Circular technology specialist Foxway delivered a strong start to 2026, reporting first-quarter revenue of approximately €201 million, up 25.8% compared to the same period last year.

The company also returned to profitability, posting an operating profit of around €4.9 million after recording an operating loss of approximately €0.4 million in the first quarter of 2025. Operating earnings before depreciation and non-recurring items also saw significant improvement during the period.

Despite the positive financial performance, operational cash flow remained negative at roughly €8.5 million. Foxway attributed this to strategic inventory investments aimed at meeting rising customer demand and capitalizing on favorable purchasing opportunities.

The quarter was marked by several strategic developments. Foxway secured a capital injection of approximately €27.7 million from investors Nordic Capital and Norvestor, strengthening its position for future growth. The company also expanded its refurbishment capabilities through the acquisition of Romanian refurbishment specialist ABD (All Birotic Devices Trade & Service SRL).

Leadership changes were another highlight of the quarter. Sara Lindstrand joined the company as Chief Sustainability Officer, Rohit Sodha was appointed President of Recommerce Mobiles, and Erik Hedström took on the role of Chief Digital Officer.

Foxway also strengthened its presence within the circular economy ecosystem by participating in industry events including Mobile World Congress 2026 and CCS Circular Markets 2026, where discussions focused on circular technology, data utilization, and artificial intelligence.

Commenting on the results, CEO Patrick Höijer described the quarter as a strong start to the year. While acknowledging ongoing market uncertainty driven by AI-related component shortages and geopolitical tensions, he emphasized that Foxway’s broad circular offering and operational execution position the company well for sustained long-term growth.

Among the company’s business units, Circular Workspace Solutions recorded revenue growth of 22.8% at constant exchange rates. Growth was driven by new customer wins, expanding service offerings, and strong performance during the early lifecycle stages of deployed equipment. The division also moved from a loss-making position to profitability.

Meanwhile, Recommerce Computer & Enterprise delivered one of its strongest quarters to date, achieving organic growth of 68.7%. Foxway attributed the performance to robust demand for hardware supporting AI applications, combined with a healthy supply of used devices entering the reuse and remarketing market.