Smoltek (SMOL) Q1 2025 earnings summary

Executive summary

• Q1 2025 focused on securing financing and advancing industrialization and commercialization in both semiconductor and hydrogen business areas.

• Strategic partnerships established with ITRI for pilot production of CNF-MIM capacitors and Heraeus Precious Metals for hydrogen electrode development.

• Achieved milestone in hydrogen: production with only 0.1 mg iridium/cm², a breakthrough for PEM electrolyzer scalability.

• Two new patents granted for capacitor technology, strengthening IP position.

Financial highlights

• Net revenue for Q1 2025 was 273 KSEK, down from 1,674 KSEK year-over-year.

• Net loss widened to -10,226 KSEK from -9,084 KSEK year-over-year.

• Earnings per share improved to -0.13 SEK from -0.39 SEK year-over-year (before dilution).

• Cash and cash equivalents at period end were 15,280 KSEK, nearly unchanged year-over-year.

• Directed convertible issue raised approximately 19 MSEK before costs, strengthening financial position.

Outlook and guidance

• Management aims to secure long-term financing for two years, targeting profitability.

• Focus remains on industrializing and commercializing capacitor and hydrogen technologies.

• Ongoing discussions for prototype production in Taiwan and further scaling of hydrogen technology.