Acuvi’s quarter says more about balance-sheet repair than about reported earnings. Revenue fell after a lost TPA Motion distribution deal, but cash flow turned sharply positive as inventory came down and working capital moved in Acuvi’s favor, while reported profit was hit by inventory and receivables charges management calls one-offs 4612.
Acuvi · Q3 2026 · Reported 20 Oct 2026 · Nordic
Key figures
SEK million, unless otherwise stated.
Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
Net sales | 47.4 | 57.8 | −18.0% |
Gross profit | 20.1 | 28.5 | −29.6% |
Gross margin | 42% | 49% | −7 pp |
EBITDA | −0.3 | 6.7 | −6.9 |
EBITDA margin | −1% | 12% | −13 pp |
EBIT | −7.1 | 1.2 | −8.3 |
EBIT margin | −15% | 2% | −17 pp |
Net profit (loss) | −8.2 | −2.6 | −5.6 |
EPS (SEK) | −0.25 | −0.08 | −0.17 |
Operating cash flow | 11.5 | −13.0 | +24.4 |
Free cash flow | 10.2 | −27.0 | +37.2 |
Adjusted Q3 2026 EBITDA was SEK 6.4 million, excluding SEK 7.2 million of inventory and receivables adjustments and SEK 0.5 million of positive foreign exchange effects. Operating cash flow before working-capital movements remained negative at SEK 3.2 million.
The reported loss was driven by clean-up charges, not just lower sales
Net sales fell to 47.4 MSEK from 57.8 MSEK, while EBITDA dropped to -0.3 MSEK from 6.7 MSEK and EBIT to -7.1 MSEK from 1.2 MSEK 2. Management attributes the quarter’s EBITDA hit to a 6.4 MSEK inventory adjustment and obsolescence reserve plus a 0.8 MSEK reserve for doubtful receivables, and says EBITDA adjusted for these one-off items was 6.4 MSEK after excluding 0.5 MSEK of positive FX in other operating income 6.
The same clean-up work also explains why gross margin looks worse than the underlying run rate. Reported gross profit was 20.1 MSEK with a gross margin of 42% against 28.5 MSEK and 49% a year earlier, but the company says the underlying gross margin was 56% excluding the two one-off inventory items totaling 6.4 MSEK 6.
The revenue decline reflects a specific lost distribution deal, not a broad collapse
Management says a large distribution deal in TPA Motion ended after August, with the full revenue loss visible from September 4. That matters for reading the top line: the quarter’s decline was not described as demand weakness across the group, and management says year-to-date revenue is still in line with the prior year while quarterly revenue was close to the previous quarter 4.
The offset is coming from named pockets rather than the whole portfolio. Management says PiezoMotor and Asia have already compensated for a large part of the TPA Motion shortfall, points to PiezoMotor’s strongest order intake of the year in the quarter, and says September was the highest monthly sales level in Asia in two years 45. Sensapex is also said to be growing versus last year, but the report gives no segment figures, so the scale of that support is not disclosed 5.
Cash conversion improved sharply because working capital moved in Acuvi’s favor
The strongest evidence of operational progress is in cash, not earnings. Cash flow from operating activities after working-capital changes was 11.5 MSEK in the quarter against -13.0 MSEK a year earlier, and free cash flow was 10.2 MSEK against -27.0 MSEK 6.
The bridge is explicit: working capital contributed 14.7 MSEK in the quarter versus a negative 19.9 MSEK a year earlier, helped by a 6.7 MSEK inventory reduction and a 9.3 MSEK increase in operating liabilities 12. Management ties this to lower inventory values and efforts to reuse existing materials to reduce purchasing costs, which suggests the cash improvement is linked to deliberate balance-sheet actions rather than financing support 4.
Cost control is helping, but underlying profitability is still not settled
Personnel costs fell to 11.5 MSEK from 13.3 MSEK as management cites active organizational efficiency work, while external costs of 8.8 MSEK were 3.4 MSEK lower than in the second quarter partly because Q2 included a 2 MSEK adjustment 6. Financing pressure also eased, with net financial items at -0.4 MSEK versus -1.8 MSEK, mainly due to lower interest costs 6.
Even so, EBIT remained negative and the year-to-date picture is still weak: EBITDA was -1.3 MSEK against 26.4 MSEK and EBIT -23.9 MSEK against 13.0 MSEK for the first nine months 2. The report also says EBIT versus last year was hurt by accelerated amortization on certain intangible assets, so part of the deterioration sits below EBITDA, but Acuvi still has to show that cleaner inventory, lower costs and replacement sales can produce reported profit without adjustment-heavy explanations 6.
What to watch next
Whether PiezoMotor and Asia fully offset the lost TPA Motion distribution business through the rest of the year, as management expects 4.
Whether inventory reduction continues without further material adjustment or obsolescence charges, given the ongoing review of stock and prior-period items 46.
Whether planned sales investments in PiezoMotor and Sensapex can be added while maintaining cost control 45.
Sources
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.