Appear reports revenue of 171.7 million kroner and a loss of 5.1 million in the third quarter
Key Facts
Appear reported revenue of 171.7 million Norwegian kroner in the third quarter of 2026, down 6.2% from 183.1 million in the same period last year, while it swung to a net loss of 5.1 million kroner from a profit of 28.9 million. The results cover the period from July 1 to September 30, according to the company. Appear said exchange rates reduced revenue by about 11.5 million kroner during the quarter. Excluding this effect, revenue was almost flat, with year-on-year growth of 0.1%. The results therefore combine clear pressure on profitability with a reported sales decline whose scale was reduced by currency effects.
Underlying earnings before interest, taxes, depreciation, amortisation and capitalised development costs (Underlying EBITDAC) were negative 1.7 million kroner, with a negative margin of 1.0%, the company said. For the first nine months of 2026, revenue was 593.0 million kroner, compared with 616.3 million in the same period of 2025, a year-on-year decline of 3.8%. Appear reported second-quarter revenue of 189.6 million kroner, 30% below the record quarter in 2025, with net profit of 20.7 million kroner and earnings per share of 0.51 kroner. The company said at the time that weaker short-term commercial execution outside the Americas and lower event-related infrastructure investment, as World Cup preparations were completed, had affected performance. In July, Appear cut its 2026 revenue guidance from about 1 billion kroner to a range of 880–920 million.
The Americas remained Appear’s largest market, generating third-quarter revenue of 95.7 million kroner, or 55.8% of total revenue, up 19.5% year on year. But that growth did not offset a 29.6% decline in revenue from Europe, the Middle East and Africa, concentrated in continental Europe, according to the company. The chief executive attributed the sales shortfall to weak commercial coverage, saying: "The shortfall this quarter was related to commercial coverage, not demand." The company added that conversions from its existing customer base continued and that some customers were expanding their business with Appear. In the second quarter, the company announced a 67 million kroner agreement with a global telecommunications provider, which it said was the largest single order in its history. The deal includes four years of recurring services revenue and a master purchase agreement covering an additional four years.
Appear maintained its full-year revenue guidance of 880–920 million kroner, equivalent to year-on-year growth of about 10–15%. Reaching the bottom of that range requires revenue of more than 287 million kroner in the fourth quarter, according to the company’s calculation. But it said current visibility puts annual revenue closer to the low end of its guidance. It linked achieving that outcome to closing a limited number of large opportunities and meeting December delivery deadlines. The company’s medium- to long-term targets remain annual revenue growth of 25% to 30% and an EBITDAC margin of 17% to 20%, while it is also targeting a gross margin of about 70%.
Appear had available liquidity of 384.8 million kroner on September 30, 2026, and said it had no interest-bearing debt. The company is scheduled to hold its first Capital Markets Day on December 7, 2026, when it may present business developments and targets to investors. Appear has set February 17, 2027, for its fourth-quarter 2026 report. Revenue of more than 287 million kroner in the fourth quarter will be central to tracking the annual revenue guidance, given the company’s expectation that it will end the year near the low end of the range.