Equity Research Svenska Aerogel, Q1 2025: Higher than expected revenues and costs

Today, Svenska Aerogel published its interim report for Q1 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 Q1 2025 amounted to SEK 1.4 million, representing a 197% increase compared to Q1 2024. Our estimate of SEK 0.9 million in net sales was therefore lower than the actual outcome.
• EBIT amounted to minus SEK 8.5 million. Our EBIT estimate was minus SEK 7.6 million. The difference is mainly attributable to higher-than-expected cost of goods sold and administrative expenses.
• The net result for Q1 2025 amounted to minus SEK 8.6 million, compared to our estimate of minus SEK 7.6 million.

In March 2025, Svenska Aerogel carried out a rights issue that provided the Company with proceeds of approximately SEK 24.6 million before loan conversions and issuance costs. As of March 31, 2025, the Company had 0.5 MSEK in cash. The Rights issue had therefore not yet been fully registered by the end of Q1 2025 and will thus be reflected in the balance and cash flow for Q2 2025. Given loan conversions of approximately SEK 5.3 million and issuance costs of up to approximately SEK 4.2 million, we estimate net proceeds of around SEK 15 million.

Operationally, the Company reports that several of the 150 ongoing customer projects are approaching ramp-up and commercial phases, with developments in the Advanced segment being the most prominent.

Within the Building and Real Estate segment, the Company recently received a container order of Quartzene® worth just over SEK 0.6 million from the French distributor Novcoat.

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

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