Aspocomp reports record-high order book as revenue dips in Q1
Finnish PCB manufacturer Aspocomp closed the first quarter of 2026 with its highest-ever order book, even as revenue and profitability declined against a strong comparison period.
Net sales fell 6% YoYr to EUR 9.7 million, down from EUR 10.3 million in Q1 2025. The operating result dropped to EUR 0.2 million from EUR 0.8 million, leaving the company with an operating margin of 2.2%.
The primary cause was a supply chain disruption stemming from the bankruptcy of one of Aspocomp's equipment manufacturers in 2025, which created spare parts shortages and constrained production throughput throughout the quarter. Profitability was further weighed down by low-margin orders agreed in 2024, deliveries of which will continue into Q2 2026. A EUR 80,000 write-down on a 2020 investment in a failed PCB technology commercialisation also burdened the result.
Set against that, the order intake tells a different story. Orders received during the quarter rose 7% to EUR 12.2 million, and the order book at period end reached EUR 23.5 million — up 12% YoY and the highest level in the company's history. Part of that backlog extends to late 2027, giving Aspocomp an unusually long visibility horizon.
The demand mix underlines the company's strategic direction. During the quarter, 43% of orders received came from the semiconductor industry and 30% from the defence sector — two segments Aspocomp has identified as its primary growth drivers.
The expansion of the Oulu plant is, according to the company, progressing on schedule and within budget. During Q2, the warehouse will relocate to newly completed premises, and the first new production equipment will arrive. Full commissioning of the added capacity is planned in phases throughout 2027.
Aspocomp reiterates its full-year guidance: net sales are expected to grow and the operating result to improve compared to 2025, when the company reported net sales of EUR 38.2 million and an operating result of EUR 0.9 million.
