56% -34% -16% -30% -28% Working capital 14 132 37 078 36 439 32 239 35 360 43 647 48 195 45 563 48 493 65 359 14 132 36 439 48 195 Working capital in percent of Net Sales, % 8% 28% 35% 28% 29% 27% 37% 34% 44% 53% 9% 35% 37% Solidity, % 15% 23% 35% 20% 29% 37% 36% 36% 40% 44% 15% 35% 36% Current ratio, % 111% 115% 126% 98% 113% 128% 133% 133% 143% 157% 111% 126% 133% Net liabilities including loan from owners 95 260 33 261 30 322 43 290 33 959 28 917 22 733 27 231 23 557 10 217 95 260 30 322 22 733 Liquidity including unused part of overdraft facility, % 73% 88% 83% 47% 63% 84% 95% 85% 90% 108% 73% 83% 95%
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PARENT COMPANY´S INCOME STATEMENT Q2 2026 23 FlexQube AB (publ) Second quarter Six months Full Year TSEK 2026 2025 2026 2025 2025 April-Jun April-Jun Jan-Jun Jan-Jun Jan-Dec Net sales - - 0 0 0 Other operating income 728 - 0 0 0 Total operating income 728 - 0 0 0 OPERATING EXPENSES Other external costs -1 194 -907 0 0 0 Personnel costs -352 -350 0 0 0 Other operating expenses - -1 565 0 0 0 Total operating expenses -1 547 -2 822 0 0 0 Operating income (EBIT) -818 -2 822 0 0 0 FINANCIAL INCOME AND EXPENSES Interest income and similar credits 832 467 0 0 0 Interest expenses and similar charges -266 -357 0 0 0 Total financial items 565 110 0 0 0 Income after financial items -253 -2 712 0 0 0 Appropriations - - 0 0 0 Income tax for the period - - 0 0,0 0,0 Income for the period -253 -2 712 0 0 0
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Q2 2026 24 FlexQube AB (publ) PARENT COMPANY´S BALANCE SHEET ASSETS TSEK 2026-06-30 2025-06-30 2025-12-31 ASSETS Fixed assets Financial assets Shares in subsidiaries 113 075 113 075 113 075 Other non-current assets 10 001 - 10 015 Receivables from subsidiaries 21 601 10 977 24 898 Total financial assets 144 677 124 052 147 988 Total fixed assets 144 677 124 052 147 988 Current assets Current receivables Receivables from subsidiaries 812 424 - Other receivables 162 177 3 Prepaid expenses and accrued income 237 282 99 Total current receivables 1 210 883 102 Cash and cash equivalents 140 10 092 227 Total current assets 1 350 10 975 329 TOTAL ASSETS 146 027 135 027 148 317
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Q2 2026 25 FlexQube AB (publ) PARENT COMPANY´S BALANCE SHEET EQUITY AND LIABILITIES TSEK 2026-06-30 2025-06-30 2025-12-31 EQUITY AND LIABILITES Equity Capital stock 1 722 1 340 1 722 Total restricted equity 1 722 1 340 1 722 Capital surplus 263 393 225 087 263 393 Retained earnings -130 441 -97 445 -97 445 Income for the period -253 -2 712 -32 996 Total non-restricted equity 132 699 124 929 132 952 Total equity 134 421 126 270 134 674 NON-CURRENT LIABILITES Liabilities to subsidiaries 9 494 6 223 10 761 Total non-current liabilities 9 494 6 223 10 761 CURRENT LIABILITES Accounts payable 536 127 244 Liabilities to subsidiaries 307 284 9 Other current liabilities 821 1 393 1 547 Accrued expenses and deferred income 448 731 1 083 Total current liabilities 2 112 2 534 2 882 TOTAL EQUITY AND LIABILITES 146 027 135 027 148 317
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Q2 2026 26 FlexQube AB (publ) The current interim report has been established in accordance with ÅRL and the General Council of the Swedish Accounting Board BFNAR 2012:1 Annual Report and Consolidated Accounts (K3). The accounting principles are unchanged compared to the previous year. For definitions, see the annual and consolidated financial statements for 2025. This is a translation of the official Swedish quarterly report. In case of any deviations between the Swedish and English report the Swedish report always prevails. DEFINITIONS OF KEY RATIOS Cash flow for the period: Total cash flow from operations at the end of the period. Current ratio, %: Total current assets divided by current liabilities Earnings per share: Profit for the period in relation to adjusted average number of shares during the financial year. Equity per share: Equity at the end of the period divided by adjusted number of shares at the end of the financial period. Equity ratio: Relationship between the company's equity and the total assets in the company's balance sheet. Liquidity including unused part of overdraft facility, %: Total current assets excluding inventories and including used part of overdraft facility divided by current liabilities. Net liabilities including loan from owners: Total liabilities, current and non-current liabilities including loan from owners and used part of overdraft facilities, minus cash and cash equivalents, current receivables and easily realized assets. Order intake: Value of orders received during the specified period. Operative product gross margin: Product sales minus cost of good sales including production staff and excluding obsolescence in relation to Product sales. Operating margin (EBIT%): Operating profit after depreciation as a percentage of net sales. Operating profit (EBIT): Operating profit before interest and tax. Operating profit before depreciation (EBITDA): Operating profit before depreciation, interest and tax. Profit margin, %: Earnings before tax as a percentage of Net Sales. Working capital: Inventories and trade receivables minus advances from customers and trade payables. Working capital in percent of Net Sales, %: Working capital as part of Net Sales rolling 12 months in percent. ACCOUNTING PRINCIPLES
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Q2 2026 27 FlexQube AB (publ) SIGNING The Board of Directors and the CEO certify that the interim report provides a true and fair view of the parent company's and the Group's operations, position and results and describes significant risks and uncertainties faced by the parent company and the companies that are part of the Group. Mölndal, 6th of August, 2026 This report has not been reviewed by the company's auditor. Christian Thiel Chairman Anders Ströby Board member Per Augustsson Board Member Mikael Bluhme Board member Anders Fogelberg CEO
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© FQ IP AB 2026 Reprint may only be made with FlexQube's prior written consent. The report was originally written in Swedish and translated into English. In the event of any discrepancies between the two versions, the Swedish version takes precedence FINANCIAL CALANDER CONTACT FlexQube AB (publ) Certified Advisor Investor Relations 556905-3944 FNCA Sweden AB ir@flexqube.com Neongatan 8 info@fnca.se +46 702 86 06 74 431 53 Mölndal, Sverige WWW.FLEXQUBE.COM This information is such that FlexQube AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was submitted for publication on 6th of August 2026 at 08:00 CET. @flexqube @flexqube @flexqube @flexqube @flexqube @flexqube @flexqube @flexqube FlexQube's financial reports are available on the company's website. The following reports are planned to be published as below: Interim report Q3 2026-10-29 Interim report Q4 2027-02-10