Nordic Defense and Optical Networks Post Record Q2 Revenue: Kongsberg +31%, Smartoptics +54.6%

The Quick Take

• Kongsberg Gruppen posted a 31% revenue surge past NOK10 billion for Q2 2026, its first time crossing the threshold
• Smartoptics Group surged 54.6% in revenue despite gross margin pressure and cash reserve challenges
• Both Norwegian companies reflect defense and fiber optics infrastructure spending tailwinds in Nordic markets

Two Norwegian companies — defense and maritime technology giant Kongsberg Gruppen and optical networking specialist Smartoptics Group — both reported record quarterly revenue for Q2 2026, reflecting distinct but complementary demand cycles driving Nordic mid-cap growth, according to GuruFocus earnings call summaries. Kongsberg Gruppen surpassed the symbolic NOK10 billion quarterly revenue threshold for the first time, representing a 31% year-over-year increase, as the company's defense electronics, missile systems, and remote weapon station products continued to benefit from European NATO member nations accelerating military procurement following Russia's 2022 Ukraine invasion. Kongsberg also highlighted expansion of global production capabilities and exploration of new business models for its defense and maritime technology divisions.

Smartoptics Group delivered an even more striking 54.6% revenue increase in the same quarter, with management citing strategic market expansion across European and US enterprise optical networking customers seeking cost-effective alternatives to traditional hyperscaler-adjacent networking equipment. The concurrent strength of both Kongsberg and Smartoptics reflects the broad-based infrastructure investment cycle underway across European markets: defense technology procurement driven by NATO spending commitments, and optical networking driven by data center capacity expansion and enterprise fiber broadband buildout. Smartoptics' management flagged gross margin compression and cash reserve pressures, suggesting the company is investing aggressively in capacity and market share ahead of expected further revenue growth.

For investors in Nordic mid-cap equities traded through OTC markets under NSKFF (Kongsberg) and SMOPF (Smartoptics), the Q2 earnings signals suggest both companies are riding durable infrastructure cycles with multi-year demand visibility. Watch for Kongsberg's order intake disclosure for defense electronics segments and any commentary on Stellant or NATO procurement contract timelines as directional indicators for forward revenue trajectory. Smartoptics' ability to recover gross margins in subsequent quarters while maintaining revenue growth will be the key metric for evaluating whether the hyper-growth Q2 period converts into profitable scale or sustained margin dilution from aggressive market expansion spending.

Synthesized from 2 sources.