Svenska Aerogel (AERO) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was SEK 1.2m, up from SEK 0.9m YoY; 18 customers have launched products, including three new launches during the quarter.

• Management sees potential for repeat orders as customer sales grow, while Q4 financing is expected to add SEK 6m to cash.

Financial highlights

• Q3 revenue was SEK 1.231m vs SEK 0.901m YoY; Jan–Sep revenue was SEK 2.811m vs SEK 3.514m.

• Q3 EBITDA was -SEK 4.7m vs -SEK 5.2m, EBIT was -SEK 6.5m vs -SEK 7.1m, and net loss was -SEK 6.5m vs -SEK 7.1m.

• Jan–Sep EBITDA was -SEK 17.6m vs -SEK 18.3m; EBIT was -SEK 23.0m vs -SEK 23.9m; net loss was -SEK 23.2m vs -SEK 24.2m.

• Q3 operating cash flow was -SEK 6.4m vs -SEK 7.0m; Jan–Sep operating cash flow was -SEK 19.1m vs -SEK 18.7m.

Outlook and guidance

• 18 customers are in commercial phase; repeat-order potential depends on customers’ sales growth and is expected to support higher delivery volumes over time.

• Commercialization continues across customer applications, with two new launches targeting better building insulation and lower energy use.