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Intellego Technologies
Intellego Technologies (INT) investor relations material
Intellego Technologies Investor update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor update summary30 Jan, 2026
Background and investigation initiation
Following the arrest of the former CEO for fraud in November 2025, immediate actions included suspending his access, supporting authorities, and a trading halt with SEK 100 million seized.
KPMG Forensic was engaged to independently investigate financial reporting and market communication for 2025, analyzing over 600 GB of data, including accounting records, emails, and interviews.
The investigation's scope focused on eight large purchase orders that accounted for nearly all reported revenue in 2025.
The board provided KPMG with full independence and access to information.
The scope was limited to Intellego Technologies AB and did not constitute a legal or audit opinion.
Key findings of the forensic report
SEK 640 million of SEK 644 million reported revenue in 2025 was based on eight large, non-binding purchase orders, with no evidence of actual collaboration or binding agreements.
No products were delivered, no valid call-off orders were made, and no invoices were received by customers in 2025, except for a minor MoveoMed invoice, which was not fulfilled.
The reported revenues and order values did not reflect real business activity; they were forward-looking opportunities, not current sales.
Multiple versions of purchase orders existed: one set for customer negotiations, another altered for accounting purposes, with critical terms removed.
The former CEO altered documents, removed critical terms, and instructed the accounting firm to recognize revenue and issue invoices directly to him.
Fraud pattern and impact
The scheme involved forging agreements, altering terms, and creating fake invoices that were never sent to customers.
Customers confirmed they never received invoices or considered themselves indebted.
In one case, fake invoices were sold to the Export Credit Agency, resulting in SEK 130 million in real funds.
The fraud deceived the board, employees, suppliers, auditors, banks, and investors.
No evidence of involvement by anyone other than the former CEO has been found so far.
What is the actual cash flow impact of misstated revenue?
Describe internal control failures enabling CEO fraud?
Status of Intellego's Nasdaq listing?
New controls for revenue recognition?
Quantify Export Credit Agency fraud impact.
What is the actual revenue base for 2025?
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Next Intellego Technologies earnings date
Q4 202520 Feb, 2026
Intellego Technologies
Next Intellego Technologies earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Intellego Technologies is a Sweden-based company specializing in photochromatic indicator technology. It is recognized as a leading manufacturer of colorimetric ultraviolet indicators, utilizing patented technology to produce devices that are crucial in validating the efficacy of ultraviolet irradiation for germicidal purposes. These indicators change color to provide visible evidence of UV-C spectrum irradiation, serving a vital role in ensuring environmental cleanliness and safety. Intellego's products find applications across diverse sectors, including healthcare, hospitality, retail, transportation, and commercial settings. Their UVC Dosimeters, in particular, are designed for various uses, from ensuring precise UV exposure levels in UV curing processes to aiding in sustainable horticulture practices. Intellego Technologies aims to lead in the development and validation of UV technology, enhancing its effectiveness for end-users worldwide. The company is headquartered in Stockholm, Sweden, and its shares are listed on Nasdaq First North.
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