Q4
SMOLTEK NANOTECH HOLDING AB | Year-end Report JANUARY-DECEMBER 2025
The year and fourth quarter in brief (Group)
JANUARY-DECEMBER 2025The Group's net sales for the full year 2025 were SEK 876 thousand, compared to SEK 1,881 thousand the previous year
The Group's result for 2025 amounted to SEK -36,088 thousand (-33,399)
Earnings per share for the full year was SEK -0.28 compared to SEK -0.67 the previous year
Smoltek Semi has signed an agreement with the Taiwanese Industrial Technology Research Institute (ITRI) for small-scale production of CNF-MIM capacitors
Smoltek Semi has presented the CNF-MIM technology at Semicon Taiwan together with ITRI
Smoltek Hydrogen has initiated a strategic collaboration with Heraeus Precious Metals to maximize the use of iridium in porous transport electrodes in PEM electrolyzers to produce more hydrogen per gram of iridium
Smoltek Hydrogen has initiated a strategic collaboration with Impact Coatings - a global player in PVD coatings
Magnus Andersson was appointed new CEO of Smoltek
Oskar Säfström was elected new Chairman of the Board of Smoltek Nanotech Holding
Q4 2025Net sales for the last three months of the year were 560 thousand SEK (0)
The Group's result amounted to -8,048 thousand SEK (-10,224)
Earnings per share for the fourth quarter were -0.04 SEK, compared to the previous year (-0.13)
Smoltek Semi has installed its own plasma-enhanced ALD system for high-quality thin film deposition
Smoltek has developed from a research-driven startup in nanotechnology to a supplier of application-specific innovations to global players in semiconductors (capacitors) and the energy sector (electrolyzers/fuel cells)
KEY RATIOS | ||||
Smoltek Group, SEK thousand | Q4 2024 | Q4 2023 | Full year 2024 | Full year 2023 |
Net sales | 560 | 0 | 876 | 1,881 |
Earnings for the period | -8,048 | -10,224 | -36,088 | -33,399 |
Earnings per share, before dilution (SEK) | -0.04 | -0.13 | -0.28 | -0.67 |
Earnings per share, after possible dilution (SEK) | -0.04 | -0.13 | -0.28 | -0.63 |
Equity | 73,623 | 83,097 | 73,623 | 83,097 |
Cash and cash equivalents | 6,397 | 6,378 | 6,397 | 6,378 |
Equity ratio (Equity/total capital) | 75.1% | 90.1% | 75.1% | 90.1% |
Return on equity (Earnings for the period/equity) | -10.9% | -12.3% | -49.0% | -40.2% |
Return on total capital (Earnings for the period/total capital) | -8.2% | -11.1% | -36.9% | -36.2% |
Cash liquidity (Current assets/current liabilities) | 130.3% | 125.4% | 130.3% | 125.4% |
Number of shares outstanding (thousands) | 180,799 | 77,018 | 180,799 | 77,018 |
Number of shares outstanding, after possible dilution (thousands) | 220,561 | 77,133 | 220,561 | 77,133 |
Average number of shares (thousands) | 180,143 | 76,844 | 128,132 | 49,646 |
Average number of shares, after dilution (thousands) | 219,262 | 76,959 | 167,250 | 49,761 |
THIS IS SMOLTEK
We address two global macro trends - the ever-increasing amount of data in processors and the enormous demand for more energy that follows in its wake.
Our patent-protected technology significantly increases the available surface area for chemical and electrical processes. This enables the manufacture of more compact and powerful products, which are also more energy and cost-efficient, in a variety of industrial sectors.
AREAS OF OPERATION | ||
SEMICONDUCTORS | HYDROGEN | IP PATENTS |
Our pioneering carbon nanotechnology | Our technology platform is also rele- | We protect our unique technology |
enables the manufacture of compo- | vant to the hydrogen industry and the | platform through an extensive and |
nents with smaller form factors, and | production of fossil-free hydrogen. | growing patent portfolio consisting of |
which have higher performance and | Today we are developing a porous | over 120 patent assets, and of which |
lower energy consumption than con- | transport electrode that uses only a | 97 patents have been granted as of |
ventional products in the semicon- | minimal amount of iridium, which will | december 31, 2025. |
ductor industry. | enable the hydrogen industry to scale | |
We are developing ultra-thin capaci- | up the production of PEM electrolyzers | The wide patent protection makes our technology hard to copy, which |
tors that can be placed closer to app- | that are both smaller and more | gives us a strong position on the |
lication processors, for example in AI | efficient. | market. In addition, our deep know- |
chips, High-Performance Computing | For PEM fuel cells, the technology can | how in the manufacture of nanofibers |
(HPC) and optoelectronics, which pro- | be used to significantly improve con- | makes our applications completely |
vides an advantage over competing | tact resistance in bipolar plates. | unique. |
capacitor technology. | ||
With our technology, we contribute to securing access to sustainable, reliable and renewable energy. Clean fuels are a prerequisite for being able to meet many of the challenges the world is facing today.
With our technology, we contribute to making industries and infrastructure more sustainable. Innovation and technoogical progress are crucial to finding long-term solutions to both economic and environmental challenges.
With our technology, we contribute to a sustainable development of how we produce and use goods, which can provide environmental benefits such as increased competitiveness and growth.
With our technology, we contribute to reducing emissions of green-house gases, which can prevent the global temperature rise that otherwise risks threatening ecosystems, ocean acidification and food production.
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Magnus Andersson comments on the fourth quarter
Dear Investors,
Over the past year, Smoltek has taken several crucial steps in our journey towards commercializing the company's unique nanotechnology platform. We have moved from primarily focusing on technology development to now building the infrastructure and strategic partnerships required to scale up industrial production.
Our business is based on two global and growing pillars: the semiconductor industry and the hydrogen market. In both of these areas, we address critical technical challenges, where our proprietary carbon nanotechnology offers solutions that are more cost-effective and provide additional competitive advantages over today's alternatives.
Breakthrough in semiconductors and AI infrastructure
In our capacitor business area, we have reached an important milestone during the year by establishing initial production capacity. Thanks to the collaboration with the world-leading semiconductor research institute ITRI in Taiwan, as well as the installation of our new ALD (Atomic Layer Deposition) system, we have established a structure to deliver prototypes and low-volume series of our first product, Gen-One.
Based on Gen-One, we see an interesting entry market for our capacitor technology in the growing market for RF applications and optoelectronics. Going forward, we are also optimistic about the potential in power supply for data centers and AI infrastructure, where the need for extremely compact and efficient components is crucial for the industry's continued growth.
Green hydrogen with lower material costs
In the hydrogen area, we have deepened our strategic collaboration with Heraeus. Our focus is clear: to make the production of green hydrogen economically sustainable. By using our nanotechnology in electrolyzers, we can radically reduce the need for the rare and extremely expensive precious metals iridium and platinum. This creates direct economic benefits for our future customers and is an important contribution to the global energy transition.
Financial strength and issues in 2025
To support the strategic development and secure the capital base, several measures were implemented in 2025. In June, a rights issue was carried out that provided the company with approximately SEK 26 million. At the same time, parts of previously issued convertible bonds were
converted into shares, which increased the share capital and confirmed investor confidence. Overall, these measures, including the recently completed bridge financing, have strengthened our capital base and provide us with the conditions to continue commercialization.
Focus on innovation and partnerships
During the year, we have strengthened our technological leadership through continued R&D investments, patent activities and external validations, and entered into new confidentiality agreements with global players for possible product integration. Together with planned reinforcements in business development and commercial project management, we are well positioned for the next phase, with a focus on in-depth customer dialogues, external validation and step-by-step commercialization, supported by a production infrastructure ready for delivery.
Finally, I would like to thank our shareholders, employees and partners for your continued trust. We enter 2026 with confidence and a clear ambition to convert our technological strength into long-term shareholder value.
Magnus Andersson
CEO, Smoltek Nanotech Holding AB
Significant events - during the period
Smoltek Hydrogen participated in the Hydrogen Technology World Expo in HamburgThe panel of experts at Hydrogen Technology World Expo
October 21-23: Smoltek Hydrogen participated in the Hydrogen Technology World Expo 2025 in Hamburg, Germany -one of Europe's leading industry trade shows for innovation in hydrogen and electrolysis technology. Ellinor Ehrnberg, CEO of Smoltek Hydrogen, was invited to a panel discussion on the topic "Overcoming the Key Obstacles in Electrolyzer Expansion", where she highlighted one of the most crucial challenges for the hydrogen industry today - the global shortage of iridium.
Smoltek Semi installs in-house ALD systemOn October 24, it was announced that Smoltek Semi has acquired and commissioned a plasma-enhanced ALD (Atomic Layer Deposition) system in the cleanroom at Chalmers MC2 laboratory. The system enables high-quality ALD film deposition. With this capability, Smoltek Semi can complete a complete coating cycle within one day - reducing the development time for the company's CNF-MIM capacitors from up to a month to just one day. The acquisition marks an important strategic milestone that gives Smoltek full control over process development and enables the company to develop its own ALD recipes optimized for carbon nanofibers - an expertise that is not available externally. This strengthens the company's technical leadership and expands its IP portfolio in advanced dielectric stack development.
Smoltek Hydrogen begins development project in hydrogen technology with Heraeus Precious Metals On November 4, it was announced that Smoltek Hydrogen and Heraeus Precious Metals, a global leader in preciousmetals, are beginning a joint development project in hydrogen technology.
Smoltek Hydrogen has received an order for prototypes of PTE (Porous Transport Electrode) electrodes with reduced iridium content, to be used in a joint development project. The project marks an important step towards the industrialization of low-iridium PEM electrolyzer technology.
"This project lays the foundation for a strategically important collaboration between Smoltek Hydrogen and Heraeus.
Ellinor Ehrnberg
Together we are testing a product that has the potential to truly innovate PEM electrolyzers while simultaneously securing the supply of iridium," says Ellinor Ehrnberg, CEO of Smoltek Hydrogen.
CNF-MIM Capacitors Pass 1,000-Hour Reliability TestOn November 5, it was announced that Smoltek Semi has reached an important technical milestone in the development of the carbon fiber-based CNF-MIM technology.
The capacitors have successfully passed a 1,000-hour high-temperature life test, confirming the robustness of the technology for advanced applications. The successful test proves the long-term reliability and strengthens the ongoing industrialization work together with Yageo and other potential partners, which also brings the technology closer to commercial production.
Smoltek Semi optimizes advanced PECVD systemOn November 14, it was announced that Smoltek Semi is working to optimize the company's advanced PECVD system to ensure implementation of the latest technological innovations in CNF synthesis, enabling Smoltek Semi to meet
Significant events - during and after the end of the period
customer requirements, prior to installation of the system at the Industrial Technology Research Institute (ITRI) in Taiwan. In parallel, the production of CNF-MIM prototypes in collaboration with ITRI is ongoing according to plan with existing PECVD equipment.
Smoltek launches podcast about materials technology and investmentOn November 20, the company launched SmolTALK - a podcast about Smoltek's disruptive materials technology, primarily from a business and investor perspective. The format is conversations between CEO Magnus Andersson and invited guests - researchers, entrepreneurs, industry experts or investors. In the first episode, the company's CTO, Farzan Ghavanini, was interviewed, who talked about the development of Smoltek's CNF-MIM technology for ultra-thin capacitors. In the second episode, which was published on December 15, Fabian Wenger, Technical Development Manager for Smoltek Hydrogen, was interviewed, who gave his view on the development of the company's electrode technology for electrolyzers.
Smoltek marks 20 years of nanotechnology innovation On December 12, it was announced that Smoltek officially turns 20. The company continues its work to commercialize its groundbreaking nanotechnology platform and enable large-scale industrial applications.Since its inception in December 2005, the company has evolved from a research-driven startup to a provider of disruptive technologies to global players in the semiconductor, electrolysis and fuel cell fields. Smoltek has built a solid foundation through scientific breakthroughs, strategic partnerships and the development of a global patent portfolio
- from the company's earliest methods for growing carbon nanostructures to today's applicationspecific innovations.
Smoltek carries out a set-off issue to QamcomOn December 16, Smoltek announced that it had carried out a set-off issue for payment of technical consulting services from Qamcom. The issue comprises 727,783 new shares allocated to Qamcom Group AB, which were paid by setting off Qamcom's claims on Smoltek regarding consulting costs accrued during the period December 1, 2024 to November 30, 2025. The set-off issue is taking place within the framework of the cooperation agreement that was entered into in 2023 to ensure continued high pace in Smoltek's technology and product development within semiconductors and hydrogen, where parts of the compensation to Qamcom are settled through directed new issues. The subscription price in the issue amounts to approximately SEK 0.42 per share.
Nomination Committee for the 2026 Annual General MeetingOn December 30, the composition of the Nomination Committee for the 2026 Annual General Meeting was announced, consisting of Sophia Johansson (Chairman), Lisa Gramnaes and Billy Jörgensen.
Significant events after the period
Smoltek Hydrogen participates in Swedish-German cleantech acceleratorOn January 28, it was announced that Smoltek Hydrogen has been accepted into the Swedish-German Cleantech Platform 2026, an accelerator that enables commercial expansion of the company's fuel cell and PEM electrolyzer technology in the rapidly growing German hydrogen market.
Dr. Shafiq Kabir, founder of Smoltek
Smoltek's CNF-MIM capacitors show 1,000 times lower current leakage in life test
On February 5, it was announced that Smoltek's CNF-MIM capacitors show excellent stability in a new 1,000-hour life test at 85 °C with a constant voltage of 2 volts. No measurable degradation was observed, and the capacitors showed more than 1,000 times lower current leakage compared to the previous life test, which strengthens Smoltek's position in ongoing dialogues with industrial players and partners.
Significant events - during and after the end of the period
Smoltek announces management changeOn February 11, it was announced that Pia Tegborg will leave her role as CFO after seven years with the company. Pia will remain in her position during the notice period, ensuring a stable transition of her responsibilities. The board has taken steps to ensure continuity in the financial function and has initiated the recruitment process for a new CFO.
Smoltek strengthens liquidity by raising a loan of SEK 6 million with conversion options7
On February 11, it was announced that the company had entered into an agreement for a loan of a total of SEK 6 million. The loan is provided by a consortium consisting of seven lenders, including the company's Chairman of the Board Oskar Säfström and Board member David Gramnaes (through Gramtec Invest AB), both of whom are major shareholders in Smoltek, as well as the company's CEO Magnus Andersson (through Innocreate AS). The loan, which can be converted into shares in Smoltek under certain conditions, has been raised with the aim of strengthening the company's working capital and liquidity. At the same time, Smoltek is reviewing its options to strengthen its long-term financing.
Smoltek accelerates path to commercializationOn February 11, it was announced that Smoltek continues to strengthen the commercialization of its nanotechnology platform for capacitors and electrodes. The company has entered into additional non-disclosure agreements (NDAs) with potential industrial partners and established initial production capacity for the company's capacitor technology through new ALD equipment and the collaboration with ITRI in Taiwan. The company is also implementing organizational changes and strengthening, among other things, business development and commercial project management.
Financial outcome
TurnoverNet turnover for the full year amounted to SEK 876 thousand (1,881). Net sales for the fourth quarter were SEK 560 thousand (0).
ExpensesExpenses during the year amounted to SEK -39,041 thousand (-46,213), and SEK -9,883 thousand (-11,361) for the fourth quarter. The lower cost base during the year is mainly due to reduced project and personnel costs.
ResultsThe year's result for the group was SEK -36,088 thousand (-33,399) after financial items. For the fourth quarter, the result was SEK -8,048 thousand (-10,224) after financial items.
Cash flow and financial positionCash flow from operating activities amounted to SEK
-23,936 thousand (-28,569). Cash and cash equivalents, including short-term investments, at the end of the period amounted to SEK 6,397 thousand (6,378).
FinancingLong-term interest-bearing liabilities amounted to SEK 16,700 thousand (682) and relate to convertible loans issued in January 2025. The previous year's long-term interest-bearing liabilities of SEK 682 thousand consisted of
a seed loan granted by the Västra Götaland Region in 2006, which was forgiven in 2025.
InvestmentsThe balance sheet item intangible fixed assets as of 31 December 2025 amounted to SEK 71.8 million.
Total investments in intangible fixed assets in the Group amounted to SEK 15.4 million in 2025, distributed between the subsidiaries Smoltek AB (61.3%) and Smoltek Hydrogen AB (38.7%). For the fourth quarter, these investments amounted to SEK 4.2 million, divided between Smoltek AB (57.1%) and Smoltek Hydrogen AB (42.9%).
Regarding investments in tangible fixed assets, the Group has, in total for 2025, invested SEK 16.2 million. During the fourth quarter, investments totaling SEK 3.2 million were made.
Shareholder contributionsDuring Q4, the parent company made contributions to Smoltek Semi AB of SEK 3.0 million and to Smoltek Hydrogen AB of SEK 1.5 million.
Number of employeesAs of December 31, 2025, the company had 18 people employed in the business.
SMOLTEK NANOTECH HOLDING AB
SMOLTEK HYDROGEN AB
Hydrogen Industry Electrolysis Technology (PTE)
SMOLTEK SEMI AB
Semiconductor industry Capacitor Technology (CNF-MIM)
SMOLTEK AB
Research and Development (R&D) IP and Patent Portfolio
8
Additional financial information
Share capital, warrants and convertiblesSmoltek Nanotech Holding AB has been listed on Spotlight Stock Market since 2018 under the short name SMOL. The number of shares at the beginning of the year amounted to 77,018,090. During the year, convertibles corresponding to 8,499,998 shares were converted, which corresponds to SEK 3.3 million of the convertible loan of a total of SEK 20 million that was issued according to a decision at the extraordinary general meeting on January 9, 2025.
During 2025, the company also carried out a rights issue with associated compensation issues to guarantors. After these transactions, the number of shares as of December 31, 2025 amounted to 180,799,125.
At the end of the year, the company had no outstanding warrants. The number of outstanding convertibles amounted to 16,700,000, which, if converted, would increase both the share capital and the number of shares in the company.
The company's share capital as of the balance sheet date, December 31, 2025, amounted to SEK 21,538,283.81 distributed among shares with a quota value of SEK 0.119 per share.
Intangible assets9
The company's most important assets consist of intellectual property rights in the form of patents, know-how and documented technical performance. The balance sheet item is recorded at cost and amounts to SEK 71.8 million. The board of directors assesses that the fair value is higher, which is supported by comparisons with similar companies' intellectual property rights and technological development.
Future outlookSmoltek has made significant progress in the commercialization of capacitors for the semiconductor industry and electrodes for the hydrogen industry during 2025. By establishing initial production capacity for capacitors and in-depth dialogues with global players in both the semiconductor and hydrogen industries, Smoltek has strengthened its position in two of the most critical growth markets of the future.
Technology development for semiconductors and hydrogen Smoltek Semi has achieved several important milestones and established initial production capacity, in collaboration with the Taiwanese research institute ITRI, which allows the company to deliver prototypes and low-volume series of the company's Gen-One capacitors for customer evaluation.
Market analysis shows that the technology is particularly suitable for radio frequency (RF) and optoelectronics, but also for future power supply in data centers and AI infrastructure - sectors with enormous growth rates.
Smoltek Hydrogen continues the development work of the company's technology for hydrogen applications; fuel cells and PEM electrolyzers. The technology aims to radically reduce the need for expensive and rare precious metals, such as iridium and platinum, while improving electrochemical efficiency. These are key factors in lowering the cost of green hydrogen production globally. The strategic collaboration with German Heraeus is proceeding according to plan with a focus on validation prior to commercial launch.
Additional financial information
Accounting principlesThis report has been prepared in accordance with the Annual Accounts Act and the General Council of the Swedish Accounting Standards Board, BFNAR 2012:1 (K3) and the accounting principles are unchanged compared to the previous year.
Annual report, general meeting and dividendThe Annual Report for 2025 will be published on 21 April 2026 and will then be available on the company's website. Until then, the Annual Report for 2024 is available on the company's website. A printed version of the Annual Report can be sent by post, upon request by email to info@smoltek.com. The Annual General Meeting for the 2025 financial year will be held at Smoltek's premises in Gothenburg on May 12, 2026.
Risks and uncertainties10
The Group's and the Parent Company's significant risk and uncertainty factors include strategic, operational, compliance and financial risks, where the financial risks consist of financing and liquidity risk, interest rate risk, credit risk and currency risk. For a more detailed description of the Group's risks and risk management, see Smoltek Nanotech Holding AB's annual report for 2024.
Going concern principle - Board of Directors' assurance The Board of Directors and the CEO assure that this year-end report provides a fair overview of Smoltek Nanotech Holding AB's operations, position and results.The Board of Directors assesses that the company's existing working capital is not sufficient for the next twelve months. To secure working capital and liquidity, the company has raised a bridge loan of SEK 6 million in February 2026, with participation from the board and management. In parallel, work is underway to secure the company's long-term financing, which is not yet in place. The board is closely monitoring developments and believes that the company has reasonable conditions to secure financing.
Gothenburg, 2026-02-23
Oskar Säfström, Chairman of the Board Gustav Brismark, Board Member
David Gramnaes, Board Member Johan Rask, Board Member Emma Rönnmark, Board Member Magnus Andersson, CEO
Consolidated income statement
Smoltek Nanotech Holding AB including subsidiaries
(SEK thousand) | Oct-dec 2025 | Oct-dec 2024 | Full year 2025 | Full year 2024 |
Net sales | 560 | 0 | 876 | 1,881 |
Activated own-account work | 989 | 744 | 3,322 | 3,252 |
Other operating income | 783 | 314 | 1,682 | 6,934 |
Operating costs | -9,883 | -11,361 | -39,041 | -46,213 |
Operating profit / loss | -7,551 | -10,302 | -33,160 | -34,146 |
Profit / loss from financial items | -497 | 78 | -2,927 | 747 |
Profit / loss for the period | -8,048 | -10,224 | -36,088 | -33,399 |
Earnings per share after tax (before dilution) | -0.04 | -0.13 | -0,28 | -0.67 |
Earnings per share after tax (after dilution) | -0.04 | -0.13 | -0,28 | -0.63 |
Consolidated balance sheet | |||
Smoltek Nanotech Holding AB including subsidiaries | |||
(SEK thousand) | 2025-12-31 | 2024-12-31 | |
Assets Intangible fixed assets | 71,769 | 67,189 | |
Tangible fixed assets | 16,215 | 14,433 | |
Current receivables | 3,675 | 4,266 | |
Cash and cash equivalents | 6,397 | 6,378 | |
Total assets | 98,055 | 92,267 | |
Equity and liabilities Equity | 73,623 | 83,097 | |
Long-term liabilities | 16,700 | 682 | |
Current liabilities | 7,732 | 8,488 | |
Total equity and liabilities | 98,055 | 92,267 | |
Equity / assets ratio | 75.1% | 90.1% | |
Consolidated statement of cash flows
Smoltek Nanotech Holding AB including subsidiaries
(SEK thousand) | Full year 2025 | Full year 2025 | |
Operating activities | |||
Operating profit / loss | -33,160 | -34,146 | |
Items not affecting cash flow | 12,316 | 12,499 | |
Profit / loss from financial items | -2,927 | 747 | |
Cash flow from operating activities before changes in working capital | -23,772 | -20,901 | |
Changes in working capital | |||
Changes in receivables | 592 | 1,118 | |
Changes in current liabilities | -756 | -8,787 | |
Cash flow from operating activities | -23,936 | -28,569 | |
Investment activities | |||
Acquisition of intangible fixed assets | -15,417 | -13,484 | |
Acquisition of tangible fixed assets | -3,260 | -1,553 | |
Sale of short-term investments | 0 | 10,802 | |
Cash flow from investment activities | -18,677 | -4,235 | |
Financing activities | |||
Issue of shares | 31,971 | 22,623 | |
Issue costs | -5,358 | - 1,321 | |
Amortization of long-term liabilities | 16,018 | 0 | |
Cash flow from financing activities | 42,631 | 21,302 | |
Change in cash and cash equivalents | 19 | -11,502 | |
Cash opening balance | 6,378 | 17,880 | |
Cash closing balance | 6,397 | 6,378 |
Consolidated changes in equity
Smoltek Nanotech Holding AB including subsidiaries
(SEK thousand) | Share capital | Other contributed capital | Other equity including net loss for the year | Total equity |
Opening balance 2024-01-01 | 2,692 | 247,533 | -155,031 | 95,194 |
Issue of shares (directed issue 2) | 34 | 658 | 692 | |
Issue of shares (use of TO 8) | 2 | 2 | ||
Rights issue | 5,939 | 16,495 | 22,434 | |
Offset issue | 509 | 1,464 | 1,973 | |
Issue costs | -3,799 | -3,799 | ||
Profit / loss for the period | -33,399 | -33,399 | ||
Closing balance 2024-12-31 | 9,175 | 262,353 | -188,430 | 83,097 |
Issue of shares (directed issue 1) | 86 | 220 | 306 | |
Rights issue | 11,264 | 17,101 | 28,365 | |
Offset issue (convertibles) | 1,013 | 2,287 | 3,300 | |
Issue costs | -5,358 | -5,358 | ||
Profit / loss for the period | -36,088 | -36,088 | ||
Closing balance 2025-12-31 | 21,538 | 276,603 | -224,518 | 76,623 |
Parent company income statement
(SEK thousand) | Oct-dec 2025 | Oct-dec 2024 | Full year 2025 | Full year 2024 |
Net sales | 1,495 | 1,546 | 6,722 | 7,079 |
Other operating income | 527 | 352 | 1,688 | 1,852 |
Operating costs | -4,092 | -5,720 | -17,029 | -19,975 |
Operating profit / loss | -2,070 | -3,822 | -8,619 | -11,044 |
Profit / loss from financial items | -9 | 596 | -1,115 | 2,482 |
Profit / loss for the period | -2,079 | -3,226 | -9,734 | -8,563 |
Parent company balance sheet
(SEK thousand) | 2025-12-31 | 2023-12-31 | |
Assets Shares in group companies | 99,440 | 82,440 | |
Long-term receivables at group companies | 55,831 | 39,944 | |
Current receivables from group companies | 2,140 | 2,348 | |
Other current receivables | 1,084 | 1,779 | |
Cash and cash equivalents | 4,549 | 4,703 | |
Total assets | 163,044 | 131,214 | |
Equity and liabilities Equity | 143,386 | 126,506 | |
Long-term liabilities | 16,700 | - | |
Current liabilities | 2,958 | 4,708 | |
Total equity and liabilities | 163,044 | 131,214 | |
Equity / assets ratio | 87.9% | 96.4% |
Parent company statement of cash flows
(SEK thousand) | Full year 2025 | Full year 2024 | |
Operating activities | |||
Operating profit / loss | -8,619 | -11,044 | |
Profit / loss from financial items | -2,902 | 183 | |
Cash flow from operating activities before changes in working capital | -11,521 | -10,861 | |
Changes in working capital | |||
Current receivables / liabilities group | 209 | 607 | |
Changes in receivables | 695 | -254 | |
Change in current liabilities | -1,751 | -1,528 | |
Cash-flow from operating activities | 12,367 | -12,036 | |
Investment activities | |||
Changes in receivables from group companies | -14,100 | -11,986 | |
Shareholder contribution | -17,000 | -12,500 | |
Sale of short-term investments | - | 11,310 | |
Cash flow from investment activities | -31,100 | -13,176 | |
Financing activities | |||
Issue of shares | 31,971 | 22,623 | |
Issue costs | -5,358 | -1,321 | |
Change in long-term liabilities | 16,700 | - | |
Cash flow from financing activities | 43,313 | 21,302 | |
Change in cash and cash equivalents | -154 | -3,910 | |
Cash opening balance | 4,703 | 8,612 | |
Cash closing balance | 4,549 | 4,703 |
Parent company changes in equity
(SEK thousand) | Restricted equity | Unrestricted equity incl. net loss for the year | Total equity |
Opening balance 2024-01-01 | 2,714 | 111,053 | 113,766 |
Issue of shares (directed issue 2) | 34 | 658 | 692 |
Issue of shares (use of TO 8) | 2 | 2 | |
Rights issue | 5,939 | 16,495 | 22,434 |
Offset issue | 488 | 1,486 | 1,974 |
Issue costs | -3,799 | -3,799 | |
Profit / loss for the period | -8,563 | -8,563 | |
Closing balance 2024-12-31 | 9,175 | 117,332 | 126,506 |
Issue of shares (directed issue 1) | 86 | 220 | 306 |
Rights issue | 11,264 | 17,101 | 28,365 |
Offset issue | 1,013 | 2,287 | 3,300 |
Issue costs | -5,358 | -5,358 | |
Profit / loss for the period | -9,734 | -9,734 | |
Closing balance 2025-12-31 | 21,538 | 121,848 | 143,386 |
Financial calendar
Annual Report for 2025 will be published 2026-04-21
Interim Report Q1 2026 will be published 2026-04-29
Interim Report Q2 2026 will be published 2026-08-26
Interim Report Q3 2026 will be published 2026-11-05
This report has not been subjected to review by the company's auditors.
Smoltek Nanotech Holding AB is listed on Spotlight Stock Market since 2018-02-26 under the ticker SMOL. For further informationMagnus Andersson, CEO of Smoltek Nanotech Holding AB E-mail: magnus.andersson@smoltek.com
Phone: +46 317 01 03 05
Website: https://www.smoltek.com Cover photo: Smoltek
Göteborg 2026-02-23 The Board
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Oskar Säfström
David Gramnaes
Emma Rönnmark
Johan Rask
Gustav Brismark
Note: This interim report is an English version of the previously published Swedish version, which has interpretive precedence.
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Smoltek Nanotech Holding AB
Otterhällegatan 1, 411 18 Göteborg
+46 317 01 03 05 | info@smoltek.comwww.smoltek.com/investors
Corporate ID: 559020-2262
SMOLTEK