Redeye states that INQ's (formerly Anoto) Q2 report was a clear net sales beat clouded by a sequential dip in profitability due to mainly non-cash items. Net sales grew 64% y/y to SEK6.6m, 46% above our SEK4.5m estimate, driven by a sharp acceleration in Enterprise Solutions following the first deliveries under the new Filevine partnership. Gross margin retreated to 54% (53%) after an unusually strong 75% in Q1 2026, while EBITDA and EBIT both missed our estimates on higher costs, mainly related to share-based compensation, that was not included in our estimates. Two positive events after the report add further context: the formal announcement of the Filevine partnership, whose volumes are already reflected in the Q2 numbers, and a further convertible loan tranche on improved terms
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