Year-end report 2023 January-December 2023

February 9, 2024

Outcome October – December

  • Net sales amounted to 258 (185) kSEK
  • Profit after net financial items amounted to -8,694 (-5,297) kSEK
  • Basic and diluted earnings per share -0,47 (-0,40) SEK
  • Cash flow from operating activities and investing activities -4,445 (-6,075) kSEK

Outcome January – December

  • Net sales amounted to 1,948 (2,002) kSEK
  • Profit after net financial items amounted to -24,266 (-21,253) kSEK
  • Basic and diluted earnings per share -1.69 (-1.63) SEK
  • Cash flow from operating activities and investing activities -24,433 (-22,257) kSEK

Significant events October – December

  • Insplorion performed a rights issue and received approximately SEK 11.8 million before issue costs

Significant events after the end of the period

  • Insplorion to launch an ATEX certified H2 leak detector in Q1 2025
  • Insplorion hydrogen sensor in new proof-of-concept project

Watch CEO Johan Rask and CFO Per Giljam comment and answer questions about the report at 4.00pm today February 9, 2024. Teams-link

It is pleasing to be able to summarize 2023 with this year-end report as a most eventful and clearly positive year. The transition to a sustainable future is increasingly evident in the world around us. With growing interest, there are ever more proof that hydrogen as an energy carrier is a key factor in the future. One of the latest examples comes from the marine sector, where the International Maritime Organization (IMO) has set a target for its 175 members to reduce their Greenhouse gas emissions by at least 86 percent by 2040. This is, of course, an ambitious goal. However, we see a huge interest from this particular sector in our customer dialogues, especially exemplified by the deals with Amogy Inc. and Consilium Safety Group AB that we announced at the end of 2023.

In view of this, it is particularly encouraging to, after the autumn’s technology development and fruitful customer dialogues, announce our timetable for a sensor that is certified according to the ATEX Directive. ATEX is an EU Directive required to mount sensors in potentially explosive environments. The product this case is a so-called Leak Detector – a sensor that can very quickly measure the presence of hydrogen. The sensor can also measure in what is called inert environments, i.e., where oxygen levels have been reduced or completely eliminated, which we see that many potential customers want to achieve to increase the safety of their hydrogen installations. The launch is scheduled for Q1 2025. These steps clearly show that we have now made great strides from being a technology development company to operating as a product company. This is something we are particularly proud of at Insplorion.

While the certification process is ongoing, we continue to sell prototype sensors for, e.g., pilot tests and validation projects and in areas where there is no need for certification. These offer a reasonable business potential, but importantly also serve as natural stepping stones for larger deals and volumes. The latest example being the pilot-deal we announced this week in the field of chemistry where this company need sensors for their production environment. Here, we will deliver sensors at an order value approximately KSEK 300. With the upcoming certification, we qualify ourselves for much larger business opportunities.

We continue to vigorously pursue our dialogues for commercial partnerships, where we sell finished sensors through cooperation with major players in the market. Another important focus is partnerships with industrial companies where we develop sensor solutions for even more demanding applications. It is clear that our ability to use fiber optics for sensor read-out has created interest in the market.

In short, 2024 has started well and we have an exciting year ahead of us.

Gothenburg, Sweden
February 2024
Johan Rask, CEO

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

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