Smoltek (SMOL) Q2 2026 earnings summary

Executive summary

• Q2 2026 focused on commercialization and industrial scale-up in semiconductors and hydrogen.

• Heavily oversubscribed rights issue and over-allotment raised SEK 82.1 million, strengthening financial flexibility.

• Strategic collaborations advanced, including with Business Sweden in Japan and Heraeus Precious Metals for hydrogen technology.

• Leadership changes included appointment of a new CFO and CEO also becoming President of Smoltek Hydrogen.

Financial highlights

• Net sales for Q2 2026 were SEK 0 thousand (44), and for H1 2026 SEK 0 thousand (316).

• Group result for Q2 was SEK -10,919 thousand (-10,009), and for H1 SEK -20,312 thousand (-20,235).

• Earnings per share for Q2 were SEK -0.06 (-0.12) and for H1 SEK -0.11 (-0.25), before dilution.

• Cash and cash equivalents at period end were SEK 1,856 thousand (4,717), with proceeds from the rights issue booked as ongoing issue.

• Equity at June 30, 2026 was SEK 126,341 thousand (85,870), equity ratio 70.9% (72.4%).

Outlook and guidance

• Focus remains on technical validation, customer customization, and industrial scale-up for both semiconductors and hydrogen.

• Commercialization of CNF-MIM capacitors and hydrogen electrodes progressing, with validation and customer projects prioritized.

• Strategic partnership with Heraeus aims for commercial launch of next-generation PEM electrolyzer electrodes.

• Participation in Maxbatt consortium to explore battery technology applications.