SHT Smart High-Tech (SHT) Q2 2026 earnings summary

Executive summary

• Transitioned from technical qualification to commercialization, focusing on customer qualification, production scaling, and organizational strengthening.

• Achieved conditional approval from a major AI hardware customer, enabling first commercial orders and laying the foundation for future volume growth.

• Entered a strategic partnership with BTR New Material Group to secure supply chain and accelerate industrialization.

• Launched GT50R®, a new graphene-based thermal interface material, expanding the product portfolio.

• Strengthened management with key hires, including a new CFO and Deputy CEO.

Financial highlights

• Net sales for Q2 2026: 762 TSEK (down from 1,678 TSEK YoY); H1 2026: 1,548 TSEK (down from 4,157 TSEK YoY).

• Operating loss for Q2 2026: -26,780 TSEK (vs. -20,003 TSEK YoY); H1 2026: -52,767 TSEK (vs. -32,838 TSEK YoY).

• Net loss for Q2 2026: -28,032 TSEK; H1 2026: -54,675 TSEK.

• Cash flow from operations for H1 2026: -44,069 TSEK; positive total cash flow due to a 62,380 TSEK share issue.

• Cash and cash equivalents at period end: 53,576 TSEK (vs. 32,916 TSEK YoY).

Outlook and guidance

• Accelerating industrialization with a target of at least one million pads/month production capacity as the first milestone.

• Anticipates strong market growth driven by AI, datacenters, and electrification, with demand for advanced thermal materials expected to reach millions of units per month.

• Focus remains on completing customer qualifications, increasing production capacity, and converting technological leadership into recurring commercial business.