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Octave Intelligence plc reported modest top-line growth while preparing to operate as a newly independent public company. For the quarter ended March 31, 2026, revenue rose 1% to $386.5 million, driven by 25% SaaS growth and 5% maintenance subscription growth, partly offset by an 18% decline in licenses and an 11% drop in services tied to prior divestitures.
Gross margin improved to 77%, lifting gross profit to $297.7 million, but higher R&D, sales, and G&A costs plus higher amortization reduced income from operations to $63.6 million and net income to $47.4 million, or $0.18 per share. Operating cash flow remained strong at $115.4 million, with free cash flow of $82.0 million and cash of $175.5 million.
Following the May 22, 2026 spin-off from Hexagon, Octave put in place new senior unsecured credit facilities and used borrowings to fund a $625 million cash payment to Hexagon. Subsequent events include a planned $57 million sale-leaseback of its headquarters and an expected non-cash impairment of substantially all $481.1 million of trademark intangible assets as the company transitions to a unified Octave brand. Management is also remediating previously identified material weaknesses in internal control over financial reporting.
Melker Schorling AB and related Swedish entities reported a significant stake in Octave Intelligence plc following a spin-off from Hexagon AB. Through a pro rata distribution completed on May 22, 2026, they collectively became beneficial owners of 58,433,144 Class B Ordinary Shares, equal to 21.8% of that class and 42.9% of Octave’s total voting power. This position reflects 11,025,000 Class A shares (each carrying ten votes) and 47,408,144 Class B shares held via MSAB, plus an additional 1,050 Class B shares held directly by Sofia Schorling Hogberg. A Registration Rights Agreement gives MSAB demand and piggyback registration rights and requires Octave, after the first anniversary of the distribution, to maintain a shelf registration for resales of these shares.
Octave Intelligence plc has completed its spin-off from Hexagon AB, distributing Octave A and B ordinary shares to Hexagon shareholders and listing Octave securities in Stockholm and on Nasdaq New York under the ticker OCTV.
To fund a $625 million cash payment to Hexagon tied to the separation, Octave drew fully on a senior unsecured term loan and borrowed about $120 million and €25 million under a revolving credit facility, under an overall multi-currency credit agreement of up to $500 million in revolver capacity, $350 million in U.S. dollar term loans and €150 million in euro term loans.
The company switched its independent auditor from PwC Sweden to PwC US, disclosed previously identified material weaknesses in internal control, granted one-time transaction bonuses to key executives, and adopted an executive annual incentive plan tied to performance goals.