Here are the most important news items from the past week from the unlisted companies on Eqvor's platform. The Q1 reports dominate the picture, while several companies adjust direction and deepen partnerships.
Voi Technology — record quarter and new option programme for the founder
Q1 2026 vs Q1 2025
| Net sales | 36.4 MEUR (26.3) +38% |
| Vehicle profit | 17.2 MEUR (12.7) +35% |
| Adjusted EBITDA | -1.8 MEUR (-2.2) |
Record revenue and rides despite the coldest winter the company has experienced, and ahead of the bulk of 2026's fleet expansion taking place in Q2. During the quarter, e-bike operations were launched in the Netherlands — the company's 13th country.
Major shareholder VNV Global is drawing up a new option programme to retain the founder and CEO Fredrik Hjelm.
To the Voi share →Northmill — record Q1 and annual report 2025
The bank published both its Q1 2026 report and its annual report for 2025 during the week. Both show record figures compared with the respective comparison period.
Q1 2026 vs Q1 2025 (Q1 report)
| EBT | 74 MSEK +68% |
| Gross portfolio | 6,381 MSEK (4,464) +43% |
| Operating income | 252 MSEK (197) +28% |
| B2B portfolio | +253% |
| B2C portfolio | +23% |
| Active customers | 276,000 |
| Card customers | 240,000 +233% |
| Credit losses | 4.9% (6.8%) |
Full year 2025 vs full year 2024 (annual report)
| EBT | 224 MSEK +56% |
| Operating income | 881 MSEK (748) +18% |
| Total portfolio | 5,561 MSEK +30% |
| Card customers, full year | 211,000 (60,000) +252% |
The bank divested the point-of-sale system company Northmill Flo during the quarter and is evaluating a capital raise to support its rate of growth.
To the Northmill share →Bankaktiebolaget Nordiska — profit more than doubles in Q1
Q1 2026 vs Q1 2025
| Lending to the public | 10,666 MSEK (9,537) +12% |
| Operating income | 154.4 MSEK (117.0) +32% |
| Profit for the period | 45.3 MSEK (21.6) +110% |
| Operating profit | 56.5 MSEK (29.1) +94% |
| Cost/income ratio | 56.9% (66.3%) -9.4 pp |
| Credit loss level | 0.4% (0.4%) |
| CET1 capital ratio | 13.0% (12.6%) +0.4 pp |
Kaunis Iron — Q1 in geopolitical headwinds, refocusing on Europe
Q1 2026
| Net sales | 363 MSEK |
| Deliveries | 401 kt |
| EBITDA | 73 MSEK |
| Operating profit | -1 MSEK |
| Cash flow | +132 MSEK |
| Investments | 3 MSEK |
The quarter was marked by geopolitical tensions, currency volatility and high freight and fuel costs. A record-cold winter in January–February pushed electricity costs up further. A lower iron content in the ore required increased beneficiation. In February, a final environmental permit was obtained for Tapuli as well as for the development of Palotieva and Sahavaara.
In an interview with Di, CEO Klas Dagertun says that the company wants to leave the Middle East and instead target the European steel industry, where he points to opportunities in the ongoing transition.
To the Kaunis Iron share →Sigrid Therapeutics — Q1 with a clearer technology model
Q1 2026
| Sales Sweden + USA vs Q1 2025 | +97% |
| Sales vs Q4 2025 | +7% |
The board approved a strategic pivot towards a clearer technology model centred on SiPore. Metabolic health is the primary focus for value creation, while adjacent verticals increasingly show a broader technology potential. The oral health partnership started operationally on 29 January — the company's first formal out-licensing to an adjacent vertical.
During the quarter, Matthew Major was recruited as Head of US Practitioner & Wholesale, an HCP webinar on 25 February drew 145 participants, and CarbFence was launched in the USA in April. The SHINE manuscript received first-round feedback without major obstacles, and the EU MDR feedback contained no red flags on intended use or central technical questions.
To the Sigrid share →Cascade Drives — revenue doubled and its first commercial order
Full year 2025 vs 2024
| Net sales | 12.5 MSEK (6.1) +105% |
| Equity ratio | 85.6% |
| Cash and cash equivalents | 34.0 MSEK |
The company received its first commercial order in July 2025, a product for a marine loading arm application. In December, the strategic collaboration agreement with a global manufacturer of marine loading arms was extended, alongside a separate stock agreement. During the year, 39.6 MSEK was raised via a convertible bridge loan, classified as equity.
To the Cascade Drives share →Airmee — expanded terminal in northern Stockholm and extended agreement with Movebybike
Terminal expansion (partner Catena)
| Production area | 2,000 → 4,700 m² |
| Loading yard | 1,663 → 5,000 m² |
| New loading bays | 7 |
| Move-in | 1 October 2026 |
| Contract length | 5 years |
The Movebybike agreement
| New recurring revenue | 13–17 MSEK/year |
| Existing revenue | 14–18 MSEK/year |
| Advertising business | 1.2–1.5 → 2.4–3 MSEK/year |
| Scaling | May–July, Stockholm + Malmö |
Airmee is contributing to vehicle investments at Movebybike. According to Airmee, the terminal expansion aims to support continued growth in Stockholm's e-commerce market, enable faster flows and create the conditions for future automation.
To the Airmee share →Storsala — new CFO and partner ahead of a stock exchange listing
Jonas Sundin takes up the role of CFO and partner on 10 August 2026. Sundin most recently served as acting CEO of Fastator, with previous positions as CFO at Arwidsro, Group Treasurer at Magnolia Bostad and senior roles in real estate advisory and structured finance at SEB. Storsala states that the company is in a phase of increased complexity and portfolio growth, with preparations for a future stock exchange listing.
To the Storsala share →Blykalla — deeper collaboration with ABB and a European opinion piece
Joint Development Agreement with ABB signed on 29 April — an upgrade from the 2024 Memorandum of Understanding to a structured collaboration with a defined governance model and IP allocation. The agreement covers joint development of electrical prototype components for the SEALER reactor, as well as a framework for demonstration and commercial units. ABB is a key partner for automation, control systems and control room equipment within a defined scope.
In parallel, Blykalla signed the open letter “Make Europe the Electro Union” together with Norrsken. The letter calls on the EU to set a target for more than 50% of the economy to be powered by clean domestic electricity by 2040, with nuclear power innovation as a core component.
To the Blykalla share →Instabee — higher requirements for subcontractors
Instabee Group is tightening its requirements for subcontractors in its home delivery operations in Sweden. Within one year, all parcel delivery suppliers are to be covered by collective agreements. The work is complemented by strengthened systematic work environment management, systems for recording workplace accidents and near misses, and management training on applying collective agreements, pay setting and insurance cover. The company states monthly investments in the millions to enable the improvements. Since 2023, terminal staff and in-house deliveries have been covered by collective agreements.
To the Instabee share →Epidemic Sound — exclusive music partnership with VEED
Epidemic Sound's entire catalogue — more than 55,000 tracks and 250,000 sound effects — is being integrated via API directly into VEED's browser-based video platform. Epidemic Sound is the sole music partner. VEED states that the platform is used by millions of marketers and 76% of Fortune 500 companies. Epidemic Sound's catalogue is played more than three billion times a day on TikTok and YouTube.
To the Epidemic Sound share →CorPower Ocean — debate on British wave power potential
CorPower Ocean co-published an opinion piece together with the UK Marine Energy Council, Ocean Energy Europe and the University of Edinburgh. The authors argue that wave power should be a central part of the UK's energy mix. The article points out that the UK has more than 11,000 miles of coastline, and that the 2022 energy crisis cost the state GBP 27 billion in government support. The sector is estimated to be able to create more than 80,000 jobs by 2050. CorPower has a 5 MW wave farm at the European Marine Energy Centre in Orkney and, together with Argyll Infrastructure, has announced a 2 GW project to supply AI data centres.
To the CorPower Ocean share →Stegra — Boden plant designated a strategic net-zero project
The Swedish Agency for Economic and Regional Growth (Tillväxtverket) has recognised Stegra's hydrogen-based steel plant in Boden as a strategic net-zero project under the EU framework. The company qualified via a fast track thanks to the earlier 250 MEUR grant from the EU Innovation Fund. According to Tillväxtverket's assessment, the project is expected to help reduce CO₂ emissions from industrial processes, reduce Europe's dependence on imported raw materials and phase out fossil fuel in steelmaking.
To the Stegra share →Virtune — three ETP events during the week
Hyperliquid ETP listed on Deutsche Börse Xetra. Ticker: VRTH. ISIN: SE0028425314. Management fee: 0.95%. 100% physically backed. The company's 23rd product.
Sui ETP listed on Nasdaq Stockholm. Ticker: VIRSUI. Management fee: 0.95%. 1:1 exposure to SUI.
Monthly rebalancing of Virtune Crypto Altcoin Index ETP: Hyperliquid in, Sui out of the index. Equal weight of 10% per holding. April's performance: -0.09%.
Virtune manages around 300 MUSD and states that it has a market share of more than 90% for crypto ETNs on Nasdaq Nordics.
To the Virtune share →Eqvor — Top list for April
Eqvor has compiled the month's top list for April. Hasko Invest tops the list of most traded companies, while Koenigsegg accounts for the month's biggest price rise and Virtune for the month's biggest fall.
Most traded companies — April
1. Hasko Invest
2. Candela
3. Quartr
4. Koenigsegg
5. Yabie
Top gainers and losers — April
| 1. Koenigsegg | +13.33% |
| 2. Hasko Invest | +7.14% |
| Biggest fall — Virtune | -44.44% |
| Mentimeter | -32.50% |
