Interim Report January-March 2024

April 23, 2024

Outcome January – March

  • Net sales amounted to 951 (59) kSEK
  • Profit after net financial items amounted to -4,158 (-5,808) kSEK
  • Basic and diluted earnings per share -0,20 (-0,44) SEK
  • Cash flow from operating activities and investing activities -5,502 (-6,872) kSEK

Significant events January – March

  • Insplorion to launch an ATEX certified H2 leak detector in Q1 2025.
  • Insplorion hydrogen sensor in new proof-of-concept project.
  • Insplorion selected to participate in the Swedish Energy Agency’s delegation to meet the US hydrogen ecosystem.
  • Insplorion receives approximately SEK 5.9 million before issuing costs when 72 percent of the outstanding warrants of series TO2 were exercised for subscription of shares.

Significant events after the end of the period

  • None

Watch CEO Johan Rask and CFO Per Giljam comment and answer questions about the report at 4.00pm today April 23, 2024. Teams-link

It is becoming increasingly clear that hydrogen, as an energy carrier, is a powerful driving force for the transition to a sustainable world. The Hydrogen Council is a global initiative in which leading companies collaborate to ensure that hydrogen is developed to significantly replace fossil fuels. At the end of 2023, the Hydrogen Council presented an updated report showing that in just five months, the number of announced hydrogen projects worldwide increased from around 1,000 in May 2023 to around 1,400 in October. Expected investments in the value chain are estimated at around USD 570 billion by 2030, a 30 percent increase in the forecast from May 2023 alone.

This rapid development reinforces Insplorion’s view that hydrogen as an energy carrier has a clear momentum and that the demand for new technologies and solutions throughout the value chain is strong.

Insplorion’s efforts to strengthen our position as an important player in the hydrogen field continued during the first quarter of 2024, among other things, through further concentration on product and business development. We were, for example, able to announce that in Q1 2025, we are expected to launch an ATEX-certified sensor intended for leak detection, i.e., to quickly identify if there is hydrogen in an environment where it should not be present. The market is highly interested in safety issues and this is where Insplorion’s fast sensors have an important role to play.

An ATEX certification means that Insplorion will be able to take larger business opportunities with significant volumes, as our sensor will be certified for installation in potentially explosive environments. The certification also means that our entire supply chain will be quality assured. During the quarter, we also announced a deal where we intend to sell our prototype to a company in the chemical industry, where it will be tested in corrosive environments.

It was very gratifying that Insplorion was invited to participate in the Swedish Energy Agency and Business Sweden’s Hydrogen Delegation trip in March to Houston, Texas, and Los Angeles, California. The trip provided good business contacts and insights, both from the interesting meetings and interactions with the accompanying Swedish companies.
With our sights set on the future, we continue to focus on:

  • ATEX certification of our next generation NPS-P2 product
  • Business with our NPS-P1 prototype sensor
  • Partnerships to commercialize NPS-P2 in larger volumes

In parallel, we also explore development collaborations in new areas and/or applications where our technology offers distinct advantages.

Another positive aspect in the quarter was a clearly reduced loss, due to good cost control in combination with more sales.

Finally, I would like to mention that during Q1, we completed the subscription period for TO2, which was subscribed to 72 percent, and provided the company with MSEK 5.9 before issue costs. On a positive note, the subscription was carried out entirely without guarantors.

Gothenburg, Sweden
April 2024
Johan Rask, CEO

The report is also available on our website at the IR-page

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