Smoltek (SMOL) Q3 2026 earnings summary

Executive summary

• Q3 net sales were SEK 0 thousand; loss after financial items was SEK 9,304 thousand, amid continued R&D and strategic investment.

• Cash and cash equivalents were SEK 45,591 thousand at September 30, up from SEK 18,477 thousand a year earlier following summer share issues.

• Commercialization priorities are CNF-MIM capacitors for semiconductors and porous transport electrodes (PTEs) for hydrogen applications.

Financial highlights

• Q3 net sales were SEK 0 thousand, unchanged YoY; Jan-Sep sales were SEK 0 thousand versus SEK 316 thousand, with no project invoicing.

• Q3 expenses were SEK 9,736 thousand versus SEK 8,185 thousand; Jan-Sep expenses were SEK 29,788 thousand versus SEK 29,048 thousand.

• Q3 loss after financial items was SEK 9,304 thousand versus SEK 7,695 thousand; Jan-Sep loss was SEK 29,616 thousand versus SEK 27,929 thousand.

• Q3 operating cash flow was SEK -15,404 thousand versus SEK -8,244 thousand; Jan-Sep operating cash flow was SEK -10,952 thousand versus SEK -19,472 thousand.

Outlook and guidance

• Targeting positive cash flow toward end-2027 through revenue-generating development and licensing agreements, with cost and investment control.

• Encapsulated CNF-MIM components are expected to be ready for customer evaluation around year-end 2026; small-scale market introduction is planned for 2027.

• A 3,000-hour PTE durability test with Heraeus Precious Metals is intended to assess operational stability and support industrial qualification.