Smoltek (SMOL) Q3 2025 earnings summary

Executive summary

• Q3 2025 marked strategic progress in semiconductor and green hydrogen, with key steps toward industrialization and commercialization of core technologies.

• Collaboration with ITRI enabled small-scale production of CNF-MIM capacitors and increased international visibility at SEMICON Taiwan.

• Smoltek Hydrogen advanced PEM-electrode technology through SESBC consortium and initiated a joint project with Heraeus for low-iridium electrodes.

• Financial strategy included convertible loans and new share issues, raising approximately 46 MSEK year-to-date, supporting the goal of reaching profitability by 2027.

Financial highlights

• Q3 2025 net sales were 0 KSEK (0), with a net loss of -7,695 KSEK (-6,895) due to ongoing R&D and strategic investments.

• For Jan–Sep 2025, net sales totaled 316 KSEK (1,776), and net loss was -27,929 KSEK (-23,175), reflecting lower project billing and high R&D activity.

• Cash and cash equivalents at period end were 18,477 KSEK (14,228).

• Equity at period end was 81,475 KSEK (93,104), with a solidity of 74.5% (92.0%).

• Cash flow from operations for Jan–Sep was -19,472 KSEK (-23,842).

Outlook and guidance

• Long-term financing strategy aims to secure funding through 2027, with ongoing discussions with partners and investors.

• Focus for the next quarter is on deepening customer dialogues and external technical validation to drive commercial deals.