Oatly Reports Strong Q2 2026 Results: Positive Adjusted EBITDA, Revenue Growth, and Improved Margins
OTLY sits 22% above its 52-week low of $8.01 on elevated volume (2.0× avg).
Summary
Oatly reported strong Q2 2026 financial results, achieving positive Adjusted EBITDA and significant revenue growth with improved gross margins, despite a negative total equity position and increased potential dilution from warrants.
Key Events · Earnings and Guidance · OTLY
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Positive Adjusted EBITDA
Oatly reported positive Adjusted EBITDA of $0.422 million for Q2 2026, a significant improvement from a negative $3.563 million in Q2 2025, continuing the positive trend from Q1 2026.
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Strong Revenue Growth
Revenue increased by 15.2% to $240.1 million in Q2 2026 (12.7% on a constant currency basis) and by 15.4% to $468.4 million for H1 2026, driven by growth in Europe & International and North America.
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Improved Gross Margin
Gross profit margin expanded by 1.4 percentage points to 33.9% in Q2 2026 and by 1.6 percentage points to 33.7% for H1 2026, reflecting supply chain efficiencies.
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Reduced Net Loss
Net loss significantly narrowed to $(31.3) million in Q2 2026 from $(55.9) million in Q2 2025, and to $(43.5) million for H1 2026 from $(68.5) million in H1 2025.
Analysis · OTLY · Manufacturing
Oatly Group AB's Q2 2026 results show continued operational improvement, building on the positive momentum from Q1. The company achieved positive Adjusted EBITDA for the second consecutive quarter and significantly narrowed its net loss. Revenue growth was robust, and gross margins expanded, indicating better efficiency. While the company's total equity remains negative and there's an increase in outstanding warrants, the strong operational performance and reduced cash burn are positive signals for investors. The ongoing strategic review of the Greater China business adds a layer of uncertainty, but the core business is showing signs of recovery.
At the time of this filing, OTLY was trading at $9.78 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $282.6M. The 52-week trading range was $8.01 to $18.84. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.