Interim report
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SpectrumOne – Report for the second quarter of 2026 Q2 INTERIM REPORT April – June 2026 SpectrumOne AB (publ) 556526-6748
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SpectrumOne – Report for the second quarter of 2026 2 Second quarter - Net sales amounted to SEK 0.2 (1.5) million - EBITDA amounted to SEK -1.5 (-2.7) million - EBIT amounted to SEK -1.7 (-8.1) million - EBT amounted to SEK -3.2 (-8.9) million - SpectrumOne settles call options in Observit and resolves on a directed set-off share issue - SpectrumOne AB announces strategic measures to unlock shareholder value Significant events after the reporting period - SpectrumOne announces fully subscribed rights issue of units consisting of warrants of series TO5 - SpectrumOne announces the final outcome of the offering of shares in Cloud Explorers AB – Offering oversubscribed by 35.4 percent
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SpectrumOne – Report for the second quarter of 2026 3 About SpectrumOne AB SpectrumOne AB (publ) is an investment and active ownership company focused on creating long-term shareholder value through the development of its portfolio companies. SpectrumOne invests in and actively supports companies with strong growth and value-creation potential, primarily within technology and digital businesses. As an active owner, SpectrumOne works alongside its portfolio companies on strategy, financing, business development and structural initiatives, with the objective of supporting their development and making their underlying value visible over time. The portfolio currently includes significant holdings in Observit AB, Qbim AB and Health Impact Alliance, as well as other investments. SpectrumOne is listed on Nasdaq First North Growth Market in Stockholm. www.spectrumone.
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SpectrumOne – Report for the second quarter of 2026 4 CEO STATEMENT Dear Shareholders, I joined the Board of Directors of SpectrumOne in June and have now taken on the role as interim CEO. During my first weeks in this position, my focus has naturally been on gaining an even deeper understanding of the Group, its portfolio companies and the opportunities and challenges ahead. While I am new to the operational role, the strategic direction is not. The strategy established by the Board earlier this year remains firmly in place: to actively develop our portfolio companies, provide them with the right conditions to grow independently and, over time, realise and make visible the underlying value of SpectrumOne's holdings. The past few months have seen important progress across the portfolio. Cloud Explorers has taken another significant step towards a separate listing, Qbim has strengthened its financial position, Observit has completed the strategically important acquisition of Nordic InSupport Nätverksvideo, and Health Impact Alliance is approaching the commercial launch of its collaboration with Connect America in the United States. Cloud Explorers – the next step towards a separate listing The offering of shares in Cloud Explorers to SpectrumOne's shareholders was successfully completed after the end of the quarter. The offering was oversubscribed by approximately 35 percent and generated gross proceeds of approximately SEK 12.4 million for SpectrumOne. We regard the strong interest as an encouraging confirmation of both Cloud Explorers' potential and our strategy of gradually creating the conditions for the company to operate as an independent listed business. The next step is to establish a valuation of Cloud Explorers in connection with SpectrumOne's intended investment of approximately SEK 6 million through a directed share issue in the company. The investment will provide Cloud Explorers with additional working capital and a stronger financial platform for its continued development. Once this process has been completed, the work towards a separate listing of Cloud Explorers will commence. The objective is to create an independently financed technology company with the resources and focus required to further develop the Prism platform and pursue the commercial opportunities ahead. Qbim – funded for its next phase During the summer, SpectrumOne participated in Qbim AB's rights issue. The issue was fully subscribed and provided Qbim with approximately SEK 6.1 million before transaction costs. Following the issue, SpectrumOne owns just under 30 percent of Qbim. The financing provides Qbim with working capital to continue the development and commercialisation of its products. This is important, as Qbim operates in an attractive but highly competitive market where continued product development, customer acquisition and disciplined execution will be essential. At the same time, there are encouraging signs. The recently announced strategic collaboration with United Spaces, under which Q-Meet is intended to be gradually introduced in its conference and meeting rooms, is a good example of the commercial opportunities available to Qbim. The ambition to make Q-Meet available in approximately 400 meeting rooms
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SpectrumOne – Report for the second quarter of 2026 5 provides an interesting opportunity to expose the product to a large number of potential users and further validate its business model. We remain positive about Qbim's potential, while recognising that the focus must increasingly be on converting product development and market interest into sustainable commercial growth. Observit and InSupport – creating a stronger company Another important development is Observit AB's acquisition of Nordic InSupport Nätverksvideo AB. The transaction has now been completed and, in our view, represents a highly attractive strategic transaction for Observit. The combination creates a significantly stronger company with a broader and more complete offering across AI, network video, sensors, cloud services and advanced data analytics. On a combined basis, the businesses generated revenues exceeding SEK 110 million in 2025 and today have SaaS revenues approaching SEK 40 million in ARR. The strategic rationale is compelling. Observit has built a strong position in advanced mobile video surveillance, particularly within public transport and other vehicle-based applications, while InSupport contributes extensive expertise and a strong position within fixed network video solutions. Together, they create a platform with greater scale, a broader customer offering and significantly increased opportunities for further growth and international expansion. We believe the combination has the potential to create substantial value for Observit's shareholders and, consequently, for SpectrumOne as one of its largest shareholders. HIA – approaching the next major milestone Health Impact Alliance is approaching an important milestone as the commercial launch of its collaboration with Connect America draws closer. The launch is currently planned for late autumn this year. The collaboration brings together HIA's technology and connected-health ecosystem with Connect America's established position in the US market. We see significant potential in the opportunity to help older adults remain safely and independently in their homes for longer, while at the same time creating valuable health insights through HIA's technology. As the launch approaches, SpectrumOne will continue the agreed funding of HIA under the convertible loan during the autumn. In connection with these continued investments, SpectrumOne also intends to make certain financial reallocations during the autumn. The purpose is to release capital to meet our commitments to HIA while at the same time achieving a better balance within SpectrumOne's overall portfolio. Active portfolio management is an important part of our strategy. Capital should be allocated where we believe the combination of potential return, development stage and risk is most attractive. As several of our holdings have reached new stages of development, we believe there is both an opportunity and a reason to continuously review the balance of our portfolio. There is much work ahead, and I look forward to keeping our shareholders informed as we take the next steps. Lennart Gillberg Interim CEO SpectrumOne AB (publ)
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SpectrumOne – Report for the second quarter of 2026 6 OPERATIONS REVENUE AND EARNINGS The consolidated income statement for the second quarter of 2026 comprises the parent company SpectrumOne AB as well as the subsidiaries, Cloud Explorers AS and OY Cemron AB. The now former subsiduary Qbim AB is represented regarding the period january 1st - March 31th In the year to date figures regarding last year. Second quarter Net sales for the second quarter amounted to SEK 0.2 (1.5) million, a decrease of SEK 1.3 million, primarely related to the lack of subsiduary Qbim. The gross profit amounted to SEK 0.3 (0.8) million, with a gross margin of 100 % (54.4%). Operating expenses excluding direct costs and depreciation amounted to SEK 2.2 (4.9) million. Personnel costs for the quarter amounted to SEK 0.9 (3.2) million. Depreciation and amortizations amounted to SEK 0.5 (5.4) million. Operating profit (EBIT) for the period amounted to SEK -1.7 (–8.1) million. Net financial items amounted to SEK –1.5 (-0.4) million due to loss on sale of finansial assets. Profit before tax for the period amounted to SEK –3.2 (-8.9) million. Earnings per share before dilution amounted to SEK –0.01 (-0.02). CASH FLOW AND FINANCIAL POSITION Second quarter Cash flow from operating activities before changes in working capital amounted to SEK -1.9 (-3.4) million. Changes in working capital affected cash flow by SEK -2.4 (-2.5) million, resulting in a cash flow from operating activities after changes in working capital of SEK 0.4 (-6.0) million. Investment activities had a cash flow effect of SEK -12.3 (-2.4) million. Cash flow from financing activities was SEK 11.8 (7.1) million. EQUITY AND SHARE The number of registered shares at the end of the quarter amounted to 414 220 904. The company’s equity ratio amounts to 60.0 (74.5) %. The quota value for the SpectrumOne AB:s shares is SEK 0.1 per share. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD - SpectrumOne announces fully subscribed rights issue of units consisting of warrants of series TO5 - SpectrumOne announces the final outcome of the offering of shares in Cloud Explorers AB - Offering oversubscribed by 35.4 percent INVESTMENTS Investments in intangible assets was made in the fourth quarter to the amount of SEK 0.1 million. PERSONNEL The number of employees at the end of the quarter amounted to 3 (4) persons. PARENT COMPANY The operations of the parent company include group management, finance and IR / PR. The parent company's turnover for the second quarter amounted to SEK 0.0 (0.0) million and other income to SEK 0.4 (0.0) million. Profit before tax for the period amounted to SEK -2.0 (-2.1) million. TRANSACTIONS WITH RELATED PARTIES No transacton with related parties were done during the quarter.
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SpectrumOne – Report for the second quarter of 2026 7 RISKS Regarding risks, please refer to the Annual Report 2025. ACCOUNTING POLICIES From fiscal year 2014, the annual and consolidated financial statements are established by applying the Swedish Annual Accounts Act and the Swedish Accounting Standards Board BFNAR 2012:1 Annual report and consolidated (K3). AUDIT This report has not been reviewed by an auditor. ANNUAL REPORT SpectrumOne AB’s annual report has been available on the website - www.spectrumone. com, from June 24, 2026 UPCOMING REPORTS AND EVENTS Interim Report Q3 2026, November 11, 2026 Stockholm, April 2024 Fredric Forsman, chairman of the board Cecilia Hjertzell, member Lennart Gillberg, member and interim CEO For further information contact: Fredric Forsman, Chairman, +46 73 978 78 44, fredric@spectrumone.com Lennart Gillberg, CEO, +46 70 748 86 00, lennart.gillberg@telia.com Certified Adviser: Bergs Securities AB (559071-6675) Jungfrugatan 35 SE-114 44 Stockholm, Sweden Phone: +46 8 408 933 50 www.bergssecurities.se
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SpectrumOne – Report for the second quarter of 2026 INCOME STATEMENT – GROUP SEK, thousands Q2 26 Q2 25 YTD 26 YTD 25 Net revenue 204 1 501 427 2 494 Work performed for its own use and capitalised 121 1 466 291 2 556 Profit from sale of subsidiaries - - - - Other income 353 - 353 4 Total revenue 678 2 967 1 071 5 054 Cost of services 57 -685 57 -1 075 Other external costs -1 346 -1 753 -2 012 -3 626 Personnel costs -839 -3 198 -1 739 -5 782 Depreciation and amortization -466 -5 414 -945 -12 159 Other expenses - -3 - -5 Profit / Loss on sale of subsidiaries - - - - Share of earnings from associated companies 180 - -634 - Total operating expenses -2 414 -11 053 -5 273 -22 647 Operating profit -1 736 -8 086 -4 202 -17 593 Interest income and similar items 31 35 29 257 Interest expenses and similar items -680 -1 087 -1 870 -1 840 Profit /loss from other finansiel assets -815 - -1 708 - Profit/Loss from participation in associated companies - 212 - 364 Net financial -1 464 -840 -3 549 -1 219 Earnings before tax -3 200 -8 926 -7 751 -18 812 Change deferred taxes - 772 - 1 545 Tax on profit - - - - Earnings -3 200 -8 154 -7 751 -17 267 Earnings attributable to parent company -3 200 -8 154 -7 751 -17 267 Earnings attributable to minority interest - - - Earnings -3 200 -8 154 -7 751 -17 267 - Number of shares before dilution 374 220 904 374 220 904 374 220 904 374 220 904 Number of shares after dilution 414 220 904 374 220 904 414 220 904 374 220 904 Number of shares on average before dilution 386 089 036 374 220 904 380 187 755 374 220 904 Earnings per share, before dilution -0,01 -0,02 -0,02 -0,05 Number of shares on average after dilution 386 089 036 374 220 904 380 187 755 374 220 904 Earnings per share, after dilution -0,01 -0,02 -0,02 -0,05
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SpectrumOne – Report for the second quarter of 2026 9 BALANCE SHEET – GROUP SEK, thousands Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 ASSETS Fixed assets Intangible assets Goodwill 0 951 0 Intangible assets 0 1 250 0 Capital expenditure for research and development 2 567 8 181 3 005 Total Intangible assets 2 567 10 382 3 005 Tangible assets Equipment, tools and installations 46 103 53 Inventory Total tangible assets 46 103 53 Financial assets Shares in associated companies 49 273 25 488 34 525 Other financial assets 20 199 117 450 59 872 Total financial assets 69 472 142 938 94 397 Total fixed assets 72 085 153 423 97 455 Current assets Receivables Account receivables -200 1 130 204 Other receivables 12 151 5 082 2 819 Tax claims 81 149 51 Prepayments and accrued income 205 426 170 Total receivables 12 237 6 787 3 244 Cash and bank balance 1 976 1 273 1 409 Total current assets 14 213 8 060 4 653 TOTAL ASSETS 86 298 161 483 102 108
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SpectrumOne – Report for the second quarter of 2026 10 BALANCE SHEET - GROUP SEK, thousands Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 Equity Share capital 41 422 37 422 37 422 Not registered share capital Other capital contribution 4 018 4 018 4 018 Other equity 16 302 78 943 19 864 Total equity 61 742 120 383 61 304 Provisions Deferred taxes 0 258 0 Total provisions 0 258 0 Liabilities Long-term liabilities Other long-term liabilities 12 717 23 095 23 335 Total long-term liabilities 12 717 23 095 23 335 Short-term liabilities Account payables -66 821 -1 498 Tax liabilities 0 3 0 Other current liabilities 10 948 14 200 18 044 Accrued expenses & deferred income 957 2 723 923 Total short-term liabilities 11 839 17 747 17 469 Total liabilities 24 556 40 842 40 804 TOTAL EQUITY AND LIABILITIES 86 298 161 483 102 108
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SpectrumOne – Report for the second quarter of 2026 11 SHAREHOLDER’S EQUITY – GROUP Group Share capital Other contributed capital Retained earnings Total Minority interest Total shareholder capital Opening balance Jan 1, 2026 37 422 477 470 -453 588 61 304 61 304 New share issue 4 000 4 000 8 000 8 000 Other contributions - - Translation difference 189 189 189 Earnings - -7 751 -7 751 -7 751 Closing balance Jun 30, 2026 41 422 481 470 -461 150 61 742 - 61 741 Group Share capital Other contributed capital Retained earnings Total Minority interest Total shareholder capital Opening balance Jan 1, 2025 37 422 477 470 -377 035 137 857 137 857 Reevaluation effect on assisiated companies - - - Other contributions - - Translation difference -206 -206 -206 Earnings -17 267 -17 267 -17 267 Closing balance Mar 30, 2025 37 422 477 470 -394 508 120 384 - 120 384
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SpectrumOne – Report for the second quarter of 2026 12 CASH FLOW STATEMENT – GROUP SEK, thousands Q2 26 Q2 25 YTD 26 YTD 25 Cash flow from operating activities before working capital changes -1 972 -3 416 -4 493 -6 740 Changes in working capital 2 417 -2 597 -7 297 -777 Cash flow from operating activities after working capital changes 445 -6 013 -11 790 -7 517 Cash flow from investing activities -12 284 -2 469 24 001 -7 661 - Cash flow from financing activities 11 817 7 122 -11 645 10 477 Cash flow for the period -22 -1 360 566 -4 701 Cash and cash equivalents at beginning 1 998 2 633 1 410 5 974 Cash and cash equivalents at end 1 976 1 273 1 976 1 273
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SpectrumOne – Report for the second quarter of 2026 13 INCOME STATEMENT – PARENT COMPANY SEK, thousands Q2 26 Q2 25 YTD 26 YTD 25 Net revenue - 33 - 52 Other income 353 - 353 - Total revenue 353 33 353 52 - - Other external costs -732 -878 -1 112 -1 929 Personnel costs -148 -197 -296 -394 Other expenses - - - - Total operating expenses -880 -1 075 -1 408 -2 323 - - Operating profit -527 -1 042 -1 055 -2 271 - - Share of earnings from associated companies - - - - Interest income and similar items 31 - 31 - Interest expenses and similar items -678 -1 010 -1 865 -1 650 Profit/loss from other financial assets -815 -1 708 Net financial -1 462 -1 010 -3 542 -1 650 - - Earnings before tax -1 989 -2 052 -4 597 -3 921 - - Group contribution - - - - - Tax on profit - - - - - - Earnings -1 989 -2 052 -4 597 -3 921
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SpectrumOne – Report for the second quarter of 2026 14 BALANCE SHEET – PARENT COMPANY SEK, thousands Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 ASSETS Fixed assets Financial assets Shares in subsidiaries 10 635 27 554 10 635 Shares in associated companies 50 288 24 907 34 907 Other financial assets 20 199 105 289 59 872 Total financial assets 81 122 157 750 105 414 Total fixed assets 81 122 157 750 105 414 Current assets Receivables Account receivables - - - Tax Claims 81 60 52 Receivables from group companies 3 344 3 186 0 Other receivables 8 856 4 695 836 Prepayments and accrued income 103 -13 83 Total receivables 12 384 7 928 971 Cash and bank balance 1 867 751 1 071 Total current assets 14 251 8 679 2 042 TOTAL ASSETS 95 373 166 429 107 456
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SpectrumOne – Report for the second quarter of 2026 15 BALANCE SHEET – PARENT COMPANY EQUITY and LIABILITIES Equity Restricted equity Share capital 41 422 37 422 37 422 Total restricted equity 41 422 37 422 37 422 Unrestricted equity Share premium reserve 496 074 492 074 492 074 Accumulated loss -467 276 -401 814 -401 814 Earnings -4 597 -3 921 -65 462 Total unrestricted equity 24 201 86 339 24 798 Total equity 65 623 123 761 62 220 Liabilities Long-term liabilities Long-term liabilities to credit institutions 12 717 22 738 25 145 Total long-term liabilities 12 717 22 738 25 145 Short-term liabilities Account payables 801 1 240 836 Tax liabilities - - - Current liabilities to group companies 57 4 310 197 Other current liabilities 15 795 13 999 18 678 Accrued expenses and deferred income 380 381 380 Total short-term liabilities 17 033 19 930 20 091 Total liabilities 29 750 42 668 45 236 TOTAL EQUITY AND LIABILITIES 95 373 166 429 107 456