Quarterly report Q3 2025

Outcome July – September

• Net sales amounted to 926 (490) kSEK
• Profit after financial items amounted to -3,133 (-3,459) kSEK
• Earnings per share before and after dilution: SEK -0,04 (-0,15)
• Cash flow from operating and investing activities: -3,990 (-4,884) kSEK

Significant events July – September

• Insplorion AB (publ) held an extraordinary general meeting in Gothenburg on September 18, 2025, where it was decided on a directed new share issue of a maximum of 15,750,000 warrants.
• Insplorion AB resolves on a directed issue of shares and warrants totaling SEK 6.3 million.
• Update on Insplorion’s strategic development and ongoing key activities.

Significant events after the end of the period

• Insplorion and MannTek signs Letter of Intent.
• Insplorion announces management changes and initiates strategic review.
• Additional information on the follow-up order from Consilium Safety Group worth SEK 720,000.

Watch CEO Johan Rask comment and answer questions about the report at 2.00 pm November 6, 2025. Link to the meeting (Swedish).

A word from the CEO
The third quarter was marked by continued technical development, progress in certification processes, and commercial focus.

Progress with Consilium
Early in the quarter, we communicated our expectation of a larger order from Consilium of approximately 700 KSEK to one of their customers. The process took longer than expected, but we recently received an order confirmation for 720 KSEK.
The order includes sensors for which Insplorion is responsible for the ATEX certification, while Consilium handles the tests and reviews required for the marine certificate. In addition, we will soon deliver a few non-certified sensors to the same customer for system testing.

International visibility and marine interest
In October, we participated in the Hydrogen World Technology Expo in Hamburg, the world’s largest hydrogen fair. Interest in our solutions was particularly strong within the marine segment, where the use of an inert environment with reduced oxygen content—the conditions for which NPS-P2 is designed—is emerging as a future safety standard.
Insplorion was also selected to represent Sweden at Smart Energy Week in Tokyo, where we showcased NPS-P2 and established contacts with potential partners in Asia. Our participation in international events strengthens awareness of the company and underscores the relevance of our offering.

New collaborations and market development
After the end of the quarter, we signed a Letter of Intent (LOI) regarding exclusivity with Manntek, a leading player in hydrogen refueling nozzles. The aim is to explore how our sensor can be integrated into their solution to enhance safety and improve refueling efficiency. The partners plan to begin with a joint pilot project to validate the concept, followed by discussions toward a long-term collaboration.
Despite the positive interest, we now notice a more cautious market due to longer decision processes and a more restrained investment climate. The Hydrogen Council reports that the annual growth rate in the number of global hydrogen projects has slowed down from about 50% per year in 2023–2024 to around 10% in 2025. The industry is simply going through a maturation phase.
Our strategy is to focus on application areas where we see the most concrete demand, such as the marine market.

Certification work and strategic review
The ATEX certification continues in collaboration with RISE as the certification body. The work includes a review of both the quality management system and a so-called type approval of the product itself. All requested documentation and sensors required for testing have been submitted as planned, and we are now awaiting feedback.
In light of the market situation and my announced departure, the board has decided to conduct a strategic review of the company’s operations and the commercial conditions. As a small company in an emerging but still immature market, there are challenges. The board will therefore carefully analyze various potential paths forward for long-term sustainability.

Looking ahead
We remain committed in our ambition to enable safe and efficient use of hydrogen in the energy transition. With ongoing certification, new collaborations, and increasing interest in the marine segment, we build the platform for the next step in Insplorion’s development.

Gothenburg, Sweden

November, 2025

Johan Rask, CEO

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