NASDAQ: OCTV
Octave Intelligence plcCIK 0002083632 · SIC 7372 · Prepackaged Software
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revenue $398.4M, net income -$1.97B. Octave Intelligence posts impairment charges in first quarter post-Hexagon spin
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Octave reports $2.1B impairment charge after spin-off as market cap falls below book value
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revenue $386.5M, net income $47.4M. Octave Intelligence spins off from Hexagon with debt load, ineffective controls
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Octave Intelligence completes $625M debt-funded spin-off from Hexagon AB
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Octave Intelligence spinoff from Hexagon AB cleared by SEC, distribution set for May 22
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Latest financial statements
From 10-Q filed Aug 12, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue: | ||||
| Subscriptions | 282,813 | 267,334 | 561,993 | 526,166 |
| Licenses | 39,104 | 50,983 | 74,229 | 93,622 |
| Subscriptions and licenses | 321,917 | 318,317 | 636,222 | 619,788 |
| Services and other | 76,497 | 95,024 | 148,693 | 176,357 |
| Total revenue | 398,414 | 413,341 | 784,915 | 796,145 |
| Cost of revenue: | ||||
| Cost of subscriptions and licenses | 39,980 | 41,724 | 83,766 | 81,208 |
| Cost of services and other | 52,783 | 65,190 | 97,820 | 125,268 |
| Total cost of revenue | 92,763 | 106,914 | 181,586 | 206,476 |
| Gross profit | 305,651 | 306,427 | 603,329 | 589,669 |
| Operating expenses: | ||||
| Research and development | 54,578 | 46,442 | 102,064 | 89,844 |
| Sales and marketing | 99,973 | 97,903 | 196,493 | 186,541 |
| General and administrative | 39,469 | 43,467 | 82,061 | 79,859 |
| Amortization of intangible assets | 44,570 | 38,284 | 87,563 | 75,637 |
| Other operating expense (income), net | 2,136,986 | (16,529) | 2,141,439 | (12,976) |
| Total operating expenses | 2,375,576 | 209,567 | 2,609,620 | 418,905 |
| Income (loss) from operations | (2,069,925) | 96,860 | (2,006,291) | 170,764 |
| Other income (expense), net | 3,754 | (340) | 4,102 | 211 |
| Interest expense, net | (1,757) | — | (1,757) | — |
| Income (loss) before income tax | (2,067,928) | 96,520 | (2,003,946) | 170,975 |
| Provision (benefit) for income taxes | (97,250) | 21,352 | (80,649) | 36,321 |
| Net income (loss) | (1,970,678) | 75,168 | (1,923,297) | 134,654 |
| Earnings per share basic and diluted | (7.34) | 0.28 | (7.16) | 0.50 |
| Weighted average ordinary shares outstanding basic and diluted | 268,438 | 268,438 | 268,438 | 268,438 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 304,147 | 156,069 |
| Accounts receivable, net | 375,640 | 400,686 |
| Prepaids and other current assets | 98,300 | 100,008 |
| Total current assets | 778,087 | 656,763 |
| Property and equipment, net | 23,417 | 54,642 |
| Property and equipment held for sale | 30,888 | — |
| Operating lease right-of-use assets | 52,037 | 50,605 |
| Goodwill | 4,554,993 | 6,221,366 |
| Intangible assets, net | 1,161,836 | 1,649,408 |
| Deferred income taxes | 31,441 | 29,903 |
| Other noncurrent assets | 57,051 | 33,564 |
| Total assets | 6,689,750 | 8,696,251 |
| LIABILITIES | ||
| Current liabilities: | ||
| Accounts payable | 54,834 | 48,765 |
| Accrued compensation | 90,328 | 113,532 |
| Deferred revenue | 436,983 | 380,612 |
| Operating lease liabilities | 13,991 | 15,683 |
| Other current liabilities | 160,153 | 94,282 |
| Total current liabilities | 756,289 | 652,874 |
| Long-term debt | 621,284 | — |
| Operating lease liabilities noncurrent | 39,604 | 36,770 |
| Deferred income taxes | 152,584 | 269,152 |
| Other noncurrent liabilities | 40,039 | 59,820 |
| Total liabilities | 1,609,800 | 1,018,616 |
| Commitments and contingencies (Note 12) | ||
| EQUITY | ||
| Preferred shares, $0.01 par value; 1,000,000 shares authorized; no shares issued | — | — |
| Class A Ordinary Shares, $0.01 par value; 4,500,000 shares authorized | 110 | — |
| Class B Ordinary Shares, $0.01 par value; 4,500,000 shares authorized | 2,574 | — |
| Additional paid-in-capital | 6,783,958 | — |
| Net investment by Hexagon | — | 7,749,558 |
| Retained earnings | (1,629,928) | — |
| Accumulated other comprehensive loss | (76,764) | (71,923) |
| Total equity | 5,079,950 | 7,677,635 |
| Total liabilities and equity | 6,689,750 | 8,696,251 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income (loss) | (1,923,297) | 134,654 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 93,416 | 81,648 |
| Stock-based compensation expense | 6,703 | 6,802 |
| Deferred income taxes | (97,472) | 12,183 |
| Impairment charges | 2,134,660 | — |
| Remeasurement of contingent consideration reserves | (2,622) | (12,544) |
| Restructuring charges | (10,103) | (975) |
| Other | (112) | 1,546 |
| Changes in assets and liabilities, net of effect from acquisitions: | ||
| Accounts receivable | 22,678 | 17,979 |
| Prepaids and other current assets | 2,382 | (5,979) |
| Accounts payable | 4,080 | (396) |
| Accrued compensation | (23,204) | (14,969) |
| Deferred revenue | 31,492 | 29,972 |
| Other assets and liabilities | 2,277 | (1,403) |
| Net cash provided by operating activities | 240,878 | 248,518 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (5,095) | (3,540) |
| Capitalization of software development costs | (60,271) | (66,443) |
| Acquisitions, net of cash acquired | (11,115) | (16,751) |
| Purchases of investments | (15,000) | — |
| Proceeds from divestitures | — | 4,136 |
| Other | (773) | (1,305) |
| Net cash used in investing activities | (92,254) | (83,903) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of term loans | 524,420 | — |
| Proceeds from revolving credit facility | 149,070 | — |
| Repayment of revolving credit facility | (46,500) | — |
| Debt issuance costs | (3,779) | — |
| Net transfers to Hexagon | (16,048) | (166,195) |
| Cash payment to Hexagon in connection with the Distribution | (625,000) | — |
| Payment of contingent consideration | (606) | — |
| Proceeds from other short-term borrowings | 22,903 | — |
| Net cash provided by (used in) financing activities | 4,460 | (166,195) |
| Effect of foreign exchange rate changes on cash and cash equivalents | (5,006) | 6,015 |
| Net increase in cash and cash equivalents | 148,078 | 4,435 |
| Cash and cash equivalents at beginning of period | 156,069 | 97,214 |
| Cash and cash equivalents at end of period | 304,147 | 101,649 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗