Pricer's Q2: First Growth in Both Sales and Orders Since 2024

Gross margin breaks out to 28%, Pricer Avenue adds commercial traction, and a new AI platform triples the development pace.

PRIC-B.ST · Earnings Call · 2026-07-16

A Turnaround on the Shelf

Pricer AB delivered a decisive inflection point in Q2 2026. After a year of “hibernation” in the electronic shelf label market, CEO Magnus Larsson highlighted a milestone: “I realized that this is the first quarter since 2024, where actually we demonstrate growth in both net sales and order intake.” — Magnus Larsson, President and CEO · 2026-07-16 Net sales grew 8.5% (9.9% ex-currency), order intake jumped 13% to SEK 568 million, and the company returned to positive adjusted EBIT margin of 7.1% versus -2.8% a year ago. The gross margin surge to 28.1% from 19% is particularly notable, driven by lower production costs, a favorable customer/product mix, and the fast-growing Plaza SaaS business. “We have a higher contribution from North American customers, generally speaking, than from European customers,” — Magnus Larsson, President and CEO · 2026-07-16 Magnus explained, pointing to a clear regional margin advantage. This rebound contrasts sharply with the caution expressed on prior calls. In February 2026, Magnus noted how customers were selected but investment remained frozen: “We have seen customers that have made a selection and said that now we're going to go with supplier X, but nothing really happens.” — Magnus Larsson, CEO · 2026-02-05 Now that dynamic appears to be reversing, especially in North America and Scandinavia, with the direct-sales model in the Nordics contributing to both volume and margin gains.

Marketing Science with Pricer Avenue

A key catalyst is Pricer Avenue, the company’s next-generation ESL. After launching its first commercial orders this quarter, Pricer released independent A/B testing results that are turning heads.

When we looked at all the 23 brands and the 66 products, we could see 2.2% sales increase. It doesn't sound like an awful much… If we added the brand logo, like you can see here in the Pringles picture, it was almost 5% sales increase.
Magnus Larsson, President and CEO · 2026-07-16

These results are now a core selling tool, helping Pricer open dialogues with FMCG giants like Coca Cola and Pringles, and positioning Avenue as a premium product that Magnus expects to be margin-accretive. The A/B testing was conducted by an independent third party, which management believes gives it particular credibility with skeptical retailers. The commercial model for Avenue is still evolving, but Magnus is clear on the ambition: “My hope is, of course, that if we show that we can deliver additional value, and now we showed it in the A/B testing, that we take part of it.” — Magnus Larsson, President and CEO · 2026-07-16 This is a shift from selling hardware to selling measurable promotional lift – a strategic pivot that differentiates Pricer from traditional ESL vendors.

Plaza and the AI Engine

Pricer Plaza, the SaaS platform, continued its rapid adoption, adding over 500 stores in Q2 and exceeding 1,000 for the first half. Management sees significant headroom as larger on-premise customers migrate. “It's a pure subscription fee, the fee is basically based on several parameters. What is the size of your store? What is the functionality you want to be included?” — Magnus Larsson, President and CEO · 2026-07-16 The recurring revenue stream is becoming a meaningful margin tailwind, with lower cloud costs and new premium modules. Behind the scenes, Pricer is investing heavily in an internal AI platform, Pricer.AI, which the team claims has increased development capacity tenfold. While still early, this could drive future customer-facing features and internal efficiencies, aligning with the company’s ambition to remain a thought leader in retail digitalization. With a net cash position of SEK 336 million and an unused credit facility of SEK 150 million, Pricer has ample runway to fund these initiatives.

What Changed?

The Q2 report provides compelling evidence that Pricer is moving from survival mode to growth mode. The first simultaneous growth in sales and orders since 2024, a gross margin up nearly 10 points year-over-year, and the first commercial traction for Avenue all point to a company executing on its strategy. The retail customers that had frozen budgets are now planning investments, and Pricer is converting that interest into tangible orders. While management remains cautious about lumpiness, the trend is unmistakably positive. This is a name that finally has a story to tell.