Sales recovery expected in Q1

Q1e: sales SEK 32m, up 3.7% y-o-y, EBIT margin of 19.2% (27.1%). Sales to recover after Q4 dip; new customer expected later this year. Customers moving forward despite regulatory concerns.

New customer launches product with Selektope

New customer (PPG) launches Selektope-paint for the global market. 4 out of ~9 relevant customers now have products on the market. Good that customers are moving forward despite regulatory concerns.

Fireside chat — anticipating continued growth

Investing for greater profitability

Q4: sales SEK 25m,-16% y-o-y; EBIT margin of -1.9% (17.9%). Costs temporarily higher, investing to increase gross margin. Q4 a temporary setback, long-term potential intact.

Miss on numbers but cash put to use

Q4'23 results fast comment

Steady growth, but facing tougher comps

Q4e: sales SEK 32m, up 6.4% y-o-y, EBIT margin of 21.7% (17.9%). Outlook remains steady, but facing tougher comps. Agreement with Akzo Nobel subsidiary, de-risking '24-'25 estimates.

Signs agreement with Akzo Nobel subsidiary

Cash keeps on flowing

Delivers on expectations, strong 51% y-o-y growth and profitability. Outlook unchanged, tougher comps from Q4, discusses cash balance. Trading at 13-6x '23e-'25e EV/EBIT, ~70-50% below peers.

Continued strong growth, outlook unchanged

Q3'23 results fast comment

Inducing hyperactivity: a profitable fast grower

A novel, environmentally beneficial approach to a USD 20bn problem. A competitive edge in a USD 400m TAM, 2% share to grow 5x. 35% EPS CAGR trading at 18-10x P/E, fair value SEK 40-120.