Earnings call transcript: Clavister Q3 2026 sales jump, but shares slip

Clavister reported a 53% increase in Q3 2026 sales to SEK 77 million, with defense deliveries and a large civilian contract driving the revenue growth. Gross margin reached an impressive 88.8%, well above the company's 80% target, while EBIT margin stood at 36% and EBITDA margin at 22%. The company's order intake grew 66% sequentially to SEK 57 million.

The quarter also marked the signing of Clavister's largest civilian contract to date, worth SEK 47 million over five years. Additionally, the company secured defense sales that more than doubled, thanks to the Norwegian TCNS program and CV90 deliveries. The strong performance was attributed to Clavister's dual-use model, with defense work supporting revenue and credibility, and software-heavy civilian sales pushing margins higher.

However, order intake growth slowed to 2% year-over-year, and the company acknowledged uneven demand in the civilian market, particularly in Germany. Despite the strong operational update, Clavister shares slipped 4.87% in premarket trading, trading at $4.53, despite being near the top of its 52-week range.