Tistel posts profitable first year

The Daniel Ek-backed defence technology company reported strong early results, with deferred revenue pointing to a growing pipeline and further recruitment planned for 2026.

By Hampus Skoglund

June 25, 2026 8:27 AM

Tistel, the defence technology company backed by Spotify founder Daniel Ek and the Wallenberg family, has reported a strong start to its first year of operations.

According to the company's first annual report, Tistel generated revenue of SEK 28.5 million during its first ten months of trading, covering the period to the end of the 2025 financial year.

Operating profit reached SEK 8.1 million, while profit after tax totalled SEK 6.5 million.

The company develops autonomous unmanned vehicles for applications including surveillance, civil preparedness and the protection of critical infrastructure. The business is led by Anna Settman, the former chief executive of Aftonbladet.

The balance sheet also records more than SEK 31 million in deferred revenue, indicating that customers have already placed orders or entered into commitments to purchase systems that have yet to be delivered.

- There is strong interest in the technology we are developing, and we have several promising commercial discussions under way, Settman told Breakit.

According to Settman, Tistel currently employs nearly 30 people, primarily engineers with backgrounds in the defence and aerospace sectors, and expects to continue recruiting throughout 2026.

At the end of the financial year, the company held cash and cash equivalents of nearly SEK 64 million.

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