Positive Technologies Q1 2026: Revenue Growth Accelerates to 45.6% YoY; Seasonal Loss Narrows Sharply

Positive Technologies reported Q1 2026 revenue of RUB 3,414M, up 45.6% YoY, accelerating from the 35.5% YoY growth recorded in Q4 2025. EBITDA loss narrowed to -RUB 153M from -RUB 1,571M a year ago, and net loss improved to -RUB 1,388M from -RUB 2,774M. The company is extremely Q4-seasonal, with most license revenue booked in the final quarter, making Q1 the trough; the sequential improvement in losses is a positive signal.

Key Metrics YoY Change, Q1 2026 vs Q1 2025

What Drove the Result

Revenue growth was driven by strong license sales, with gross profit rising 57% to RUB 2,539M. Operating loss narrowed to -RUB 1,007M from -RUB 2,224M, reflecting improved cost control. The headline metric 'отгрузки' (shipments) accrues through the year, and Q1 losses should be read against the full-year context: FY2025 revenue of RUB 30,881M, EBITDA of RUB 12,346M, and net profit of RUB 7,274M.

Key Figures (RUB M)

Outlook

With Q1 losses narrowing and revenue growth accelerating, the trajectory supports the full-year outlook. Net debt fell by RUB 14.3 bn in the quarter (23.5% of market cap), strengthening the balance sheet. Investors should monitor the pace of 'отгрузки' accumulation through Q2 and Q3, which will determine whether FY2026 can exceed the strong FY2025 base.