SHT Smart High-Tech (SHT) Q4 2025 earnings summary

Executive summary

• Significant operational changes included the departure of the CEO and interim leadership by the board chairman, with a new CEO recruitment process underway.

• Strategic partnership with Henkel advanced, including the first commercial order and ongoing large-scale application projects with the world's largest Al company.

• Focus on scaling production capacity, quality improvements, and organizational strengthening to meet global customer demands.

Financial highlights

• Net sales for Q4 2025 were 692 TSEK, down from 1,711 TSEK year-over-year; full-year 2025 net sales were 6,217 TSEK, a 9% decrease from 2024.

• Operating loss for Q4 2025 was -37,937 TSEK (vs. -13,651 TSEK); full-year operating loss was -95,706 TSEK (vs. -44,686 TSEK).

• Net loss after tax for Q4 2025 was -36,762 TSEK (vs. -13,148 TSEK); full-year net loss was -94,475 TSEK (vs. -44,290 TSEK).

• Cash flow from operations for Q4 2025 was -30,572 TSEK (vs. -13,258 TSEK); full-year was -79,799 TSEK (vs. -34,532 TSEK).

• Earnings per share for Q4 2025 was -1.29 SEK (vs. -0.51 SEK); full-year was -3.32 SEK (vs. -1.67 SEK).

• Cash and cash equivalents at year-end were 14,785 TSEK (vs. 104,143 TSEK).

Outlook and guidance

• Expectation of commercial operations and real orders starting Q1 2026, contingent on successful production readiness audits.

• Focus on verifying production readiness, scaling up volume production, and advancing commercialization in 2026.

• Anticipated market demand for up to 10 million pads per year in 2026 for Al applications.