SHT Smart High-Tech (SHT) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was 1,367 TSEK, down 30% year-over-year, attributed to focus on the Henkel agreement and production automation.

• Operating loss widened to -24,931 TSEK in Q3 2025 from -9,690 TSEK in Q3 2024, driven by higher costs for personnel and expanded facilities.

• Strategic partnership with Henkel announced, aiming to accelerate market entry for graphene-enhanced thermal interface materials.

• Investments in production capacity in Sweden and China continued, with a focus on scaling for volume production.

• Additional funding secured through option redemption and Vinnova research grants.

Financial highlights

• Q3 2025 net sales: 1,367 TSEK (down from 1,942 TSEK in Q3 2024).

• Operating result Q3 2025: -24,931 TSEK (Q3 2024: -9,690 TSEK).

• Net result after tax Q3 2025: -24,885 TSEK (Q3 2024: -9,712 TSEK).

• Cash flow from operations Q3 2025: -23,021 TSEK (Q3 2024: -15,029 TSEK).

• Cash and short-term investments at period end: 51,442 TSEK.

• Investments in Q3 2025: 11,738 TSEK in machinery and 632 TSEK in intangible assets.

Outlook and guidance

• Strong market demand anticipated, with industry forecasts of up to 10 million graphene-enhanced pads needed in 2026.

• Focus on a limited product range to improve profitability in volume production.

• Ongoing process optimization and quality system enhancements to meet customer and partner requirements.