The strong Europe & International performance and improving North America retail trends support the reiterated guidance. The Greater China strategic review is a key catalyst to watch — a potential carve-out or sale could improve the balance sheet. With $513M in debt and only $362M market cap, any deleveraging event would be significant. Monitor Q2 2026 for continued margin expansion and cash flow improvement.
Price Chart
Executive Summary
Oatly reported Q1 2026 revenue of $228.3M (+15.6% YoY, +8.1% constant currency), with gross margin expanding 188bps to 33.4%. Adjusted EBITDA turned positive at $5.0M vs -$3.7M a year ago, while net loss narrowed slightly to $12.0M. The company reiterated its FY2026 outlook for constant currency revenue growth of 3-5% and Adjusted EBITDA of $25-35M, signaling confidence in the trajectory.
Key Facts
- Q1 2026 revenue $228.3M, up 15.6% YoY (8.1% constant currency)
- Gross margin 33.4%, up 188 bps from 31.6% in Q1 2025
- Adjusted EBITDA $5.0M vs -$3.7M in Q1 2025, a $8.7M improvement
- Net loss attributable to shareholders $12.0M vs $12.4M in Q1 2025
- Europe & International revenue up 27.1% to $136.8M; North America up 3.8% to $62.2M; Greater China down 2.1% to $29.3M
- Cash and cash equivalents $49.4M, total debt $513.1M as of March 31, 2026
- Reiterated FY2026 guidance: constant currency revenue growth +3% to +5%, Adjusted EBITDA $25-35M, capex $20-30M
- Strategic review of Greater China business continues, expected to complete within 2026
Financial Impact
Revenue growth of $30.8M YoY, gross profit improvement of $14.0M, Adjusted EBITDA swing of +$8.7M
Risk Factors
- High debt load ($513.1M) relative to equity ($4.5M) creates significant financial leverage risk
- Greater China revenue declined 6.4% constant currency; strategic review outcome uncertain
- Cash burn continues with negative free cash flow of $11.7M in the quarter
- Convertible notes with 9.25% PIK interest and conversion prices well above current ADS price imply potential dilution
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (OTLY) — Batch item 1 | 0001843586-26-000015 |
| Document: otly_6k_pr_1q26.htm | 0001843586-26-000016 |
| Document: 0001843586-26-000015-index-headers.html | 0001843586-26-000015 |
| Document: 0001843586-26-000015-index.html | 0001843586-26-000015 |
| Document: 0001843586-26-000015.txt | 0001843586-26-000015 |
| 6-K Filing (OTLY) — Batch item 6 | 0001843586-26-000016 |
| Document: 0001843586-26-000016-index-headers.html | 0001843586-26-000015 |
| Document: 0001843586-26-000016-index.html | 0001843586-26-000015 |
| Document: 0001843586-26-000016.txt | 0001843586-26-000015 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 28, 2026 28d ago | Press Release | $11.37 | awaiting T+60 | — | $11.69 (+2.81%) |
Jul 22, 2026 13w ago | 6-K | $10.78 $11.17 | ▲ +3.62% | ▲ +0.36% | $11.69 (+8.44%) |
Jun 17, 2026 18w ago | Press Release | $8.30 $12.71 | ▲ +53.13% | ▲ +49.98% | $11.69 (+40.84%) |
Jun 3, 2026 20w ago | Insider Cluster | $8.58 $14.67 | ▼ −70.98% | ▼ −69.10% | $11.69 (−36.25%) |
May 20, 2026 22w ago | Press Release | $10.00 $13.83 | ▲ +38.30% | ▲ +33.30% | $11.69 (+16.90%) |
Apr 29, 2026 25w ago | 6-K | $12.02 $13.37 | ▲ +11.23% | ▲ +7.12% | $11.69 (−2.75%) |
Apr 27, 2026 26w ago | Press Release | $11.59 $12.56 | ▲ +8.37% | ▲ +4.38% | $11.69 (+0.86%) |
Apr 10, 2026 28w ago | 6-K | $12.31 $9.65 | ▼ −21.61% | ▼ −31.94% | $11.69 (−5.04%) |
Mar 30, 2026 30w ago | Press Release | $9.62 $8.78 | ▼ −8.73% | ▼ −25.22% | $11.69 (+21.52%) |
Mar 13, 2026 32w ago | Press Release | $10.64 $8.23 | ▼ −22.65% | ▼ −33.13% | $11.69 (+9.87%) |
US Market Status
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