LS telcom AG
LS telcom provides software and engineering for planning, managing and monitoring radio spectrum.
Overview
Latest results
Oct 2025–Mar 2026 · Reported in EUR
Latest financial publication
H1 2025/26 results
Investment Thesis
A small spectrum specialist needs a stronger delivery rhythm
European Tech Equities analysis ·
Scarce spectrum creates specialised work
LS telcom AG helps regulators, operators and other users plan and monitor radio spectrum. More wireless applications increase the difficulty of avoiding interference and assigning frequencies effectively. Its opportunity is to sell repeatable software and monitoring systems around that need, while keeping bespoke engineering and international project costs under control.
The order base is stronger than the current profit
For the six months to March 2026, revenue was €17.1 million against €17.7 million a year earlier, and EBIT was a €0.8 million loss. The report recorded a €36.5 million backlog, plus new North American work and a defence-related order from a NATO member. Those contracts establish demand, but the important question is how much gross profit their delivery leaves behind.
New radio systems create work before mass adoption
Worldwide mobile-network development creates planning, coordination and testing requirements. ITU’s IMT-2030 process places 6G radio proposals in a 2027–2029 window, so widespread 6G network spending should not be assumed today. European and wider NATO security priorities offer a nearer route for spectrum monitoring. LS telcom’s disclosed defence order supports that connection, although each procurement still needs its own funding and timetable.
Payment timing matters at this scale
March cash was €2.8 million against €10.4 million of current and non-current financial liabilities. The balance sheet leaves limited room for projects that consume engineering time while payments wait for acceptance. Backlog conversion needs to improve profitability and cash collection together. A large contract can strengthen the business, but unfavourable milestones can also increase its financing needs.
A niche is valuable when it earns repeatable profit
A valuation should reflect the proportion of recurring software and support, the margin on monitoring projects and the cash needed to deliver them. Assigning a premium simply because spectrum is scarce would skip those economics. The case improves if backlog supports sustained positive earnings without a matching increase in debt or working capital.
What would weaken the case
- Government or regulatory project acceptance slips, delaying revenue and payments.
- Engineering effort rises faster than contract value, keeping operating profit negative.
- Financing needs increase before the backlog converts into cash.
Sources
Financials
The business in numbers
Latest
Income statement
| For the periodEUR million | H1 2024/25 | H1 2025/26 |
|---|---|---|
| Revenue | 17.71 | 17.08 |
| Operating profit (EBIT) | -0.64 | -0.82 |
| Operating margin | -3.6% | -4.8% |
| Net income | -1.28 | -1.55 |
Cash flow
| For the periodEUR million | H1 2024/25 | H1 2025/26 |
|---|---|---|
| Operating cash flow | -1.40 | -0.12 |
| Capital expenditure | 2.19 | 2.22 |
| Free cash flow | -3.59 | -2.34 |
Balance sheet
| At period endEUR million | H1 2025/26 |
|---|---|
| Cash & cash equivalents | 2.77 |
| Total debt | 10.36 |
| Net debt / (net cash) | 7.59 |
| Total assets | 36.47 |
| Total liabilities | 23.19 |
| Total equity | 13.27 |
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Half-year financial report, pp. 5–8. Fiscal year ends 30 September. Debt comprises current and non-current financial liabilities.
Half-year
Income statement
| For the periodEUR million | H1 2024/25 | H1 2025/26 |
|---|---|---|
| Revenue | 17.71 | 17.08 |
| Operating profit (EBIT) | -0.64 | -0.82 |
| Operating margin | -3.6% | -4.8% |
| Net income | -1.28 | -1.55 |
Cash flow
| For the periodEUR million | H1 2024/25 | H1 2025/26 |
|---|---|---|
| Operating cash flow | -1.40 | -0.12 |
| Capital expenditure | 2.19 | 2.22 |
| Free cash flow | -3.59 | -2.34 |
Balance sheet
| At period endEUR million | H1 2024/25 | H1 2025/26 |
|---|---|---|
| Cash & cash equivalents | — | 2.77 |
| Total debt | — | 10.36 |
| Net debt / (net cash) | — | 7.59 |
| Total assets | — | 36.47 |
| Total liabilities | — | 23.19 |
| Total equity | — | 13.27 |
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Half-year financial report, pp. 5–8. Fiscal year ends 30 September. Debt comprises current and non-current financial liabilities.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Spectrum Summit 2026: “Importance of Resilience in Spectrum Management”
AFCEA Luncheon Forum: The Electromagnetic Spectrum as a Key to National Resilience (The event will be held in German.)
Celebrating 30 Years of the LS telcom USERgroup
Walter Denk Named Future CEO in Planned Leadership Transition
H1 2025/26 results
Company publications
LS telcom AG · H1 2025/26 financial report
Interviews
Interviews are coming soon
No interviews with LS telcom AG have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2025/26 · Published Jun 18, 2026 · Checked Sep 14, 2026
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-09-14
