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ContextVision AB Interim / Quarterly Report 2026
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Interim / Quarterly Report
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Interim Financial Report
First Quarter 2026
ContextVision | Q1 Report 2026
2026
ContextVision AB First Quarter 2026
Q1 Highlights
- Continued execution in a stabilising market, with underlying revenue growth of approximately 7.4%.
- Announced strategic R&D collaboration with BeamWorks to advance AI-powered quantitative ultrasound imaging solutions.
- Continued progress in clinical development program at the University of Washington.
- Strengthened the leadership team with the appointment of Marco Marien Voormolen as Chief Technology Officer.
- Sustained strong customer engagement at ECR 2026, supporting an active pipeline of technical and commercial follow-up activities.
- Extended the ongoing share buyback program until May 11, 2026.
Q1 Financial Data
- Revenue of 28.5 MSEK (26.3), up 8.5%.
- EBITDA amounted to 2.8 MSEK (-1.7) with an EBITDA margin of 10.0% (-6.3).
- Adjusted EBITDA amounted to 5.8 MSEK (2.1) with an adjusted EBITDA margin of 20.5% (8.1).*
- Cash flow from operating activities was 4.3 MSEK (0.3).
- Earnings per share was 0.01 SEK (-0.04).
- Adjusted earnings per share was 0.05 SEK (0.01).*
*ContextVision adjusts for investments in Data Quality to facilitate analysis of the underlying business. The investments amounted to 3.0 MSEK in Q1 2026.
ContextVision | Q1 Report 2026
Solid progress and disciplined execution in a stabilising market
The first quarter of 2026 reflects continued execution in a stabilising market, alongside solid progress toward data-driven quantitative imaging. As part of our ongoing development, we strengthened our leadership team with the appointment of Marco Marien Voormolen as Chief Technology Officer. In parallel, we announced a promising collaboration with BeamWorks – an important milestone supporting our long-term value creation ambitions.
Revenue for the first quarter of 2026 amounted to 28.5 MSEK (26.3), an increase of $8.5\%$ compared to Q1 2025. During the first quarter, ContextVision refined its assessment of the timing of revenue recognition for certain customer contracts, impacting revenue recognition within the period. In addition, a translational FX effect of $-5.7\%$ had a negative impact on sales, corresponding to -1.3 MSEK. Everything considered, the positive effect from the updated assessment and the negative impact from FX largely offset each other, and we saw an underlying revenue growth of approximately $7.4\%$ for the quarter in a cautiously stabilising market. In contrast to Q1 2025, which was significantly impacted by challenging market conditions, this quarter benefited from increased license sales and additional contracts signed with clients, contributing positively to performance.
Adjusted EBITDA came in at 5.8 MSEK (2.1), corresponding to a margin of $20.5\%$ (8.1), excluding investments in Data Quality of 3.0 MSEK. The improvement in profitability reflects increased license revenues combined with disciplined cost control. At the same time, we maintained our investments in quantitative imaging, while a more efficient allocation of consultant resources contributed to overall lower R&D costs.
The global political environment continued to contribute to cautious healthcare investment decisions globally. Looking back, the Chinese ultrasound market declined by approximately $8.5\%$ for the full year 2025. This development was primarily driven by nationwide changes in procurement processes, where purchasing has become
increasingly centralised. As a result, procurement cycles have temporarily slowed, rather than reflecting a reduction in underlying demand. Despite this market development, ContextVision has continued to strengthen and expand its relationships with Chinese customers through ongoing discussion and collaborations, positioning ContextVision well to benefit as procurement activity normalises and delayed purchasing processes resume.
Recognising the importance of reinforcing relationships remains a priority in the current market environment. We actively participated in ECR 2026, where ContextVision held a broad range of meetings with partners and prospects within ultrasound and X-ray. These discussions confirmed continued demand for high diagnostic image quality, robust performance in complex cases, and workflow simplification. Overall, the event reinforced the strategic relevance of our image quality portfolio and resulted in an active pipeline of follow-up activities with defined technical and commercial actions for the coming months.
During the quarter, we also announced a strategic research and development collaboration with BeamWorks Inc. The collaboration brings together ContextVision's expertise in ultrasound image processing with BeamWorks' deep learning platform. The companies aim to conduct joint R&D projects to develop and commercialize ultrasound-based digital biomarkers that support point-of-care clinical decision-making. With ContextVision's existing MASLD biomarker program and BeamWorks' CadAI product line, we aim to accelerate innovation and enhance diagnostic accuracy.
Further supporting this development, Marco Marien Voormolen joined as Chief Technology Officer at the beginning of the year. His expertise will support the execution of our technology roadmap, enhance collaboration with OEM partners and the research community, and accelerate our expansion beyond image enhancement into new solution areas.
Looking ahead to the coming quarters, we will continue to execute on our priorities while capitalising on emerging opportunities in the market. As a continued sign of confidence in our capital structure and direction, during the quarter we extended our ongoing share buy-back program for a further two months until May 11, 2026, reflecting our commitment to delivering sustainable long-term value creation.
ContextVision | Q1 Report 2026
The transition to AI-enabled quantitative imaging
ContextVision's approach
Healthcare systems globally are undergoing structural change. An aging population, rising prevalence of chronic diseases, and increasing resource constraints are placing significant pressure on diagnostic capacity. In this environment, the need for cost-efficient, robust, and accessible imaging solutions is becoming increasingly urgent.
The ambition is to evolve from image enhancement to enabling quantifiable diagnostics through AI-driven parameters and digital biomarkers. Quantitative imaging represents an important shift, from interpretation based primarily on visual assessment to measurable quantitative outputs, that ensures consistency, scalability, and broader accessibility in care, directly supporting clinical decision making. The shift will leverage on our expertise in signal processing to move into the quantitative imaging, starting with metabolic dysfunction-associated steatotic liver disease (MASLD) diagnostics.
With 194 million people in the USA alone suffering from one or more chronic conditions $^1$ , there is significant market potential for technologies that facilitate early detection, enhance efficiency, improve outcomes, and reduce the burden on healthcare systems. Looking specifically at MASLD, it currently affects $38\%$ of all adults and $7 - 14\%$ of children and adolescents globally, $^2$ underscoring the demand for early and accurate diagnostic solutions.
Building a research ecosystem to advance MASLD diagnostics
In late 2025, ContextVision announced the first patient first visit in its clinical development program for liver disease diagnostics at the University of Washington (Seattle, USA). This marked a major milestone in the company's innovation program, following successful Institutional Review Board / ethics committee approval, completion of technical setup, and validation of investigational ultrasound sequences. Since then, during the first quarter, the study has made
steady progress by enrolling and scanning a total of nine patients. To this point, the study has received significant positive feedback and the data is currently being analyzed by our data scientists in Linköping, while patient recruitment continues.
During the 2025, we also partnered with the University of Waterloo's Laboratory on Innovative Technology in Medical Ultrasound (LITMUS) in Canada and InPhase Solutions AS in Norway to enhance our core technology and product development capabilities. Subsequently, we onboarded AMRA Medical (Linköping Sweden), adding MRI-based analysis tools for measuring liver fat, abdominal fat volumes, and detailed muscle assessment. This enriches our multimodal dataset and enables correlations between MRI and ultrasound imaging biomarkers.
Our primary objective is to develop a multiparameter biomarker that enables accurate and early detection of MASLD. By combining clinical data and AI-driven analysis, we aim to give healthcare providers an ultrasound tool capable of screening and staging liver disease with great precision. This could greatly improve patient outcomes by identifying the disease at an earlier, reversible stage.
Evolution of portfolio and revenue model
The ambition to provide a Companion Diagnostic tool requires a structured evolution of ContextVision's product portfolio and revenue model. With implementation, the revenue model would transition from a perpetual license-based structure to a usage-based (pay-per-use) framework aligned with efficient clinical utilization.
ContextVision | Q1 Report 2026
Financial information
First Quarter 2026
Revenue
- ContextVision's revenue in the first quarter amounted to 28.5 MSEK (26.3). This represents an increase of 8.5% compared to the same quarter previous year. The increase can be explained by increased license sales.
- The refined assessment of the timing of revenue recognition for certain customer contracts had a positive effect on sales of 1.6 MSEK. This effect was largely offset by translational FX effects of -1.3 MSEK. For further information of the refined assessment, refer to note 2.
- The currency exchange rates had an effect on sales of -5.7% in the quarter.
Expenses
- Other external costs for the quarter amounted to 9.5 MSEK (10.1) and consist to a large extent of general and administrative costs, R&D and investments in Data Quality.
- The slight increase despite higher investments in the Data Quality initiative is explained by strengthened cost control.
- Employee benefits amounted to 15.6 MSEK (15.3) for the first quarter.
- Other operating expenses amounted to 1.0 MSEK (2.5) for the first quarter.
- The total operating expenses for the first quarter amounted to 28.7 MSEK (30.3).
| Key Performance Indicators | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Revenue (KSEK) | 28,512 | 26,275 | 110,277 |
| EBITDA (KSEK) | 2,837 | -1,654 | 7,223 |
| EBITDA margin % | 10.0% | -6.3% | 6.5% |
| Adjusted EBITDA (KSEK) | 5,845 | 2,131 | 19,107 |
| Adjusted EBITDA margin % | 20.5% | 8.1% | 17.3% |
| Operating result (KSEK) | 1,012 | -3,148 | 417 |
| Operating margin % | 3.5% | -12.0% | 0.4% |
| Adjusted operating result (KSEK) | 4,020 | 637 | 12,301 |
| Adjusted operating margin % | 14.1% | 2.4% | 11.2% |
| Result after financial items, profit (KSEK) | 1,139 | -3,061 | 1,050 |
| Profit margin % | 4.0% | -11.6% | 1.0% |
| Adjusted result after financial items, profit (KSEK) | 4,147 | 724 | 12,935 |
| Adjusted profit margin % | 14.5% | 2.8% | 11.7% |
| Net result (KSEK) | 851 | -3,079 | 787 |
| Adjusted net result (KSEK) | 3,859 | 706 | 12,671 |
| Earnings per share before and after dilution (SEK) | 0.01 | -0.04 | 0.01 |
| Adjusted earnings per share before and after dilution (SEK) | 0.05 | 0.01 | 0.17 |
| Adjustment for investment in Data Quality (KSEK) | 3,008 | 3,785 | 11,884 |
| Equity ratio % | 72.2% | 72.2% | 73.8% |
| Cash flow from operating acitivies (KSEK) | 4,292 | 284 | 4,441 |
| Cash and cash equivalents at end of period (KSEK) | 69,011 | 70,642 | 69,826 |
ContextVision | Q1 Report 2026
Earnings
- Adjusted EBITDA reached 5.8 MSEK (2.1) in the first quarter, an increase of 174.3% from the first quarter last year. The adjusted EBITDA margin was 20.5% (8.1). The increase compared to the same quarter last year is primarily attributed to increased revenue. Transactional FX had an effect of 0.0 MSEK in the first quarter.
- The adjusted operating result was 4.0 MSEK (0.6) in the first quarter, an increase of 530.7% compared to the same quarter last year. The adjusted operating margin was 14.1% (2.4).
- The adjusted net result was 3.9 MSEK (0.7) for the first quarter.
- The adjusted earnings per share was 0.05 SEK (0.01) for the first quarter.
Cash flow and financing
- The cash flow from operating activities was 4.3 MSEK (0.3) for the first quarter.
- The cash flow from investing activities amounted to -2.2 MSEK (-3.2) for the first quarter.
- The cash flow from financing activities was -2.9 MSEK (-0.8) for the first quarter.
- The cash flow in the first quarter was -0.8 MSEK (-3.7). The cash balance at the end of the period was 69.0 MSEK (70.6).
- Equity at period end amounted to 91.2 MSEK (91.1), giving an equity ratio of 72.2% (72.2).
Significant events during the quarter
- On February 18, 2026, the Board of Directors of ContextVision approved an extension of the share buy-back program until the Annual General Meeting (AGM) on May 12, 2026.
-
On March 2, 2026, ContextVision announced the appointment of Marco Marien Voormolen as Chief Technology Officer (CTO) and a new member of the management team.
-
On March 26, 2026, ContextVision announced a strategic research and development collaboration with BeamWorks Inc., a South Korea-based medical AI company.
Significant events after the quarter
- On April 7, 2026, ContextVision announced a termination of its market-making agreement with Norne Securities AS. The final day of market making was April 30, 2026.
Financial instruments
- The Group's financial instruments consist of cash and bank deposits, accounts receivable (trade), accounts payable and other short-term liabilities related to operations.
- The Group no longer holds any derivatives.
Employees and management
- At period end the group had 43 (42) employees of which 20 (19) are dedicated to research and development. Two employees are located in the USA and one in China.
Long-term Incentive Program
- ContextVision has long-term share-based incentive programs (LTIP) that run over a three-year period. The LTIP has been implemented as an incentive program for senior executives and other employees, with the purpose of promoting long-term value creation and personal shareholding in the company.
-
There are currently two programs, LTIP 2024 and LTIP 2025. Allotment of performance shares requires that the participant remains employed throughout the vesting period and that the specified performance conditions are met. In both programs, allocation is based 50 percent on each of the two performance conditions: Total Shareholder Return (TSR) and EBITDA. EBITDA is assessed as the accumulated outcome over the duration of each program.
-
LTIP 2024 covers a vesting period from January 15, 2025 to March 31, 2028 and comprises four participant categories and a total of 1,214,033 shares. The potential dilution if all shares in the incentive program were to be allocated amounts to a maximum of 1.57%. During the first quarter, a cost of 119.8 KSEK was recognized related to LTIP 2024.
- LTIP 2025 covers a vesting period from January 15, 2026 to March 31, 2029 and comprises three participant categories and a total of 1,375,785 shares. The potential dilution if all shares in the incentive program were to be allocated amounts to a maximum of 1.78%. During the first quarter, a cost of 185.3 KSEK was recognized related to LTIP 2025.
- The total cost for both programs for the first quarter amounts to 305.2 KSEK.
- To secure the commitments under LTIP, ContextVision repurchases its own shares in accordance with resolutions adopted at each Annual General Meeting. During the first quarter, ContextVision has repurchased 662,917 shares. The total number of shares held in treasury amounts to 2,605,246.
ContextVision group
- The group consists of ContextVision AB (publ.), company registration number 556377-8900, with shares registered at the Oslo Stock Exchange, as parent company and ContextVision Inc Corp registration number 36-4333625 State of Illinois, USA, as a wholly owned subsidiary.
- Operations in the group are conducted primarily in the parent company and consist of research and development, sales, marketing and administrative functions.
ContextVision | Q1 Report 2026
Risks & uncertainties
- ContextVision's major risk factors include business risks connected to the general global financial situation, to the level of healthcare investment on different markets, currency exchange risks, the company's ability to recruit and keep qualified employees and the effect of political decisions.
- There are risks related to higher energy prices, supply chain issues and inflation that may affect ContextVision.
- ContextVision is to a low extent directly affected by tariffs, but may indirectly be affected by tariffs as they pose a risk for customers.
- The company's risk factors are described in more detail in the 2025 annual report. The risks and uncertainties have not changed significantly since then.
Basis of preparation
- The consolidated financial statements for the first quarter that ended March 31, 2026, have been prepared in accordance with the Annual Accounts Act (Sw ÅRL), IAS 34 Interim Financial Reporting and recommendation RFR 1 of the Swedish Sustainability and Financial Reporting Board (RFR), and with regards to the Parent Company, RFR 2.
- The accounting currency of the parent company is the Swedish krona which also is the functional currency for the group. All amounts, if nothing else is stated, are presented in SEK thousand. The amounts in tables and reports do not always sum up exactly to the total amount due to rounding. The purpose is that each amount should equal its origin and rounding differences can therefore occur.
New and changed accounting policies
- No new or changed accounting policies have had effect on the accounting for the period. IFRS 18 Presentation and Disclosure of Financial Statements has been adopted and replaces parts of IAS 1. The standard is to be applied for financial years beginning on or after January 1, 2027. ContextVision assesses that IFRS 18 will affect the presentation and disclosures in the financial statements. The company is currently analysing the new requirements and evaluating their impact.
ContextVision | Q1 Report 2026
| The 10 largest shareholders as per March 31, 2026 | No of shares | (%) |
|---|---|---|
| Monsun AS | 23,000,000 | 29.7% |
| Martin Hedlund | 8,566,660 | 11.1% |
| Sven Günther-Hanssen | 8,516,670 | 11.0% |
| Tauri AS | 3,883,275 | 5.0% |
| DNB Carnegie Investment Bank AB | 3,860,406 | 5.0% |
| Svenska Handelsbanken* | 3,056,531 | 4.0% |
| Bras Kapital AS | 2,954,154 | 3.8% |
| MP Pensjon | 2,528,023 | 3.3% |
| J.P Morgan SE | 2,000,000 | 2.6% |
| Swedbank AB | 1,515,928 | 2.0% |
| Others | 17,485,853 | 22.6% |
| Total outstanding shares | 77,367,500 | 100.0% |
*Of these, a total of 2,605,246 shares were repurchased by ContextVision AB as part of the share buyback program.
The board of directors and the CEO assurance
- We confirm to the best of our knowledge that the condensed set of financial statements for the period January 1 to March 31, 2026 has been prepared in accordance with the Annual Accounts Act (Sw ÅRL), IAS 34 Interim Financial Reporting, and gives a true and fair view of the Group's assets, liabilities, financial position and result for the period viewed in the entirety, and that the interim management report, to the best of our knowledge, includes a fair review of any significant events that arose during the three-month period and their effect on the three-month and full year financial report, and any significant related parties transactions.
- This report has not been reviewed by the company's auditors.
Stockholm 2026-05-08
Olof Sandén - Chairman of the board
Martin Ingvar - Member of the board
Christer Ljungberg - Member of the board
Gerald Pötzsch - CEO of ContextVision AB
ContextVision | Q1 Report 2026
Presentation and reporting dates
This quarterly report will be published on the company's website on May 8, 2026.
There will be a virtual recording released on May 8, 2026.
Please follow the link:
www.contextvision.com/investors/webcast/
Please visit www.contextvision.com for further information or use [email protected] to send a question directly to management.
Reporting dates
| Annual General Meeting | May 12, 2026 |
|---|---|
| Half-year report | August 27, 2026 |
| Q3 report | November 5, 2026 |
| Q4 and 12 months report | February 18, 2027 |
Contextvision fast facts
- ContextVision is a software company that specializes in image analysis, signal processing and artificial intelligence for ultrasound, X-ray and MRI equipment.
- ContextVision is the global market leader within image enhancement and drives the transformation to quantitative imaging. ContextVision is a renowned software partner to leading medical imaging manufacturers all over the world.
- The parent company is based in Sweden, with local representation in the U.S., Japan, China and South Korea.
- ContextVision is a spin-off from the Image Processing Laboratory at Linköping University, Sweden. The corporate identity was established in 1983 with the first OEM agreement in radiology in 1987.
- The parent company's share is traded on the Oslo Stock Exchange since 1997, under the ticker CONTX.
The group offers:
- More than 40 years of experience in developing software for image-based applications within the medical field.
- Unprecedented image enhancement products for Ultrasound, Radiography and MRI.
- Continuous reinvestment in R&D that ensures timely and rewarding upgrade paths.
- Strong customer relationships and support to ensure partnership success.
- ContextVision's imaging technology enables the company's customers to provide superior digital imaging solutions for hospitals and clinicians. Such solutions promise more rapid and accurate diagnoses, reduced operator eye fatigue, and ultimately, a greater return-on-investment for medical imaging users.
For more information please contact:
Richard Hallström, CFO
Phone +46 (0)8 750 35 50
ContextVision | Q1 Report 2026
10
Consolidated Statement of Profit or Loss
| KSEK | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Operating income | |||
| Revenue | 28,512 | 26,275 | 110,277 |
| Other income | 1,152 | 895 | 2,771 |
| Total operating income | 29,664 | 27,169 | 113,049 |
| Operating expenses | |||
| Goods for resale | -719 | -663 | -2,906 |
| Other external costs | -9,503 | -10,102 | -35,584 |
| Employee benefits | -15,630 | -15,327 | -61,630 |
| Depreciation, amortization and impairment of tangible and intangible fixed assets | -1,825 | -1,731 | -7,042 |
| Other operating expenses | -974 | -2,494 | -5,469 |
| Total operating expenses | -28,652 | -30,317 | -112,631 |
| Operating results | 1,012 | -3,148 | 417 |
| Financial items | |||
| Financial income | 267 | 166 | 1,028 |
| Financial costs | -140 | -79 | -395 |
| Total financial items | 127 | 87 | 633 |
| Results after financial items | 1,139 | -3,061 | 1,050 |
| Tax on results for the period | -297 | -30 | -280 |
| Deferred tax | 9 | 13 | 17 |
| Net results for the period | 851 | -3,079 | 787 |
Consolidated Statement of Comprehensive Income
| KSEK | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Net results for the period | 851 | -3,079 | 787 |
| Other comprehensive income | |||
| Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax) | |||
| Differences in the conversion of foreign operations | 78 | -205 | -382 |
| Total other comprehensive income, after tax | 78 | -205 | -382 |
| Total comprehensive income for the period | 928 | -3,284 | 405 |
| Total comprehensive income for the period attributable to: | |||
| Shareholders of the Parent Company | 928 | -3,284 | 405 |
Financial Highlights for the Group
| Q1 2026 | Q1 2025 | Full year 2025 | |
|---|---|---|---|
| Earnings per share (SEK) before and after dilution | 0.01 | -0.04 | 0.01 |
| Average number of shares | 75,191,331 | 76,126,043 | 75,997,811 |
| Operating margin (per cent) | 3.5 | -12.0 | 0.4 |
| Equity ratio (per cent) | 72.2 | 72.2 | 73.8 |
ContextVision | Q1 Report 2026
Consolidated Statement of Financial Position in Summary
| KSEK | March 31, 2026 | March 31, 2025 | Full year 2025 |
|---|---|---|---|
| Assets | |||
| Capitalized expenditure for development work | 1,996 | 3,139 | 2,256 |
| Tangible fixed assets | 9,447 | 8,755 | 7,946 |
| Right-of-use assets | 11,518 | 9,961 | 12,411 |
| Deferred tax assets | 45 | 0 | 1,535 |
| Financial fixed assets | 1,535 | 2,104 | 37 |
| Inventories | 1,393 | 1,917 | 1,059 |
| Current receivables | 31,396 | 29,795 | 29,788 |
| Cash and cash equivalent | 69,011 | 70,642 | 69,826 |
| Total assets | 126,341 | 126,314 | 124,857 |
| Equity and liabilities | |||
| Equity | 91,218 | 91,149 | 92,160 |
| Deferred tax liabilities | 0 | 206 | 0 |
| Non-current lease liabilities | 8,273 | 7,006 | 9,157 |
| Other non-current liabilities | 11 | 0 | 4 |
| Current lease liabilities | 3,465 | 2,634 | 3,432 |
| Other current liabilities | 23,374 | 25,318 | 20,105 |
| Total equity and liabilities | 126,341 | 126,314 | 124,857 |
Consolidated Statement of Change in Equity in Summary
| KSEK | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Opening balance | 92,160 | 94,257 | 94,257 |
| Total comprehensive income for the period | 928 | -3,284 | 405 |
| Repurchase of own shares | -2,084 | 0 | -2,812 |
| Share-based payments | 215 | 176 | 309 |
| Closing balance | 91,218 | 91,149 | 92,160 |
Consolidated Statement of Cash Flow
| KSEK | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Operating activities | |||
| Operating result | 1,012 | -3,148 | 417 |
| Total operating result | 1,012 | -3,148 | 417 |
| Adjustment of items not included in the cash flow | 2,118 | 1,464 | 6,494 |
| Interest received | 267 | 166 | 1,028 |
| Interest paid | -140 | -79 | -395 |
| Income tax paid | -851 | -4,564 | -4,271 |
| Cash flow from operating activities before change in working capital | 2,406 | -6,161 | 3,273 |
| Changes in working capital | |||
| Change in inventories | -334 | -825 | 33 |
| Change in current receivables | -1,054 | 5,389 | 4,853 |
| Change in current liabilities | 3,274 | 1,881 | -3,718 |
| Cash flow from operating activities | 4,292 | 284 | 4,441 |
| Cash flow from investing activities | |||
| Investments in tangible assets | -2,174 | -3,243 | -4,239 |
| Deposits paid/received | 0 | 0 | 569 |
| Cash flow from investing activities | -2,174 | -3,243 | -3,670 |
| Cash flow from financing activities | |||
| Payment of lease liabilities | -848 | -768 | -2,503 |
| Repurchase of own shares | -2,084 | 0 | -2,812 |
| Cash flow from financing activities | -2,932 | -768 | -5,315 |
| Cash flow for the period | -814 | -3,727 | -4,544 |
| Cash and cash equivalent | |||
| Cash and cash equivalent at the beginning of period | 69,826 | 74,370 | 74,370 |
| Cash and cash equivalent at end of period | 69,011 | 70,642 | 69,826 |
ContextVision | Q1 Report 2026
12
Parent Company Income Statement
| KSEK | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Operating income | |||
| Revenue | 28,512 | 26,275 | 110,277 |
| Other income | 1,152 | 895 | 2,771 |
| Total operating income | 29,664 | 27,169 | 113,049 |
| Operating expenses | |||
| Goods for resale | -719 | -663 | -2,906 |
| Other external costs | -11,768 | -12,633 | -45,515 |
| Employee benefits | -14,383 | -13,856 | -56,392 |
| Depreciation, amortization and impairment of tangible and intangible fixed assets | -933 | -839 | -3,527 |
| Other operating expenses | -974 | -2,494 | -5,469 |
| Total operating expenses | -28,778 | -30,484 | -113,809 |
| Operating results | 886 | -3,315 | -760 |
| Financial items | |||
| Financial income | 267 | 166 | 1,028 |
| Financial costs | -45 | -1 | -95 |
| Total financial items | 222 | 165 | 933 |
| Results after financial items | 1,108 | -3,150 | 173 |
| Appropriations | |||
| Tax allocation reserve | 0 | 0 | 680 |
| Total appropriations | 0 | 0 | 680 |
| Results before tax | 1,108 | -3,150 | 853 |
| Tax on results for the period | -276 | 5 | -121 |
| Net results for the period | 832 | -3,145 | 732 |
Parent Company Change in Equity in Summary
| KSEK | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Opening balance | 90,445 | 92,215 | 92,215 |
| Total comprehensive income for the period | 832 | -3,145 | 732 |
| Repurchase of own shares | -2,084 | 0 | -2,812 |
| Share-based payments | 215 | 176 | 309 |
| Closing balance | 89,407 | 89,246 | 90,445 |
Parent Company Statement of Comprehensive Income
| KSEK | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Net results for the period | 832 | -3,145 | 732 |
| Other comprehensive income | |||
| Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax) | |||
| Total other comprehensive income, after tax | 0 | 0 | 0 |
| Total comprehensive income for the period | 832 | -3,145 | 732 |
Parent Company Balance Sheet in Summary
| KSEK | March 31, 2026 | March 31, 2025 | Full year 2025 |
|---|---|---|---|
| Assets | |||
| Capitalized expenditure for development work | 1,996 | 3,139 | 2,256 |
| Tangible fixed assets | 9,447 | 8,755 | 7,946 |
| Financial fixed assets | 1,752 | 2,321 | 1,752 |
| Inventories | 1,393 | 1,917 | 1,059 |
| Current receivables | 31,202 | 37,215 | 29,556 |
| Cash and bank | 67,756 | 69,798 | 68,589 |
| Total assets | 113,547 | 123,145 | 111,158 |
| Equity and liabilities | |||
| Equity | 89,407 | 89,246 | 90,445 |
| Untaxed reserves | 0 | 680 | 0 |
| Non-current liabilities | 11 | 0 | 4 |
| Current liabilities | 24,129 | 33,219 | 20,710 |
| Total equity and liabilities | 113,547 | 123,145 | 111,158 |
ContextVision | Q1 Report 2026
Note 1 Revenue
The note concerns both the Group and the Parent Company.
Revenue by Country
| KSEK | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Korea | 5,845 | 5,312 | 17,724 |
| China | 10,504 | 10,069 | 40,545 |
| Japan | 3,017 | 1,917 | 10,457 |
| USA | 5,743 | 4,759 | 20,052 |
| Sweden | 0 | 0 | 0 |
| Other countries | 3,403 | 4,217 | 21,500 |
| Total | 28,512 | 26,275 | 110,277 |
Revenue by Product
| KSEK | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| XR | 4,559 | 3,579 | 17,632 |
| US | 21,084 | 19,987 | 80,339 |
| MR | 1,839 | 750 | 4,764 |
| Other (IRV, CT, Mammo) | 0 | 203 | 662 |
| Services | 1,031 | 1,756 | 6,880 |
| Total | 28,512 | 26,275 | 110,277 |
Note 2 Refined assessment of revenue recognition timing under IFRS 15
During the first quarter of 2026, ContextVision refined its assessment of the timing of revenue recognition for certain customer contracts. Two contracts were affected. Under the updated assessment, revenue from these contracts is recognized at distinct points in time, each corresponding to the moment when a specific performance obligation is fulfilled. Previously, these revenues were recognized over time. The change aligns the accounting more closely with the transfer-of-control principle under IFRS 15.
ContextVision has not restated the comparative figures presented in the report. To support users in understanding the updated assessment, the estimated impact on the revenue for the affected contracts is presented below.
The adjustment relates solely to the timing of revenue recognition between the quarters and has no impact on the total revenue recognized for the full financial year. The change affects only the allocation of revenue between quarters, and cash flows remain unaffected. ContextVision considers that the updated assessment provides a more true and fair representation of the revenue pattern for these contracts.
| KSEK | Reported Q1 2026 | Reported Q1 2025 | Comparable Q1 2025 if restated |
|---|---|---|---|
| Revenue from affected contracts | 3,538 | 1,849 | 3,439 |
| Total revenue | 28,512 | 26,275 | 27,864 |
ContextVision | Q1 Report 2026
Note 3 Adjustment for items not included in the cash flow
| KSEK | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| Depreciation, amortization and impairment of tangible and intangible assets | 1,825 | 1,731 | 7,042 |
| Other non cash flow items | 293 | -267 | -548 |
| Total | 2,118 | 1,464 | 6,494 |
Note 4 Related party transactions
No related party transactions have taken place during the first quarter.
ContextVision | Q1 Report 2026
15
Key performance indicators
| Key Performance Indicators | Q1 2026 | Q1 2025 | Full year 2025 |
|---|---|---|---|
| EBITDA and EBITDA margin | |||
| Net results (KSEK) | 851 | -3,079 | 787 |
| Financial items (KSEK) | -127 | -87 | -633 |
| Taxes (KSEK) | 288 | 18 | 263 |
| Depreciation, write-down and loss on disposal (KSEK) | 1,825 | 1,494 | 6,805 |
| EBITDA (KSEK) | 2,837 | -1,654 | 7,223 |
| Net sales (KSEK) | 28,512 | 26,275 | 110,277 |
| EBITDA margin % | 10.0% | -6.3% | 6.5% |
| Adjusted EBITDA and Adjusted EBITDA margin | |||
| Adjustment for investment in Data Quality (KSEK) | 3,008 | 3,785 | 11,884 |
| Adjusted EBITDA (KSEK) | 5,845 | 2,131 | 19,107 |
| Net sales (KSEK) | 28,512 | 26,275 | 110,277 |
| Adjusted EBITDA margin % | 20.5% | 8.1% | 17.3% |
| Operating margin | |||
| Operating result (KSEK) | 1,012 | -3,148 | 417 |
| Net sales (KSEK) | 28,512 | 26,275 | 110,277 |
| Operating margin % | 3.5% | -12.0% | 0.4% |
| Adjusted operating result and Adjusted operating margin | |||
| Operating result (KSEK) | 1,012 | -3,148 | 417 |
| Adjustment for investment in Data Quality (KSEK) | 3,008 | 3,785 | 11,884 |
| Adjusted operating result (KSEK) | 4,020 | 637 | 12,301 |
| Net sales (KSEK) | 28,512 | 26,275 | 110,277 |
| Adjusted operating margin % | 14.1% | 2.4% | 11.2% |
| Q1 2026 | Q1 2025 | Full year 2025 | |
| --- | --- | --- | --- |
| Profit margin | |||
| Result after financial items (KSEK) | 1,139 | -3,061 | 1,050 |
| Net sales (KSEK) | 28,512 | 26,275 | 110,277 |
| Profit margin (%) | 4.0% | -11.6% | 1.0% |
| Adjusted profit and Adjusted profit margin | |||
| Result after financial items, profit (KSEK) | 1,139 | -3,061 | 1,050 |
| Adjustment for investment in Data Quality (KSEK) | 3,008 | 3,785 | 11,884 |
| Adjusted profit (KSEK) | 4,147 | 724 | 12,935 |
| Net sales (KSEK) | 28,512 | 26,275 | 110,277 |
| Adjusted profit margin % | 14.5% | 2.8% | 11.7% |
| Earnings per share and Adjusted earnings per share | |||
| Net results (KSEK) | 851 | -3,079 | 787 |
| Average number of shares | 75,191,331 | 76,126,043 | 75,997,811 |
| Earnings per share before and after dilution (SEK) | 0.01 | -0.04 | 0.01 |
| Adjustment for investment in Data Quality (KSEK) | 3,008 | 3,785 | 11,884 |
| Adjusted earnings per share before and after dilution (SEK) | 0.05 | 0.01 | 0.17 |
| Equity ratio | |||
| Equity at period end (KSEK) | 91,218 | 91,149 | 92,160 |
| Total assets (KSEK) | 126,341 | 126,314 | 124,857 |
| Equity ratio % | 72.2% | 72.2% | 73.8% |
ContextVision | Q1 Report 2026
Definitions
ContextVision presents certain financial measures in the financial statements that are not defined under IFRS. ContextVision believes that these measures provide useful supplementary information to investors and the management as they allow for evaluation of ContextVision's performance. Because not all companies calculate the financial figures in the same way, these are not always comparable to measures used by other companies.
| Key Performance Indicator (KPI) | Explanation of KPI | Explanation of use |
|---|---|---|
| EBITDA | Earnings before interest, taxes, depreciation, and amortization | EBITDA shows the group's underlying development, which is valuable as an indication of the group's underlying cash-generating capacity. |
| EBITDA margin | Earnings before interest, taxes, depreciation, and amortization in percentage of revenue | EBITDA margin shows the group's underlying development, which is valuable as an indication of the group's underlying cash-generating capacity. |
| Adjusted EBITDA | Earnings before interest, taxes, depreciation, and amortization adjusted for investments in Data Quality | Adjusted EBITDA shows the group's underlying development adjusted for investment in Data Quality, which is valuable as an indication of the group's underlying cash-generating capacity. |
| Adjusted EBITDA margin | Earnings before interest, taxes, depreciation, and amortization adjusted for investments in Data Quality in percentage of revenue | Adjusted EBITDA margin shows the group's underlying development adjusted for investment in Data Quality, which is valuable as an indication of the group's underlying cash-generating capacity. |
| Operating margin | Operating result as a percentage of revenue | The operating margin is helpful for investors when assessing the group's potential for dividends. |
| Adjusted operating result | Operating result adjusted for investments in Data Quality | The adjusted operating result is helpful for investors when assessing the group's potential for dividend excluding investments in Data Quality |
| Adjusted operating margin | Operating result adjusted for investments in Data Quality as a percentage of revenue | The operating margin adjusted for adjusted for investments in Data Quality is helpful for investors when assessing the group's potential for dividends. |
| Profit margin | Result after financial items as a percentage of revenue | The profit margin shows the group's results per SEK revenue and is of interest for both the group and for investors. |
| Adjusted profit | Result after financial items adjusted for investments in Data Quality | The adjusted profit shows the group's results per SEK revenue adjusted for investments in Data Quality and is of interest for both the group and for investors. |
| Adjusted profit margin | Result after financial items adjusted for investments in Data Quality as a percentage of revenue | The adjusted profit margin shows the group's results per SEK revenue adjusted for investments in Data Quality and is of interest for both the group and for investors. |
| Earnings per share after tax | Net result for the period after tax per average number of shares outstanding | Earnings per share shows the group's results in relation to average number of shares and provides investors with additional information regarding the group's profitability. |
| Adjusted earnings per share after tax | Net result for the period after tax adjusted for investments in Data Quality per average number of shares outstanding | Adjusted earnings per share shows the group's results in relation to average number of shares adjusted for investments in Data Quality and provides investors with additional information regarding the group's profitability. |
| Solidity (Equity ratio) | Equity at the period end as a percentage of total assets | The equity ratio shows the group's long-term ability to pay its debts and is a complement to other key figures. It helps investors assess the possibility of dividends. |
ContextVision | Q1 Report 2026
Glossary
ALTUMIRAØ
ContextVision's image enhancement for X-ray systems. Altumira is designed with AI technology (deep learning) in combination with ContextVision's leading GOP technology.
ARTIFICIAL INTELLIGENCE (AI)
Artificial Intelligence is the intelligence exhibited by machines or software. It is also the name of the academic field that studies how to create computers and computer programs with intelligent behavior.
DATA QUALITY
Our aim to transfer from image quality to data quality by building organ specific applications through machine-aided interpretation.
DEEP LEARNING
Deep learning is the latest highly powerful technology within machine learning: machine learning with deep neural networks.
GOPØ (GENERAL OPERATOR PROCESSOR)
ContextVision's methodology and technology base for image analysis and image enhancement, detecting structures in an image and relating them to their wider context in order to increase visualization accuracy.
GOPICEØ
ContextVision's real-time 3D volumetric image enhancement product, for OEM embedded software.
GOPVIEWØ / PLUSVIEWØ
The family names for ContextVision's older 2D product lines of OEM-embedded software.
HANDHELD ULTRASOUND
A small ultrasound unit that can be held in the hand when performing the examination, e.g. smartphones and tablet-based systems.
IMAGE ANALYSIS
Processing a digital image in order to describe/classify its contents or to extract quantitative measurements.
IMAGE PROCESSING
A generic term used to describe the computation of digital images, typically to enhance or analyze them.
IMAGE QUALITY
To improve the visual quality of a digital image by increasing the visibility of relevant structures, as in edge/contrast enhancement and the suppression of noise or artifacts.
MACHINE LEARNING
Machine learning is the study of computer algorithms that improve automatically through experience.
MAMMOGRAPHY
An X-ray method used to examine the human breast
MODALITY
A device that generates internal images of the body, such as X-ray, ultrasound, magnetic resonance imaging, and computed tomography.
MRI (MAGNETIC RESONANCE IMAGING)
A non-invasive procedure, generated by variations in strong magnetic fields, to visualize internal organs or structures.
OEM
The acronym for Original Equipment Manufacturer.
POCUS
Point-of-care Ultrasound. Referes to portable Ultrasound products that may be used where the patient is located.
RIVENTØ
ContextVision's product family in image enhancement for ultrasound.
RIVENT/RIVENT PLUSØ
ContextVision's image enhancement product for 2D ultrasound with extended processing capabilities.
RIVENT 3DØ
ContextVision's image enhancement product for 3D ultrasound.
RIVENTØ MOBILE
ContextVision's 2D image enhancement products tailored for handheld ultrasound units.
US (ULTRASOUND)
An imaging procedure where images are created from echoes of high-energy sound waves (ultrasound).
XR (X-RAY)
A diagnostic device in which radiation is used to create images for examination of soft and hard tissue, such as muscle and bone.
ContextVision
SEE MORE. KNOW MORE.
ContextVision is a software company specialized in image analysis and artificial intelligence.
As the global market leader within image enhancement, we are a trusted partner to leading manufacturers of ultrasound, X-ray and MRI equipment around the world. Our expertise is to develop powerful software products, based on proprietary technology and artificial intelligence for image-based applications. Our cutting-edge technology helps clinicians accurately interpret medical images, a crucial foundation for better diagnosis and treatment. The company, established in 1983, is based in Sweden with local representation in the U.S., Japan, China and Korea. ContextVision is listed on the Oslo Stock Exchange under the ticker CONTX.
For more information, please visit www.contextvision.com