NVNI Group Limited (NASDAQ: NVNI), a Brazil-based acquirer and operator of B2B SaaS companies, reported unaudited results for the six months ended June 30, 2026, showing an operating income of R$19.6 million compared with an operating loss of R$32.0 million in the same period a year earlier.

Net operating revenue was R$97.4 million, essentially flat versus R$98.2 million in the first half of 2025. Platform subscription revenue, which accounted for 93% of total revenue, was R$90.5 million. Gross profit rose 7% to R$66.3 million, with gross margin expanding 500 basis points to 68.1%.

General and administrative expenses fell 24.6% to R$31.6 million, and total personnel costs declined 18.2% to R$43.6 million. Adjusted EBITDA rose 54% to R$28.0 million, with an adjusted EBITDA margin of 28.7% versus 18.5% a year earlier.

The company reported a net loss of R$14.0 million, reduced from R$57.5 million in the first half of 2025. Net loss per share was R$1.63 compared with R$6.52. Net cash generated from operating activities was R$15.1 million, versus R$2.1 million used in the prior-year period.

Cash and cash equivalents stood at R$9.8 million on June 30, 2026, down from R$13.5 million at year-end 2025. The company reported a shareholders' deficit of R$176.3 million and a working capital deficit of R$363.6 million. Deferred and contingent acquisition consideration totaled R$293.8 million, and loans from investors totaled R$62.0 million.

On July 7, 2026, the company repaid the remaining R$2.8 million of non-convertible debentures at scheduled maturity, releasing associated covenant obligations and asset liens.

"Our task now is to bring the capital structure in line with the performance of the operating businesses," said Pierre Schurmann, founder and chief executive officer. "Deferred acquisition consideration and legacy financing continue to absorb capital, and we are pursuing a comprehensive restructuring of those obligations."