FOM Technologies (FOM) Investor Update summary

Key business developments

• Secured an order from a company backed by Breakthrough Energy Ventures, focusing on hydrogen electric engineering in the transport sector.

• Acquired Swedish production company Industrikonsult (now FOM Technologies AB) to strengthen supply chain and ensure quality.

• No further acquisitions planned in the near term, focusing on integrating the recent purchase.

Market and customer engagement

• Participating in 12 global conferences and exhibitions in 2024 to showcase technology and expand market presence.

• Delivered the largest modular system to Georgia Institute of Technology, aiming for a strategic partnership.

• Building a global distributor network, with recent visits from partners in Taiwan and Holland.

Organizational updates

• Established a US subsidiary, relocating its base to Seattle to align with a partnership at the University of Washington.

• Hired two new employees in Q2, including a mechanical products lead and a service department specialist.

• Organization is nearing full staffing, balancing resources with current activity levels.