SaltX Technology (SALT) Q1 2025 earnings summary

Executive summary

• Achieved world's first steel production using electrically produced quicklime, marking a major step toward commercialization in emission-free industrial processes.

• Signed a SEK 20 million license agreement with SMA Mineral, granting seven-year exclusivity for lime production in Europe and enabling a potential billion-krona deal.

• Deepened partnership with thyssenkrupp Polysius to design and engineer fully electrified production facilities.

• CEO Lina Jorheden appointed, emphasizing a clear strategy focused on lime, cement, and direct air capture (DAC) applications.

Financial highlights

• Net sales for Q1 2025 were SEK 0.2 million, down from SEK 16.7 million in Q1 2024, reflecting the development phase and modest customer invoicing.

• Operating loss (EBIT) was SEK -22.9 million, slightly higher than SEK -22.0 million in Q1 2024.

• Cash flow from operating activities was SEK -18.5 million, an improvement from SEK -19.5 million in Q1 2024.

• Earnings per share before and after dilution remained at SEK -0.14 year-over-year.

• Group cash equivalents at quarter-end were SEK 7.4 million, up from SEK 3.3 million a year earlier.

Outlook and guidance

• Focus remains on commercializing EAC technology through partnerships in lime, cement, and DAC, with a clear plan to bring innovation to market.

• SMA's timeline for the first ZEQL plant adjusted to 2026 due to project expansion and electricity supply challenges.

• Additional financing will be required during the year to support long-term operations; further updates expected by next interim report.