Main menu button

Equity Research Svenska Aerogel, Q1 2024: Increasing effectivity and pilot order from key client

3 May 2024

Today, Svenska Aerogel published its interim report for Q1 2024. Below is a summary of our first impressions of the report’s outcome and the income statement’s deviations from our forecasts.

  • In Q1 2024, Svenska Aerogel decided on an efficiency program that is expected to generate savings of approximately SEK 10 million over the next 12 months. The programme will be implemented in Q2 2024 and will thus have full effect in the second half of 2024. Read our comment about the efficiency program here. Further, The company has also secured a large pilot order from a key customer in the electric vehicle industry in the past quarter.
  • Net sales in Q1 2024 amounted to SEK 0.5 million. Our forecast of SEK 1.5 million in net sales was thus higher than the outcome.
  • EBIT amounted to minus SEK 10.8 million. Our EBIT forecast was minus SEK 9.0 million. The difference is mainly attributable to lower than expected revenues.
  • The net result for Q4 2023 ended up at minus SEK 11.2 million. The outcome was thus lower than our estimates of a net result of minus SEK 9.0 million.

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


Carlsquare AB,, 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.

Equity Research Svenska Aerogel, Q1 2024: Increasing effectivity and pilot order from key client