Q3 2026 Financial Results
- Revenue: $95.6 million, an increase of 53% compared to the previous year. [financialcontent.com], [lse.co.uk]
- Adjusted EBITDA: $17.7 million, or 18.5% of revenue. [financialcontent.com], [lse.co.uk]
- Net income: $10.3 million, or $0.29 per diluted share. [financialcontent.com], [lse.co.uk]
- Cash and cash equivalents: $164 million as of September 30, 2026. [financialcontent.com], [lse.co.uk]
Positive surprises
- Revenue was approximately 15% above analysts’ estimates. [finance.yahoo.com], [marketbeat.com]
- Earnings per share significantly exceeded consensus estimates. [marketbeat.com], [finance.yahoo.com]
- It was the 13th consecutive quarter of year-over-year growth. [finance.yahoo.com], [lse.co.uk]
Customers and Growth
- A customer that accounted for less than 5% of revenue a year ago has now become the largest customer. As a result, the customer base has become significantly broader. [lse.co.uk], [finance.yahoo.com]
- As early as the fourth quarter, another program worth approximately $18 million was concluded with this customer. [lse.co.uk]
- Five new programs were secured with a major hyperscaler, which could generate more than $20 million in revenue by 2027. [lse.co.uk], [finance.yahoo.com]
- In addition, five new customers were acquired. [lse.co.uk]
Outlook
- The full-year forecast for 2026 has been raised: Management now expects revenue growth of approximately 42% or more, up from approximately 40% previously. [finanznachrichten.de], [marketbeat.com]
Key Risk
- A major client program was terminated in October. This could reduce revenue by approximately $12 million in the fourth quarter. However, management expects to offset this decline with new projects by early 2027. [marketbeat.com], [finance.yahoo.com]
Conclusion for Investors
The numbers are strong: record revenue, significant growth, an upward revision to the forecast, and increasing customer diversification. The only major downside is the end of a major client program, which could weigh on revenue in the short term. In the long term, however, the many new AI projects and the broader customer base will have a positive impact. [marketbeat.com], [finance.yahoo.com]
