Q1 2026: +54% customer growth and SaaS40 at 40

Sonetel's first quarter in the new calendar year: strong customer growth, customer-acquisition cost cut to a third, and profitability that clears the rule-of-40 threshold. Plus the nuances behind the numbers.

On 26 May, Sonetel published its interim report for January – March 2026 — the company's first quarterly statement in the new calendar year, following the switch from a broken fiscal year. Here are the numbers that stand out, and the nuances behind them that a short report doesn't always show.

Highlights

ARR +15% in SEK to SEK 25.9M (22.5). In USD, stripped of the currency effect, growth is +22%.
Net revenue +12% to SEK 7.5M (6.7).
SaaS40 at 40 — the sum of net-revenue growth (12%) and EBITDA margin (28%). It's the rule of thumb in SaaS for balanced growth and profitability; reaching 40 means we're growing and profitable at the same time.
Active paying customers +54% to 33,857 (22,024).
CAC fell to SEK 47 from SEK 162 — the cost of acquiring each new paying customer down 71% in a year.
Gross margin 77%, EBITDA margin 28%, equity ratio 67%.

Three things to keep an eye on

1. Growth is holding — but the comparison base is inflated

When Microsoft shut down Skype in May 2025, we saw a customer inflow during April–June that averaged four times the normal level. That temporarily inflated the revenue base that Q1 2026 is now compared against. That's why the +54% year-on-year customer growth should be read with care. The underlying inflow is still running at roughly twice the 2024 normal level — so we haven't fallen back as the Skype wave has receded, but the precise YoY figure is higher than the long-term run rate. The Skype effect also carries into Q2 2026 and tapers off over the autumn.

2. Customer-acquisition cost fell 71%

The cost of acquiring a new paying customer fell from SEK 162 to SEK 47 in a year. We reduced our paid CPC advertising — that lowered the cost on the paid conversions and at the same time shifted the traffic mix toward organic, which pulls down the average CAC. A deliberate marketing choice.

3. The AI way of working is taking root in the company itself

We're adapting our organisation in India to an AI-orchestrated operating model. That means a headcount reduction of about 28 percent from 1 July 2026 and a structural saving of roughly SEK 1.2–1.5M per year. The decision was communicated separately on 19 May. It's the same AI-driven way of working that has been behind concrete deliveries over the past year: the rebuilt website where we now test variants in days instead of months, and the new iOS and Android apps completed during the quarter — for the first time, customers can both make and receive calls right inside the app.

What we're prioritising next

Rolling out the customer portal in autumn 2026 with an AI assistant and conversation intelligence, outbound SMS, and a new AI-based system for call recording, transcription and summarisation. Q2 will stay soft in year-on-year terms because of the Skype effect, but the work on higher conversion and lower churn continues.

The full interim report is available for download at sonetel.com/sv/investerare.