Equity Research Svenska Aerogel, Q2 2025: Strong growth, but lower than expected revenues

Today, Svenska Aerogel published its interim report for Q2 2025. Below is a summary of our first impressions of the report’s outcome and the income statement’s deviations from our estimates.

• Net sales for Q2 2025 amounted to SEK 1.3 million, representing a 130% increase compared to Q2 2024. Our estimate of SEK 1.7 million in net sales was therefore lower than the actual outcome. However, the Company’s revenues so far in 2025 is already at a higher level than the full year 2024, which is positive.
• EBIT amounted to minus SEK 8.3 million. Our EBIT estimate was minus SEK 7.5 million. The difference is mainly attributable to the lowen than expected revenues and higher-than-expected cost of goods sold and administrative expenses.
• The net result for Q2 2025 amounted to minus SEK 8.3 million, compared to our estimate of minus SEK 7.5 million.

During Q2 2025, Svenska Aerogel received a container order of Quartzene® worth just over SEK 0.6 million from the French distributor Novcoat, as well as a larger order of 2.6 tons from a customer within the Advanced segment. The customer is a North American manufacturer of insulating outdoor products and, according to the Company, intends to implement Quartzene® on a large scale in its products.

Svenska Aerogel has also recently communicated that the Board has decided on a directed issue of units of approximately SEK 15 million to a selected group of investors with a long-term perspective, including former CEO Anders Lundström. In addition to the directed issue of units, the Company’s Board has proposed a second directed issue on the same terms to the main owner Gästrike Nord AB as well as senior executives, to be decided at an extraordinary general meeting on September 19.

We intend to publish a full research update of Svenska Aerogel shortly.

Disclaimer

Carlsquare AB, www.carlsquare.se, hereinafter referred to as Carlsquare, is engaged in corporate finance and equity research, publishing information on companies and including analyses. The information has been compiled from sources that Carlsquare deems reliable. However, Carlsquare cannot guarantee the accuracy of the information. Nothing written in the analysis should be considered a recommendation or solicitation to invest in any financial instrument, option, or the like. Opinions and conclusions expressed in the analysis are intended solely for the recipient.

The content may not be copied, reproduced, or distributed to any other person without the written consent of Carlsquare. Carlsquare shall not be liable for either direct or indirect damages caused by decisions made on the basis of information contained in this analysis. Investments in financial instruments offer the potential for appreciation and gains. All such investments are also subject to risks. The risks vary between different types of financial instruments and combinations thereof. Past performance should not be taken as an indication of future returns.

The analysis is not directed at U.S. Persons (as that term is defined in Regulation S under the United States Securities Act and interpreted in the United States Investment Companies Act of 1940), nor may it be disseminated to such persons. The analysis is not di-rected at natural or legal persons where the distribution of the analysis to such persons would involve or entail a risk of violation of Swedish or foreign laws or regulations.

The analysis is a so-called Assignment Analysis for which the analysed company has signed an agreement with Carlsquare for analysis coverage. The analyses are published on an ongoing basis during the contract period and for the usually fixed fee. Carlsquare may or may not have a financial interest with respect to the subject matter of this analysis. Carlsquare values the assurance of objectivity and independence and has established procedures for managing conflicts of interest for this purpose.

The analysts Christopher Solbakke and Bertil Nilsson do not own and may not own shares in the analysed company.