Intellego Technologies (INT) Investor update summary

Background and investigation

• Following the arrest of the former CEO for gross fraud in November 2025, trading was halted, an interim CEO was appointed, and SEK 100 million was seized.

• KPMG was engaged to conduct an independent forensic investigation into financial reporting and market communication for 2025, analyzing over 600 GB of data, including accounting records, emails, and interviews.

• The investigation focused on SEK 640 million of reported revenue from eight large purchase orders, covering Q1–Q3 2025 and the period 1 January–31 October 2025.

• The scope covered only 2025 transactions for Intellego Technologies AB, with an expanded review of earlier years ongoing.

• Nasdaq raised concerns about transparency, revenue recognition, and communication, prompting a regulatory review.

Key findings and conclusions

• SEK 640 million in reported revenue for 2025 was materially incorrect, misleading, and should not have been recognized.

• No evidence was found of actual collaboration, binding agreements, or product deliveries for the eight major purchase orders; only MoveoMed called off a minor delivery, which was not fulfilled.

• Partnerships with customers were forward-looking and represented potential future revenue, not current sales.

• Nearly 99% of reported revenue from January to September 2025 originated from these questionable purchase orders.

• Communicated financial information, including quarterly reports and press releases, was materially misleading.

Identified activities and irregularities

• Multiple versions of the eight purchase orders were produced: one set for customer negotiations and another, altered version for invoicing and revenue recognition.

• Altered versions of purchase orders were provided to the accounting firm, omitting critical terms to justify revenue recognition.

• The former CEO was solely responsible for instructing the accounting firm, manipulating documents, and using large purchase orders to influence market perception and attract investors.

• Invoices were created in the accounting system but sent only to the CEO, not customers; customers were unaware of the orders.

• Purchase orders were open-ended, unsigned, or lacked binding obligations, making revenue recognition unjustified.