Exhibit
99.1
Einride
Reports First Half 2026 Results
| ● | First
half 2026 revenue increased by 26% year-over-year to
$27 million on a constant currency basis1 |
| | | |
| ● | Second
half 2026 constant currency revenue1 growth rate is expected to double to 60-73%
year-over-year |
| | | |
| ● | Einride
to support the electrification of Amazon’s U.S. middle-mile network with a deployment
of 75 electric heavy-duty trucks across 5 U.S. locations, as disclosed in April 2026 |
| | | |
| ● | Subsequent
to the end of the period, Einride partnered with Tesla to deploy 500 Tesla Semi trucks on
the Saga AI platform, tripling Einride’s current fleet size, with vehicles financed
through third party solutions |
| | | |
| ● | Subsequent
to the end of the period Einride partnered with DAF, a PACCAR company, to accelerate scale-up
of autonomous electric freight |
STOCKHOLM,
SWEDEN — August 18, 2026 — Einride AB (Nasdaq: ENRD) (“Einride” or the “Company”) today announced
its financial results for the first half of 2026, ended June 30, 2026 marking the Company’s first earnings release as a public
company following its completed business combination and June 10th Nasdaq listing. Einride’s full financial report will be available
on its investor relations website.
“The
first half of 2026 marked an important milestone for Einride as we began our journey as a public company, while continuing to scale the
world’s leading digital, autonomous and electric freight network,” said Roozbeh Charli, Chief Executive Officer of Einride.
“We continued to deliver on our plan with disciplined execution across every part of the business, from growing recurring revenue
to strengthening our technology platform through investments in Saga AI, charging and autonomous technology.”
H1
2026 Financial Highlights
| - | Revenue
rose 26% year-over-year to SEK 273 million ($27 million) on a constant currency basis1,
driven by growth in customer volumes and fleet deployments |
| - | Management
expects the Company’s year-over-year constant currency revenue1 growth rate
to more than double in the second half of 2026, to 60–73%, fueled
by the Amazon ramp and other deployments in the U.S. and Europe |
| - | The
500-truck Tesla Semi deployment will be funded through third party financing solutions,
enabling Einride to scale its fleet and convert signed demand into operating revenue without
equity dilution |
| - | The
Tesla deployments are expected to triple the Company’s current fleet from approximately
250 to 750 deployed vehicles |
| - | Einride
is executing towards reaching cash flow breakeven point in 2028, driven mainly by continued
scaling with existing customers and targeting a fleet of approximately 1,500–2,000
trucks in operation by 2028. The base of that expansion is set by continued conversion of
its ~$800 million of potential long-term ARR in Joint Business Plans into revenue |
1
Constant currency revenue is a non-IFRS measure. An explanation of non-IFRS measures can be found in the “Non-IFRS measures as
defined by the Company” section below. Constant currency is calculated using January-June 2025 average currency rate, converted
from SEK to USD using a fixed USD/SEK rate of 10.18.
| - | Cash
position as of June 30, 2026 was SEK 748 million ($77 million) |
| - | Net
loss was SEK 1.12 billion in H1 2026 compared to a loss of SEK 887 million in H1 2025, primarily
driven by non-cash charges of SEK 881 million including SEK 636 million related to the accounting
treatment of a recapitalization expense as part of the business combination and a one-time
SEK 245 million share based compensation charge in connection with the listing. Furthermore,
the Company incurred SEK 203 million of one-time advisory fees in connection with the business
combination in H1 2026. These charges were offset by a SEK 582 million non-cash gain related
to the fair value measurement of the Company’s warrant liability |
“We
are scaling with capital discipline. By financing fleet growth through asset-backed structures, we’re able to convert signed demand
into operating revenue faster while minimizing dilution for our shareholders and executing towards our target to reach cash flow breakeven
point in 2028,” said Anubhav Verma, Chief Financial Officer of Einride.
Commercial
Highlights
| - | Following
an initial trial, Einride expanded its relationship with Amazon and secured a deployment
of 75 manual electric heavy-duty trucks within Amazon’s middle-mile network across
5 U.S. locations, as previously disclosed in April |
| - | Total
executed electric distance, planned through Saga AI, increased to 18.5 million miles |
| - | Driverless
hours in contracted customer operations increased 64%
to more than 5,400 hours as of June 30, 2026, supported by six autonomous deployments
across the U.S. and Europe |
| - | Einride
strengthened its leadership and governance with the appointments of General (Ret.) Keith
Alexander and Lynn Atchison to its Board of Directors |
| - | Einride
established a defense business unit, following initial pilot contracts with NATO-allied organizations |
| - | Einride
completed its business combination with Legato Merger Corp. III, and its American depositary
shares and warrants began trading on the Nasdaq Global Market and Nasdaq Capital Market under
the tickers “ENRD” and “ENRDW” respectively, on June 10, 2026. The
listing and business combination included an oversubscribed $113 million PIPE financing to
expand Saga AI’s fleet coverage and accelerate electric and autonomous deployments |
| - | Since
the close of the reporting period, Einride has also announced the acquisition of charging
and energy software company Flipturn, a partnership with Centinus, a partnership with DAF
(a PACCAR company) to accelerate scale-up of autonomous electric freight, and the Tesla
Semi partnership described above |
Einride
will host a conference call and live webcast today, August 18, 2026, at 8:00 AM ET / 2:00 PM CET to discuss its results and outlook.
A live webcast and replay will be available on the Company’s investor relations website.
About
Einride
Founded
in Stockholm in 2016, Einride (Nasdaq: ENRD) is a technology leader driving the transition to sustainable, cost-efficient autonomous
and electric freight operations. The company’s platform integrates AI-powered freight intelligence, proprietary autonomous technology,
and one of the world’s largest electric heavy-duty fleets. Einride serves a global customer base across North America, Europe,
and the Middle East through a dual business model encompassing Freight-Capacity-as-a-Service (FCaaS) and a Software-as-a-Service (SaaS)
platform.
Investor
& Media Contact
Einride
Christina
Zander
Head
of Communications Einride
press@einride.tech,
einride@icrinc.com
Forward-Looking
Statements
This
press release contains certain “forward-looking statements” within the meaning of U.S. federal securities laws including,
but not limited to, statements regarding the Company’s future financial and operating performance, including its revenue outlook
and guidance, its path to cash flow breakeven, fleet expansion and deployment plans, anticipated customer ramp and conversion of potential
long-term ARR into contracted revenue, financing arrangements, technology platform development, autonomous capabilities, partnerships,
and its strategies, priorities and business plans. These forward-looking statements generally are identified by the words “believe,”
“project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,”
“future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,”
“will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements
are based on current expectations and assumptions available to the Company, and, as a result, are subject to risks and uncertainties.
Any such expectations and assumptions, whether or not identified in this press release, should be regarded as preliminary and for illustrative
purposes only and should not be relied upon as being necessarily indicative of future results. Many factors could cause actual future
events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) risks related
to the scaling of the Company’s business and the timing of expected business milestones; (2) the ability to meet stock exchange
continued listing standards; (3) risks associated with changes in laws or regulations applicable to the Company’s solutions and
services and the Company’s international operations; (4) the possibility that the Company may be adversely affected by other economic,
geopolitical, business, and/or competitive factors; (5) supply shortages in the materials necessary for the production of Einride’s
solutions; (6) negative perceptions or publicity of the Company; (7) risks related to working with third-party manufacturers for key
components of Einride’s solutions; (8) the termination or suspension of any of Einride’s contracts or the reduction in counterparty
spending; (9) the ability of Einride to issue securities in the future; (10) the ability of the Company to achieve its potential long-term
ARR under its joint business plans with customers; (11) the ability to convert potential long-term ARR under joint business plans into
contracted, revenue-generating capacity (12) risks related to the Company’s third-party financing arrangements, including the ability
to maintain non-dilutive financing on acceptable terms; (13) the ability to successfully deploy and finance the planned fleet expansion;
(14) the ability to achieve projected revenue growth in the second half of 2026; (15) the ability to achieve cash flow breakeven by 2028;
(16) risks related to the development and commercialization of the Company’s autonomous capabilities; and (17) risks related to
the Company’s entry into the defense sector, including the ability to secure and expand contracts with defense organizations. Forward-looking
statements are not guarantees of future performance. You should carefully consider the foregoing factors and the other risks and uncertainties
that are described in the Company’s filings with the U.S. Securities and Exchange Commission, including under the heading “Risk
Factors.” These filings identify and address other important risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they
are made. Readers are cautioned not to put undue reliance on forward-looking statements, and all forward-looking statements in this press
release are qualified by these cautionary statements. The Company assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by applicable
law.
Use
of Non-IFRS Financial Measures
This
press release includes certain financial and operating measures, including Revenue presented on a constant currency basis and Adjusted
EBITDA, that are not prepared in accordance with IFRS. These non-IFRS measures, and other measures that are calculated using these non-IFRS
measures, are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with IFRS.
Einride believes these non-IFRS financial measures provide useful information to management and investors regarding certain financial
and business trends relating to the Company’s financial condition and results of operations. The Company’s method of determining
these non-IFRS measures may be different from other companies’ methods and, therefore, may not be comparable to those used by other
companies, and the Company does not recommend the sole use of these non-IFRS measures to assess its financial performance. Management
does not consider these non-IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS.
In addition, these non-IFRS measures are subject to inherent limitations as they reflect the exercise of judgments by management about
which expense and income are excluded or included in determining these non-IFRS measures.
Non-IFRS
Measures as Defined by the Company
EBITDA
is defined as net loss for the interim period before finance income, finance costs, income tax benefit or expense, and depreciation and
amortization. The Company defines Adjusted EBITDA as EBITDA further adjusted to exclude the impact of certain items that the Company
does not consider indicative of its ongoing operating performance, because they are non-cash in nature, are non-recurring, or otherwise
do not relate to the Company’s core operations. These items include share-based compensation expense; unrealized (gain) loss on
financial instruments measured at fair value; gains or losses on the disposal of property, plant and equipment; costs incurred in connection
with the Business Combination; the non-cash recapitalization (listing) expense recognized under IFRS 2; the non-cash charge recorded
as a reduction of revenue in respect of the Amazon warrant arrangement; impairment charges; litigation and dispute related costs; gains
or losses on the sale of a business unit; non-recurring transaction costs; unrealized foreign exchange gains and losses; and other non-recurring
items that may arise from time to time.
Revenue
on a constant currency basis has been calculated by translating the reported income statements amounts of the consolidated entities for
such measures, in each period presented, using the average foreign currency exchange rates for the six months ended June 30, 2025 (H1-25),
as provided by a third party. Revenue on a constant currency basis is used to provide a framework in assessing how the Company’s
business performed excluding the effects of foreign currency exchange rate fluctuations, and the Company believes this information is
useful to investors to facilitate comparisons and better identify trends in the Company’s business. Below, the Company has provided
a reconciliation of revenue as reported to revenue on a constant currency basis for the periods presented and a reconciliation of Adjusted
EBITDA to net loss for the period, the most directly comparable financial measure calculated and presented in accordance with IFRS, for
the periods presented.
The forward-looking guidance included
in this presentation cannot be reconciled to the comparable IFRS measures without unreasonable efforts, because we are not able to predict
with reasonable certainty the ultimate amount or nature of exceptional items in the fiscal year. These items are uncertain, depend on
many factors and could have a material impact on our IFRS results for the guidance period.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED)
| | |
Six
months ended June 30, | |
| (SEK in thousand,
except per share amounts) | |
2026 | | |
2025 | |
| | |
| | |
| |
| Revenue | |
| 263,547 | | |
| 216,484 | |
| Cost of sales | |
| (395,406 | ) | |
| (304,046 | ) |
| Selling expenses | |
| (46,586 | ) | |
| (35,235 | ) |
| General and administrative expenses | |
| (1,254,350 | ) | |
| (85,738 | ) |
| Research and development expenses | |
| (205,874 | ) | |
| (131,205 | ) |
| Other operating income | |
| 40,969 | | |
| 13,933 | |
| Other operating expenses | |
| (10,826 | ) | |
| (18,988 | ) |
| Operating
loss | |
| (1,608,526 | ) | |
| (344,795 | ) |
| | |
| | | |
| | |
| Share of results of joint venture | |
| 270 | | |
| 192 | |
| Finance income - interest income | |
| 247 | | |
| 127 | |
| Finance costs | |
| (95,062 | ) | |
| (544,901 | ) |
| Net gains on financial
liabilities measured at fair value | |
| 582,379 | | |
| 1,329 | |
| Loss
before income tax | |
| (1,120,692 | ) | |
| (888,048 | ) |
| | |
| | | |
| | |
| Income tax benefit | |
| 2,637 | | |
| 604 | |
| | |
| | | |
| | |
| Net
loss for the period attributable to owners of the parent | |
| (1,118,055 | ) | |
| (887,444 | ) |
| | |
| | | |
| | |
| Other comprehensive income/(loss): | |
| | | |
| | |
| Other comprehensive income/(loss)
that is or may be reclassified to profit or loss in subsequent periods (net of tax): | |
| | | |
| | |
| Exchange differences on
translation of foreign operations | |
| (19,303 | ) | |
| 60,501 | |
| Other
comprehensive income/(loss) for the period, net of tax, attributable to owners of the parent | |
| (19,303 | ) | |
| 60,501 | |
| | |
| | | |
| | |
| Total
comprehensive loss for the period, net of tax, attributable to the owners of the parent | |
| (1,137,358 | ) | |
| (826,943 | ) |
| | |
| | | |
| | |
| Basic and diluted loss per common share | |
| (17.85 | ) | |
| (21.82 | ) |
Reconciliation
of Net Loss to EBITDA and Adjusted EBITDA for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
The
following table presents a reconciliation of EBITDA and Adjusted EBITDA to our net loss, the most directly comparable IFRS measure, for
the six months ended June 30, 2026 and 2025.
| | |
Six
Months Ended June 30, | |
| (SEK
in thousand) | |
2026 | | |
2025 | |
| Net loss | |
| (1,118,055 | ) | |
| (887,444 | ) |
| Income tax (benefit)/expense | |
| (2,637 | ) | |
| (604 | ) |
| Finance costs | |
| 95,062 | | |
| 544,901 | |
| Finance income | |
| (247 | ) | |
| (127 | ) |
| Depreciation and amortization | |
| 122,424 | | |
| 102,042 | |
| EBITDA | |
| (903,453 | ) | |
| (241,232 | ) |
| | |
| | | |
| | |
| Adjustments
to EBITDA: | |
| | | |
| | |
| Share-based compensation | |
| 242,929 | | |
| 152 | |
| Net losses/(gains) on financial instruments
at fair value | |
| (582,379 | ) | |
| (1,329 | ) |
| Business Combination transaction costs | |
| 202,912 | | |
| - | |
| Recapitalization (listing) expense | |
| 636,267 | | |
| - | |
| Amazon warrant arrangement (non-cash contra-revenue
charge) | |
| 1,020 | | |
| - | |
| Litigation and dispute-related costs | |
| 58,732 | | |
| 28,430 | |
| Gain on sale of business unit | |
| (32,543 | ) | |
| - | |
| Transaction related costs | |
| 8,755 | | |
| - | |
| Unrealized foreign exchange
(gain) or loss | |
| 4,677 | | |
| (29 | ) |
| Total
adjustments | |
| 540,370 | | |
| 27,224 | |
| Adjusted
EBITDA | |
| (363,083 | ) | |
| (214,008 | ) |
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2026 (UNAUDITED) AND DECEMBER 31, 2025
| | |
As of June
30, | | |
As of December
31, | |
| (SEK in thousand) | |
2026 | | |
2025 | |
| Non-current assets | |
| | | |
| | |
| Property, plant
and equipment | |
| 781,763 | | |
| 797,458 | |
| Right-of-use assets | |
| 664,696 | | |
| 578,494 | |
| Interest in joint venture | |
| 13,297 | | |
| 13,027 | |
| Warrant contract asset | |
| 1,525,580 | | |
| - | |
| Other financial assets | |
| 10,776 | | |
| 2,573 | |
| Deferred
tax assets | |
| 4,766 | | |
| 855 | |
| Total
non-current assets | |
| 3,000,878 | | |
| 1,392,407 | |
| | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Trade receivables | |
| 27,680 | | |
| 21,015 | |
| Prepaid expenses | |
| 34,216 | | |
| 26,844 | |
| Accrued income | |
| 61,289 | | |
| 29,516 | |
| Other receivables | |
| 70,165 | | |
| 76,764 | |
| Cash | |
| 747,601 | | |
| 278,825 | |
| Total
current assets | |
| 940,951 | | |
| 432,964 | |
| | |
| | | |
| | |
| Total
assets | |
| 3,941,829 | | |
| 1,825,371 | |
| | |
| | | |
| | |
| Equity | |
| | | |
| | |
| Share capital | |
| 652 | | |
| 529 | |
| Share premium | |
| 6,321,352 | | |
| 5,337,111 | |
| Foreign exchange translation
reserve | |
| 4,630 | | |
| 23,933 | |
| Accumulated
deficit | |
| (6,537,629 | ) | |
| (5,419,574 | ) |
| Total
equity | |
| (210,995 | ) | |
| (58,000 | ) |
| | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | |
| Provisions | |
| 5,929 | | |
| 12,332 | |
| Loans and borrowings (NC) | |
| 32,830 | | |
| 12,180 | |
| Non-current lease liabilities | |
| 651,555 | | |
| 567,082 | |
| Non-current trade and other
payables | |
| 10,276 | | |
| 11,388 | |
| Non-current warrant liabilities | |
| 1,279,275 | | |
| - | |
| Deferred
tax liabilities | |
| 633 | | |
| 593 | |
| Total
non-current liabilities | |
| 1,980,498 | | |
| 603,575 | |
| | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Loans and borrowings | |
| 16,472 | | |
| 4,060 | |
| Convertible debenture | |
| - | | |
| 207,716 | |
| Other financial liabilities | |
| - | | |
| 4,603 | |
| Current lease liabilities | |
| 81,239 | | |
| 75,471 | |
| Current warrant liabilities | |
| 1,027,638 | | |
| 128,381 | |
| Trade and other payables | |
| 411,043 | | |
| 265,701 | |
| Liabilities associated
with cash advances | |
| 389,423 | | |
| 354,842 | |
| Other liabilities | |
| 38,530 | | |
| 30,086 | |
| Deferred revenue | |
| 860 | | |
| 1,907 | |
| Deferred income - grants | |
| 46,374 | | |
| 60,243 | |
| Accrued
expenses | |
| 160,747 | | |
| 146,786 | |
| Total
current liabilities | |
| 2,172,326 | | |
| 1,279,796 | |
| | |
| | | |
| | |
| Total
liabilities | |
| 4,152,824 | | |
| 1,883,371 | |
| | |
| | | |
| | |
| Total
equity and liabilities | |
| 3,941,829 | | |
| 1,825,371 | |
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025 (UNAUDITED)
| | |
For
the six months ended June 30, | |
| (SEK in thousand) | |
2026 | | |
2025 | |
| Cash flow from operating
activities | |
| | | |
| | |
| Loss before
income tax | |
| (1,120,692 | ) | |
| (888,048 | ) |
| Adjustments for non-cash
items | |
| 487,705 | | |
| 645,328 | |
| Interest received | |
| 247 | | |
| 127 | |
| Interest paid | |
| (42,631 | ) | |
| (67,502 | ) |
| Income tax paid | |
| (4,487 | ) | |
| (4,628 | ) |
| Net
changes in working capital | |
| 143,146 | | |
| 29,559 | |
| Net
cash used in operating activities | |
| (536,712 | ) | |
| (285,164 | ) |
| | |
| | | |
| | |
| Cash flow from investing
activities | |
| | | |
| | |
| Purchase of property, plant
and equipment | |
| (49,413 | ) | |
| (77,431 | ) |
| Proceeds from sale of property,
plant and equipment | |
| 7,983 | | |
| 31,417 | |
| Proceeds from sale of non-current
asset, Design business | |
| 33,254 | | |
| - | |
| Net (placement in)/disposal
of non-current deposits | |
| (575 | ) | |
| 10,777 | |
| Investments
in interest in related company | |
| (7,500 | ) | |
| - | |
| Net
cash used in investing activities | |
| (16,251 | ) | |
| (35,237 | ) |
| | |
| | | |
| | |
| Cash flow from financing
activities | |
| | | |
| | |
| Proceeds from reverse recapitalization,
net | |
| 8,579 | | |
| - | |
| Proceeds from issue of
ordinary shares and warrants | |
| 1,060,717 | | |
| 107,040 | |
| Proceeds from issue of
convertible debentures | |
| - | | |
| 246,913 | |
| Transaction costs related
to the issue of shares | |
| (6,012 | ) | |
| - | |
| Change in factoring facility | |
| 35,313 | | |
| 72,628 | |
| Repayment of loans and
borrowings | |
| (3,971 | ) | |
| - | |
| Repayment
of lease liabilities | |
| (74,008 | ) | |
| (64,520 | ) |
| Net
cash flow provided by financing activities | |
| 1,020,618 | | |
| 362,061 | |
| | |
| | | |
| | |
| Net
cash flow for the period | |
| 467,655 | | |
| 41,660 | |
| | |
| | | |
| | |
| Cash at the beginning of the period | |
| 278,825 | | |
| 74,165 | |
| Exchange rate differences
in cash | |
| 1,121 | | |
| (3,025 | ) |
| Cash
at the end of the period | |
| 747,601 | | |
| 112,800 | |
Reconciliation
of constant currency revenue for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
| (USD in millions) | |
Six
Months Ended - As reported, | | |
Six
Months Ended - Foreign exchange impact, | | |
Six
Months Ended - In
constant currency, | | |
%
Change | |
| | |
Jun 2025 | | |
Jun 2026 | | |
Jun 2025 | | |
Jun 2026 | | |
Jun 2025 | | |
Jun 2026 | | |
As
reported | | |
Constant
currency | |
| Revenue | |
| 21.3 | | |
| 28.5 | | |
| - | | |
| 1.7 | | |
| 21.3 | | |
| 26.8 | | |
| 34 | % | |
| 26 | % |
