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)
| Metric | Q1 2025 | Q1 2026 | Change |
|---|---|---|---|
| Revenue | 2,344 | 3,414 | +45.6% |
| Gross Profit | 1,617 | 2,539 | +57% |
| EBITDA | -1,571 | -153 | +90.2% |
| Operating Loss | -2,224 | -1,007 | +54.7% |
| Net Loss | -2,774 | -1,388 | +50.0% |
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.