Q2 2026 Huddly AS Earnings Call
Speaker #2: Good morning, and welcome to the Q2 2026 results. My name is Rosa Stensen, and later on I'll be joined— will be joining me.
Rósa Stensen: Good morning and welcome to the Q2 2026 results. My name is Rósa Stensen and later on, Abhi Banik will be joining me. We report revenue of 15 million kroner in the quarter, a decline of 11% year on year. However, adjusted for the stocking due to US tariffs last year and effects, we see a strong underlying growth of 13%. In addition, we report an increased gross margin of 49%. When it comes to our strategic partners, we have further strengthened the partnerships and collaboration. However, we are seeing delays in ramp-up and scaling. We are going to give you a sneak peek of our products later in the presentation, where we are going to be telling you about our Microsoft cooperation, but in addition to our Huddly Crew+ system that is going to be launching early next year.
Rósa Stensen: Good morning and welcome to the Q2 2026 results. My name is Rósa Stensen and later on, Abhi Banik will be joining me. We report revenue of 15 million kroner in the quarter, a decline of 11% year on year. However, adjusted for the stocking due to US tariffs last year and effects, we see a strong underlying growth of 13%. In addition, we report an increased gross margin of 49%. When it comes to our strategic partners, we have further strengthened the partnerships and collaboration. However, we are seeing delays in ramp-up and scaling. We are going to give you a sneak peek of our products later in the presentation, where we are going to be telling you about our Microsoft cooperation, but in addition to our Huddly Crew+ system that is going to be launching early next year.
Speaker #2: We report revenue of 15 million kroner in the quarter, a decline of 11% year-on-year. However, adjusted for the stocking due to U.S. tariffs last year and effects, we see a strong underlying growth of 13%.
Speaker #2: In addition, we report an increased gross margin of 49%. When it comes to our strategic partners, we have further strengthened the partnerships and collaboration.
Speaker #2: However, we are seeing delays in ramp-up and scaling. We are going to give you a sneak peek of our products later in the presentation, where we are going to be telling you about our Microsoft corporation partnership, but in addition to that, our Huddly Q1 system that is going to be launching early next year.
Speaker #2: We've adjusted the revenue targets, and we will also go through these in detail. When it comes to our key priorities, they are still the same.
Rósa Stensen: We have adjusted the revenue targets and we will also in detail go through these. When it comes to our key priorities, they are still the same. We are going to market through our strong partnerships as well as monetizing on our products and AI developments. At the same time, we keep strict cost control and disciplined investments. But first, I would like to bring you into a context of the market we are operating in. The current market size, according to Frost & Sullivan, is estimated to be around $5 billion US. The partners we have are estimated to be addressing approximately 15% to 20% of that market. Further, this market is estimated to grow with strong 16% in the years to come. I know many of you were excited about our Lenovo partnership and so are we.
Rósa Stensen: We have adjusted the revenue targets and we will also in detail go through these. When it comes to our key priorities, they are still the same. We are going to market through our strong partnerships as well as monetizing on our products and AI developments. At the same time, we keep strict cost control and disciplined investments. But first, I would like to bring you into a context of the market we are operating in. The current market size, according to Frost & Sullivan, is estimated to be around $5 billion US. The partners we have are estimated to be addressing approximately 15% to 20% of that market. Further, this market is estimated to grow with strong 16% in the years to come. I know many of you were excited about our Lenovo partnership and so are we.
Speaker #2: We are going to market through our strong partnerships. As well as monetizing on our products and AI developments, we are at the same time keeping strict cost control and disciplined investments.
Speaker #2: But first, I would like to bring you into the context of the market we are operating in. The current market size, according to Frost & Sullivan, is estimated to be around $5 billion U.S.
Speaker #2: ...dollars. And the partners we have are estimated to be addressing approximately 15% to 20% of that margin. Further, this market is estimated to grow at a strong 16% in the years to come.
Speaker #2: I know many of you were excited about our Lenovo partnership, and so are we. In January, we signed a partnership with Lenovo to go to market with our products in Huddly—the entire product portfolio—together with their compute and control.
Rósa Stensen: In January, we signed the partnership with Lenovo to go to market with our products in Huddly, the entire product portfolio together with their computing controls. We have since then been working relentlessly on both sides to bringing these products to the market and we look forward to ramping that up further with Lenovo. When it comes to our friends in Denmark, they are going to market with Room for More, which means they are bringing solutions to all meeting rooms from 2 to 22 people where Huddly brings the video to the medium and large rooms. To bring you back to what I said about the delayed ramp-up of our strategic partners, we would like to bring you into a bit more details of that context.
Rósa Stensen: In January, we signed the partnership with Lenovo to go to market with our products in Huddly, the entire product portfolio together with their computing controls. We have since then been working relentlessly on both sides to bringing these products to the market and we look forward to ramping that up further with Lenovo. When it comes to our friends in Denmark, they are going to market with Room for More, which means they are bringing solutions to all meeting rooms from 2 to 22 people where Huddly brings the video to the medium and large rooms. To bring you back to what I said about the delayed ramp-up of our strategic partners, we would like to bring you into a bit more details of that context.
Speaker #2: We have since then been working relent— working relentlessly on both sides to bring these products to the market. And we look forward to ramping that up further with Lenovo.
Speaker #2: When it comes to our friends in Denmark, they are going to market with room for more, which means they are bringing solutions to all meeting rooms, from 2 to 22 people, where Huddly brings the video to the medium and large rooms.
Speaker #2: To bring you back to what I said about the delayed ramp-up of our strategic partners, we would like to provide you with a bit more detail on that context.
Speaker #2: To enable a partnership such as we have created takes a lot of work, and a lot of activities need to happen in order for that to start to ramp up and scale.
Rósa Stensen: To enable a partnership such as we have takes a lot of work and a lot of activities that need to happen in order for that to start to ramp up and scale. It is not only signing the contract and ship off, it is actually a lot of work that needs to come in place. We need to align supply chains, product access, market access, et cetera. That work has been ongoing now in this quarter and we look forward that into the coming quarters now to see those progressing further into ramp up and scale. To our second part of our business priorities, our product roadmap is on track.
Rósa Stensen: To enable a partnership such as we have takes a lot of work and a lot of activities that need to happen in order for that to start to ramp up and scale. It is not only signing the contract and ship off, it is actually a lot of work that needs to come in place. We need to align supply chains, product access, market access, et cetera. That work has been ongoing now in this quarter and we look forward that into the coming quarters now to see those progressing further into ramp up and scale. To our second part of our business priorities, our product roadmap is on track.
Speaker #2: It is not only signing the contract and ship-off; it is actually a lot of work that needs to be put in place. We need to align supply chains, product access, market access, etc., etc.
Speaker #2: And that work has been ongoing now in this quarter. We look forward to the coming quarters to see those progressing further into ramp-up and scale.
Speaker #2: To our second part of our business priorities. Our product roadmap is on track. From being a company that delivers video solutions to meeting rooms, and multi-camera systems to meeting rooms, we are now bringing AI-native collaboration systems into the meeting rooms, as of early 2027.
Rósa Stensen: From being a company that delivers a video solutions to meeting rooms and multi-camera systems to meeting rooms, we are now bringing AI native collaboration system into the meeting rooms as of early 2027. In addition to the video and audio, we have also something called AI data channel, which allows us to exchange data and contextual understanding from the rooms with platforms. To give you an example of that, Microsoft believes all future meeting rooms are going to be intelligent. What does that mean? In Huddly, we believe our equipment is intelligent because the AI on the edge allows us to have contextual understanding of what's happening in the room. That contextual understanding, through the AI data channel, bring to Microsoft Teams platform.
Rósa Stensen: From being a company that delivers a video solutions to meeting rooms and multi-camera systems to meeting rooms, we are now bringing AI native collaboration system into the meeting rooms as of early 2027. In addition to the video and audio, we have also something called AI data channel, which allows us to exchange data and contextual understanding from the rooms with platforms. To give you an example of that, Microsoft believes all future meeting rooms are going to be intelligent. What does that mean? In Huddly, we believe our equipment is intelligent because the AI on the edge allows us to have contextual understanding of what's happening in the room. That contextual understanding, through the AI data channel, bring to Microsoft Teams platform.
Speaker #2: In addition to the video and audio, we also have something called the AI data channel, which allows us to exchange data and contextual understanding from the rooms with platforms.
Speaker #2: And to give you an example of that, Microsoft believes all future meeting rooms are going to be intelligent. But what does that mean? At Huddly, we believe our equipment is intelligent because the AI on the edge allows us to have contextual understanding of what's happening in the room.
Speaker #2: That contextual understanding, we, through the AI data channel, bring to the Microsoft Teams platform. And as of September, Microsoft will be rolling out their IntelliFrame people labels.
Rósa Stensen: As of September, Microsoft will be rolling out their IntelliFrame people labels, who will then allow people using the Microsoft Teams platform to have correct attribution to who said what and what actions is whose. Our Huddly Crew+ platform adapts the architecture and technology of distributing the AI on the edge, similarly as we have done with our Huddly Crew. In addition to the video, it also brings the audio and the AI understanding to the mix. It allows us to scale to every size of meeting rooms, from small and medium rooms to large, by just adding more devices. It doesn't really stop there. The system is fully modular and allows us to bring our solutions in every types of space. Huddly Crew+ is well positioned when it comes to the market.
Rósa Stensen: As of September, Microsoft will be rolling out their IntelliFrame people labels, who will then allow people using the Microsoft Teams platform to have correct attribution to who said what and what actions is whose. Our Huddly Crew+ platform adapts the architecture and technology of distributing the AI on the edge, similarly as we have done with our Huddly Crew. In addition to the video, it also brings the audio and the AI understanding to the mix. It allows us to scale to every size of meeting rooms, from small and medium rooms to large, by just adding more devices. It doesn't really stop there. The system is fully modular and allows us to bring our solutions in every types of space. Huddly Crew+ is well positioned when it comes to the market.
Speaker #2: This will then allow people using the Microsoft Teams platform to have correct attribution of who said what, and which actions belong to whom. Our Huddly Q1 platform adapts the architecture and technology of distributing the AI on the edge, similarly to what we have done with our Huddly Q1.
Speaker #2: But in addition to the video, it also brings the audio and the AI understanding to the mix. And it allows us to scale to every size of meeting room, from small and medium rooms to large, by just adding more devices.
Speaker #2: But it doesn't really stop there. The system is fully modular and allows us to bring our solutions to every type of space. Huddly Q1 is well positioned when it comes to the market.
Speaker #2: The market, the multi-camera market, is expected to grow from 1% to 8% in video-enabled rooms. And we're not only doing that. With the disruptive technology, we are also able to do that at a price point that fits the budget.
Rósa Stensen: The multi-camera market expected to grow from 1% to 8% in the video-enabled rooms. We are not only doing that. With the disruptive technology, we are also be able to do that at a price point that fits the budget, in a price point the market hasn't seen before. From small and medium and large and extra-large rooms, you can have a fully AI-native collaboration system with multi-camera at a very competitive price. We have talked now about our strategic partners and our products. I would like to bring the attention to our channel. Previously, we have informed that we were increasing our focus in the Asia Pacific region, and we have been adding more distribution partners in that region. We are now starting to see strong growth coming from the region, still small, but starting to have an impact on our P&L.
Rósa Stensen: The multi-camera market expected to grow from 1% to 8% in the video-enabled rooms. We are not only doing that. With the disruptive technology, we are also be able to do that at a price point that fits the budget, in a price point the market hasn't seen before. From small and medium and large and extra-large rooms, you can have a fully AI-native collaboration system with multi-camera at a very competitive price. We have talked now about our strategic partners and our products. I would like to bring the attention to our channel. Previously, we have informed that we were increasing our focus in the Asia Pacific region, and we have been adding more distribution partners in that region. We are now starting to see strong growth coming from the region, still small, but starting to have an impact on our P&L.
Speaker #2: At a price point the market hasn't seen before. So, from small, medium, large, to extra-large rooms, you can have a full AI-native collaboration system with multi-camera capabilities at a very competitive price.
Speaker #2: We have talked now about our strategic partners and our products. I would like to bring the attention to our channel. Previously, we have informed that we were increasing our focus in the Asia-Pacific region.
Speaker #2: And we have been adding more distribution partners in that region. We are now starting to see strong growth coming from the region—still small, but starting to have an impact on our P&L.
Speaker #2: We are going to be continuing our efforts in that region going forward. When it comes to Europe, we see there's a differentiation between the UK and the rest of Europe.
Rósa Stensen: We are going to be continuing our effort in that region going forward. When it comes to Europe, we see there is a differentiation between the UK and Europe as a rest. Whilst in the UK we have seen strong growth in the quarter, we have had our market in Europe under pressure. Last but not least, to our US market. The US market has in general been volatile in the last few quarters. However, we are now seeing some signs of stabilization, in addition that we have been strengthening our organization in that region as of this quarter. With that, I will give the word over to Abi, who will summarize but also go through the financials with you. Thank you.
Rósa Stensen: We are going to be continuing our effort in that region going forward. When it comes to Europe, we see there is a differentiation between the UK and Europe as a rest. Whilst in the UK we have seen strong growth in the quarter, we have had our market in Europe under pressure. Last but not least, to our US market. The US market has in general been volatile in the last few quarters. However, we are now seeing some signs of stabilization, in addition that we have been strengthening our organization in that region as of this quarter. With that, I will give the word over to Abi, who will summarize but also go through the financials with you. Thank you.
Speaker #2: Whilst in the UK we have seen strong growth in the quarter, we have had our market in Europe under pressure. And last but not least, to our US market.
Speaker #2: The US market has, in general, been volatile in the last few quarters. However, we are now seeing some signs of stabilization, in addition to the fact that we have been strengthening our organization in that region.
Speaker #2: As of this quarter. And with that, I will give the word over to Abi, who will summarize and also go through the financials with you.
Speaker #2: Thank you.
Speaker #1: Thank you very much for that introduction, Rosa. So far in this presentation, we have been discussing the business priorities of the company. I will now summarize and provide the key takeaways from the presentation, and how that drives revenue and cash flow positivity.
Abhijit Saha Banik: Thank you very much for that introduction, Rósa Stensen. So far in this presentation, we have been discussing about the business priorities of the company. I will now summarize and provide the key takeaways from the presentation on how that drives revenue and cash flow positivity. In June this year, we launched the AI data channel, which integrates together with Microsoft Teams and IntelliFrame. This provides AI-enriched video meeting experience, and thereby further differentiating our products. From H2 2026, we expect strategic partner volumes to ramp up as they start to scale their offerings through their global distribution network. Third, in Q1 2027, we will launch the full Crew+ modular platform, which will then tap into a larger share of the market with large room offerings with both video and audio, and also at the same time, capture a larger budgets of the meeting rooms.
Abhijit Saha Banik: Thank you very much for that introduction, Rósa Stensen. So far in this presentation, we have been discussing about the business priorities of the company. I will now summarize and provide the key takeaways from the presentation on how that drives revenue and cash flow positivity. In June this year, we launched the AI data channel, which integrates together with Microsoft Teams and IntelliFrame. This provides AI-enriched video meeting experience, and thereby further differentiating our products. From H2 2026, we expect strategic partner volumes to ramp up as they start to scale their offerings through their global distribution network. Third, in Q1 2027, we will launch the full Crew+ modular platform, which will then tap into a larger share of the market with large room offerings with both video and audio, and also at the same time, capture a larger budgets of the meeting rooms.
Speaker #1: In June this year, we launched the AI Data Channel, which integrates with Microsoft Teams and IntelliFrame. This provides an AI-enriched video meeting experience and thereby further differentiates our products.
Speaker #1: From H2 2026, to ramp up as they start to scale their offerings through their global distribution network. And third, in Q1 2027, we will launch the full Q1 modular platform, which will then tap into a larger share of the market with large room offerings, with both video and audio.
Speaker #1: And also, at the same time, capture larger budgets for the meeting rooms. All of this leads into cash flow positivity from H2 2027.
Abhijit Saha Banik: All this leads into cash flow positivity from H2 2027. This is also supported by very strong market fundamentals. The market is huge, approximately $5 billion US dollar in this year, and expected to grow by approximately 16% on an annual basis towards 2029. Finally, in addition to that, the multi-camera market is expected to grow by eightfold towards 2029. All this translates into our business case. Although we have revised our numbers, we do still see a promising growth prospects in our business. The revised number for 2026 is 230 to 300 million NOK for the year, with a gross margin between 45% to 50%. In 2027, between 500 and 600 million NOK, and in 2028, between 650 and 800 million NOK, with a gross margin approximately at the same level as in 2026.
Abhijit Saha Banik: All this leads into cash flow positivity from H2 2027. This is also supported by very strong market fundamentals. The market is huge, approximately $5 billion US dollar in this year, and expected to grow by approximately 16% on an annual basis towards 2029. Finally, in addition to that, the multi-camera market is expected to grow by eightfold towards 2029. All this translates into our business case. Although we have revised our numbers, we do still see a promising growth prospects in our business. The revised number for 2026 is 230 to 300 million NOK for the year, with a gross margin between 45% to 50%. In 2027, between 500 and 600 million NOK, and in 2028, between 650 and 800 million NOK, with a gross margin approximately at the same level as in 2026.
Speaker #1: This is also supported by very strong market fundamentals. The market is huge, approximately $5 billion this year, and expected to grow by approximately 16% on an annual basis towards 2029.
Speaker #1: And finally, in addition to that, the multi-camera market is expected to grow by eightfold towards 2029. All of this translates into our business case.
Speaker #1: Although we have revised our numbers, we still see promising growth prospects in our business. The revised number for 2026 is NOK 230 to 300 million for the year, with a gross margin between 45% and 50%.
Speaker #1: In 2027, between NOK 500 and 600 million, and in 2028, between NOK 650 and 800 million, with a gross margin approximately at the same level as in 2026.
Speaker #1: This then translates into cash flow positive from H2 2027. That wraps up the business review part of this presentation, and I will now move into the financial section and provide more deep dives into the numbers.
Abhijit Saha Banik: This then translates into cash flow positive from H2 2027. That wraps up the part on the business review of this presentation, and I will now move into the financial section and provide more deep dives into the numbers. Revenue in Q2 2026 was 50 million NOK. That is a reported decline of 11% on a year-on-year basis. However, it is important to acknowledge that there was several one-off effects in Q2 2025. So if you adjust for tariff stocking in Q2 2025 as well as currency adjustments, it was actually a 13% organic growth year-on-year. This can be shown on this breakdown in this slide here. So if you adjust for 8 million NOK in tariff stocking, 4 million NOK in currency adjustment, the residual is then representing a 13% organic growth in Q2 2026.
Abhijit Saha Banik: This then translates into cash flow positive from H2 2027. That wraps up the part on the business review of this presentation, and I will now move into the financial section and provide more deep dives into the numbers. Revenue in Q2 2026 was 50 million NOK. That is a reported decline of 11% on a year-on-year basis. However, it is important to acknowledge that there was several one-off effects in Q2 2025. So if you adjust for tariff stocking in Q2 2025 as well as currency adjustments, it was actually a 13% organic growth year-on-year. This can be shown on this breakdown in this slide here. So if you adjust for 8 million NOK in tariff stocking, 4 million NOK in currency adjustment, the residual is then representing a 13% organic growth in Q2 2026.
Speaker #1: Revenue in Q2 NOK. That is a reported decline of 11% on a year-on-year basis. However, it is important to acknowledge that there were several one-off effects in Q2 2025.
Speaker #1: So, if we adjust for tariff stocking in Q2 2025, as well as currency adjustments, it was actually a 13% organic growth year-on-year. And this can be shown in this breakdown on the slide here.
Speaker #1: So, if we adjust for NOK 8 million in tariff stocking and NOK 4 million in currency adjustments, the residual then represents a 13% organic growth in Q2 2026.
Speaker #1: Gross margin in Q2 was very strong at 49%, up from 43% in the same quarter last year. We are very proud of this achievement because, in a market with increasing component prices, we are still maintaining our gross margin.
Abhijit Saha Banik: Gross margin in Q2 was very strong at 49%, up from 43% same quarter last year. We are very proud of this achievement because in a market with increasing component prices, we are still maintaining our gross margin. One of the reasons behind that is because we are increasing the prices to our customers, in addition to showing the operational resilience that we have in this company. In addition to that, Q2 2026 also provided a favorable mix in terms of products and customers, and we expect that the gross margin will hold between 45% and 50% in 2026 full year. Looking at the summarized P&L, the gross profit was actually at the same level in Q2 2026 as in the same quarter last year. Even though the revenue has somewhat declined, it has been offset by the increase in gross margin.
Abhijit Saha Banik: Gross margin in Q2 was very strong at 49%, up from 43% same quarter last year. We are very proud of this achievement because in a market with increasing component prices, we are still maintaining our gross margin. One of the reasons behind that is because we are increasing the prices to our customers, in addition to showing the operational resilience that we have in this company. In addition to that, Q2 2026 also provided a favorable mix in terms of products and customers, and we expect that the gross margin will hold between 45% and 50% in 2026 full year. Looking at the summarized P&L, the gross profit was actually at the same level in Q2 2026 as in the same quarter last year. Even though the revenue has somewhat declined, it has been offset by the increase in gross margin.
Speaker #1: And one of the reasons behind that is because we are increasing the prices to our customers, in addition to showing the operational resilience that we have in this company.
Speaker #1: In addition to that, Q2 2026 also provided a favorable mix in terms of products and customers. We expect that the gross margin will fall between 45% and 50% for the full year 2026.
Speaker #1: Looking at the summarized P&L, the gross profit was actually at the same level in Q2 2026 as in the same quarter last year. Even though revenue has somewhat declined, it has been offset by the increase in gross margin.
Speaker #1: Looking at the cost base, it's quite stable. So if you look at it on a pure cash cost basis and take out non-cash effects such as depreciation, amortization, and the stock option program, year over year it was quite a stable development in OPEX.
Abhijit Saha Banik: Looking at the cost base is quite stable. If you look at on a pure cash cost basis and take out non-cash effects such as depreciation, amortization, and employee stock option program, year-over-year, it was a quite stable development in OPEX. We continue to invest in the future, and we invest in our R&D organization to develop the products that will provide us with a competitive edge. Capitalized R&D in Q2 2026 was somewhat lower than the same quarter last year. However, this is mainly related to a relatively lower share of projects being capitalizable. We do still have a very strong organization of 57 engineers, in addition to designers and product managers supporting the product roadmap that we have, which will enable us to grow the revenue, as we have illustrated in the business case. Finally, on the cash flow statement.
Abhijit Saha Banik: Looking at the cost base is quite stable. If you look at on a pure cash cost basis and take out non-cash effects such as depreciation, amortization, and employee stock option program, year-over-year, it was a quite stable development in OPEX. We continue to invest in the future, and we invest in our R&D organization to develop the products that will provide us with a competitive edge. Capitalized R&D in Q2 2026 was somewhat lower than the same quarter last year. However, this is mainly related to a relatively lower share of projects being capitalizable. We do still have a very strong organization of 57 engineers, in addition to designers and product managers supporting the product roadmap that we have, which will enable us to grow the revenue, as we have illustrated in the business case. Finally, on the cash flow statement.
Speaker #1: We continue to invest in the future, and we invest in our R&D organization to develop the products that will provide us with a competitive edge.
Speaker #1: Capitalized R&D in Q2 2026 was somewhat lower than the same quarter last year. However, this is mainly related to a relatively lower share of projects being capitalizable.
Speaker #1: We do still have a very strong organization of 57 engineers, in addition to designers and product managers, supporting the product roadmap that we have, which will enable us to grow the revenue as we have illustrated in the business case.
Speaker #1: Finally, on the cash flow statement, cash at the end of the quarter was NOK 62 million, down from NOK 110 million at the start of the quarter. The change is mainly explained by working capital changes, which is, in turn, mostly attributed to an increase in inventory, as we have built up products in anticipation of strategic partner demand.
Abhijit Saha Banik: Cash end of the quarter was 62 million NOK, down from 110 at the start of the quarter. The change is mainly explained by working capital changes, which is then again mostly attributed to increase in the inventory as we have built up products in anticipation of strategic partner demand. These are mostly finished goods, which are ready to be shipped to our customers. On the financing side, financing includes a loan from Innovation Norway of 40 million NOK. Proceeds from a repair offering in the same period of 11 million NOK. Finally, we also did a repayment of a shareholder loan facility of 30.8 million NOK in Q2 2026. That wraps up the presentation for Q2 2026, and I would like to thank you for your attendance. I will now take questions from the audience.
Abhijit Saha Banik: Cash end of the quarter was 62 million NOK, down from 110 at the start of the quarter. The change is mainly explained by working capital changes, which is then again mostly attributed to increase in the inventory as we have built up products in anticipation of strategic partner demand. These are mostly finished goods, which are ready to be shipped to our customers. On the financing side, financing includes a loan from Innovation Norway of 40 million NOK. Proceeds from a repair offering in the same period of 11 million NOK. Finally, we also did a repayment of a shareholder loan facility of 30.8 million NOK in Q2 2026. That wraps up the presentation for Q2 2026, and I would like to thank you for your attendance. I will now take questions from the audience.
Speaker #1: So these are mostly finished goods, which are ready to be shipped to our customers. On the financing side, financing includes a loan from Innovation Norway of NOK 40 million.
Speaker #1: Proceeds from the repair offering in the same period were NOK 11 million. And finally, we also repaid a shareholder loan facility of NOK 30.8 million in Q2 2026.
Speaker #1: And that wraps up the presentation for Q2 2026. I would like to thank you for your attendance. I will now take questions from the audience.
Speaker #2: Yes, and now we are at the Q&A part of this presentation. The UN event has joined us for this segment. The first question is related to the private placement announcement sent out yesterday.
Rósa Stensen: Yes. Now we are on the Q&A part of this presentation, and Jon Øyvind Eriksen has joined us for that. The first question is related to the private placement announcement sent out yesterday, and if we can elaborate a bit more on that. Abhi, maybe that's a good one for you.
Rósa Stensen: Yes. Now we are on the Q&A part of this presentation, and Jon Øyvind Eriksen has joined us for that. The first question is related to the private placement announcement sent out yesterday, and if we can elaborate a bit more on that. Abhi, maybe that's a good one for you.
Speaker #2: And if we can elaborate a bit more on that, Olve, maybe that's a good one for you.
Speaker #1: Yes, absolutely. So yesterday we launched a contemplated private placement between NOK 50 and 70 million, and we are very happy and proud that we have closed that round and raised a total of approximately NOK 70 million.
Abhijit Saha Banik: Yes, absolutely. Yesterday, we launched our contemplated private placement between 50 and 70 million NOK. We are very happy and proud that we have closed that round and raised a total of approximately 70 million NOK, so in the upper range of that private placement. So strong support from primary insiders, shareholders. We also have new shareholders. Thanks a lot for supporting us in our journey going ahead.
Abhijit Saha Banik: Yes, absolutely. Yesterday, we launched our contemplated private placement between 50 and 70 million NOK. We are very happy and proud that we have closed that round and raised a total of approximately 70 million NOK, so in the upper range of that private placement. So strong support from primary insiders, shareholders. We also have new shareholders. Thanks a lot for supporting us in our journey going ahead.
Speaker #1: So, in the upper range of that private placement, we've seen strong support from primary insiders and shareholders, and we also have new shareholders. So, thanks a lot for supporting us in our journey going ahead.
Speaker #2: Thank you. The next question is related to our strategic partners. You say that the collaboration has been strengthened during the quarter. Could you give us more flavor on how it works in practice?
Rósa Stensen: Thank you. The next question comes related to our strategic partners. You say that the collaboration has been strengthened during the quarter. Could you give us more flavor on how it works in practice? With our strategic partners, we work with them quite closely on all levels. If it is from design, engineering, product, but also from finance, supply chain, compliance, sales, and marketing. There is a large investment and quite a large operation both on our side and their side to enable us to go together to the market and to address that big market potential, as was mentioned in the presentation. Then there is another question. What tangible evidence do you have today that gives you confidence that Lenovo and Jabra revenue will materially accelerate in H2 and full 2027, despite the rollout being taken longer than originally expected?
Rósa Stensen: Thank you. The next question comes related to our strategic partners. You say that the collaboration has been strengthened during the quarter. Could you give us more flavor on how it works in practice? With our strategic partners, we work with them quite closely on all levels. If it is from design, engineering, product, but also from finance, supply chain, compliance, sales, and marketing. There is a large investment and quite a large operation both on our side and their side to enable us to go together to the market and to address that big market potential, as was mentioned in the presentation. Then there is another question. What tangible evidence do you have today that gives you confidence that Lenovo and Jabra revenue will materially accelerate in H2 and full 2027, despite the rollout being taken longer than originally expected?
Speaker #2: So with our strategic partners, we work with them quite closely on all levels—so if it is from design, engineering, product, but also from finance, supply chain, compliance, sales, and marketing.
Speaker #2: So there is a large investment, and quite a large operation—both on our side and their side—to enable us to go together to the market and to address that big market potential, as was mentioned in the presentation.
Speaker #2: And then there's another question. What tangible evidence do you have today that gives you confidence that Lenovo and Jabra revenue will materially accelerate in the second half and through 2027?
Speaker #2: Despite the rollout taking longer than originally expected, as we mentioned in our Q&A in the first quarter presentation, the largest risk as we see it is delays in that ramp-up.
Rósa Stensen: Well, as we mentioned in our Q&A in the Q1 presentation, the largest risk that we see is delays in that ramp up. As said, it is a large operation and a huge investment from both sides to get these rollouts up and running. Again, I would just reiterate that answer. There is obviously still a risk of that. However, we are working quite closely with our partners to enable that. Here comes a question on inventory, Abie.
Rósa Stensen: Well, as we mentioned in our Q&A in the Q1 presentation, the largest risk that we see is delays in that ramp up. As said, it is a large operation and a huge investment from both sides to get these rollouts up and running. Again, I would just reiterate that answer. There is obviously still a risk of that. However, we are working quite closely with our partners to enable that. Here comes a question on inventory, Abie.
Speaker #2: And as I said, it's a large operation and a huge investment from both sides to get these rollouts up and running. So again, I would just reiterate that answer.
Speaker #2: There's obviously still a risk of that. However, we are working quite closely with our partners to enable that. And here comes a question on inventory, Abby.
Speaker #2: Inventory and consignment. Inventory totals approximately 160 million at Q2—more than three times quarterly revenue, and materially above cash at hand. Given the recent reduction in revenue guidance and the need for additional funding, can management explain the inventory build-up?
Abhijit Saha Banik: Yes.
Abhijit Saha Banik: Yes.
Rósa Stensen: Inventory and consignment inventory total approximately 160 million NOK at Q2, more than 3 times quarterly revenue and materially above cash at hand. Given the recent reduction in revenue guidance and the need for additional funding, can management explain the inventory buildup, expected inventory turnover, and whether there is any increased risk of obsolete or write downs?
Rósa Stensen: Inventory and consignment inventory total approximately 160 million NOK at Q2, more than 3 times quarterly revenue and materially above cash at hand. Given the recent reduction in revenue guidance and the need for additional funding, can management explain the inventory buildup, expected inventory turnover, and whether there is any increased risk of obsolete or write downs?
Speaker #2: Expected inventory turnover and whether there is any increased risk of obsolescence or write-downs.
Speaker #1: Yeah, so I guess there are three questions in this question here. So yes, there is a build-up in working capital in terms of inventory.
Abhijit Saha Banik: Yeah. So I guess there are three questions in this question here. Yes, there is a buildup in working capital in terms of inventory. What is important to understand here is that that is mostly finished goods, so that is readily able to be shipped to end customers. We have in strong collaboration with our strategic partners, we have started to ramp up production in order to satisfy that demand. As we expect to have a ramp up in volumes from the H2 of this year, that will then gradually be consumed over time. With regards to inventory turnover, that ties into the revenue question. So we would expect that to increase as sales is expected to increase according to our business case.
Abhijit Saha Banik: Yeah. So I guess there are three questions in this question here. Yes, there is a buildup in working capital in terms of inventory. What is important to understand here is that that is mostly finished goods, so that is readily able to be shipped to end customers. We have in strong collaboration with our strategic partners, we have started to ramp up production in order to satisfy that demand. As we expect to have a ramp up in volumes from the H2 of this year, that will then gradually be consumed over time. With regards to inventory turnover, that ties into the revenue question. So we would expect that to increase as sales is expected to increase according to our business case.
Speaker #1: What is important to understand here is that that's mostly finished goods. So that is readily able to be shipped to end customers. And we have strong collaboration with our strategic partners.
Speaker #1: We have started to ramp up production in order to satisfy that demand. As we expect a ramp-up in volumes from the second half of this year, that will then gradually be consumed over time.
Speaker #1: And with regard to inventory turnover, that ties into the revenue question. So, we would expect that to increase as sales are expected to increase, according to our business case.
Speaker #1: And on the final part of the question, with regards to obsolescence, that is of course something we have very strong discussions and collaborations with our auditor.
Abhijit Saha Banik: The final part of the question with regards to obsolescence, that is of course something we have very strong discussions and collaborations with our auditor. Currently, we do not see any significant amounts on that because it is inventory of products that is readily sellable and demanded out in the markets. So currently, that is not a risk impact that we are currently seeing, but we are obviously continuously monitoring that as we do evaluate the demand of our different products out in the markets.
Abhijit Saha Banik: The final part of the question with regards to obsolescence, that is of course something we have very strong discussions and collaborations with our auditor. Currently, we do not see any significant amounts on that because it is inventory of products that is readily sellable and demanded out in the markets. So currently, that is not a risk impact that we are currently seeing, but we are obviously continuously monitoring that as we do evaluate the demand of our different products out in the markets.
Speaker #1: Currently, we don't see any significant amounts of that because it is inventory of products that is readily sellable and demanded out in the market.
Speaker #1: So currently, that's not a risk impact that we're seeing, but we are obviously continuously monitoring that as we evaluate the demand for our different products out in the markets.
Speaker #2: And it kind of ties back to our product strategy and how our product roadmap looks. As we do have modular solutions, you can mix and match them.
Rósa Stensen: It kind of ties back to how our product strategy and how our product roadmap looks like. As we do have modular solutions, you can mix and match them. So the Huddly L1 hardware is the same as the Huddly Crew hardware that can also be mixed then with the Huddly C1. So it allows us to be quite flexible in the use of the actual finished goods.
Rósa Stensen: It kind of ties back to how our product strategy and how our product roadmap looks like. As we do have modular solutions, you can mix and match them. So the Huddly L1 hardware is the same as the Huddly Crew hardware that can also be mixed then with the Huddly C1. So it allows us to be quite flexible in the use of the actual finished goods.
Speaker #2: So, the L1 Hadley L1 hardware is the same as the Hadley Crew hardware, which can also be mixed with the Hadley C1. So, it allows us to be quite flexible in the use of the actual finished goods.
Speaker #1: Yes, correct.
Abhijit Saha Banik: Yes. Correct.
Abhijit Saha Banik: Yes. Correct.
Speaker #2: Which is an added benefit of that.
Rósa Stensen: Which is an added benefit of that.
Rósa Stensen: Which is an added benefit of that.
Speaker #1: Absolutely. Absolutely.
Abhijit Saha Banik: Absolutely.
Abhijit Saha Banik: Absolutely.
Speaker #2: So, let's see if there are any more questions. Let me see. There is one more: What differentiates the AI data channel that Huddly now delivers to the next-generation IntelliFrame from other Team Certified solutions?
Rósa Stensen: Let's see if there are any more questions. Let me see. There is one more. What differentiates the AI data channel that Huddly now delivers to the next generation IntelliFrame from other Teams certified solutions? That is actually a very good question. Historically, we have been talking about video and audio in meeting rooms, not only Huddly, but in general, Microsoft as a platform. What we are seeing with the AI development happening in every workplace, that AI is becoming way bigger part of that workplace. What Microsoft is saying that every meeting room needs to be part of that journey. So every meeting room needs to be intelligent.
Rósa Stensen: Let's see if there are any more questions. Let me see. There is one more. What differentiates the AI data channel that Huddly now delivers to the next generation IntelliFrame from other Teams certified solutions? That is actually a very good question. Historically, we have been talking about video and audio in meeting rooms, not only Huddly, but in general, Microsoft as a platform. What we are seeing with the AI development happening in every workplace, that AI is becoming way bigger part of that workplace. What Microsoft is saying that every meeting room needs to be part of that journey. So every meeting room needs to be intelligent.
Speaker #2: That's actually a very good question. Historically, we've been talking about video and audio in meeting rooms—not only Huddly, but in general, Microsoft as a platform.
Speaker #2: But what we're seeing with all the AI development happening in every workplace is that AI is becoming a much bigger part of that workplace. What Microsoft is saying is that every meeting room needs to be part of that journey.
Speaker #2: So every meeting room needs to be intelligent. So, instead of only delivering video and audio to the platform, we now also deliver contextual understanding with our AI—understanding on the cameras and our devices—to the platform.
Rósa Stensen: Instead of only delivering video and audio to the platform, we now also deliver a contextual understanding with our AI understanding on the cameras and our devices to the platform, so they can utilize that to bring that into the whole AI ecosphere. The first feature set and release now is the Microsoft Teams IntelliFrame people labels that allows correct attribution and actioning of items, for example. We will see, give it a bit minute. I think there are no more questions here today, but in case you want to reach us, you can always contact us at ir@huddly.com. Thank you for today.
Rósa Stensen: Instead of only delivering video and audio to the platform, we now also deliver a contextual understanding with our AI understanding on the cameras and our devices to the platform, so they can utilize that to bring that into the whole AI ecosphere. The first feature set and release now is the Microsoft Teams IntelliFrame people labels that allows correct attribution and actioning of items, for example. We will see, give it a bit minute. I think there are no more questions here today, but in case you want to reach us, you can always contact us at ir@huddly.com. Thank you for today.
Speaker #2: So they can utilize that to bring that into the whole AI ecosphere. So the first feature set that is released now is the Microsoft Teams IntelliFrame People Labels, which allows correct attribution and actioning of items, for example.
Speaker #2: And we'll see. Give it a minute. I think there are no more questions here today, but in case you want to reach us, you can always contact us at ir@huddly.com.
Speaker #2: So thank you for today.
Operator: Auf Wiedersehen
Operator: Auf Wiedersehen
