HELIONasdaq StockholmElectrical Equipment & PartsIFRS · SEK

Heliospectra

Heliospectra AB is a Swedish company that develops smart LED lighting systems and light-control solutions for greenhouse and controlled-environment agriculture. Its products are used to manage plant growth through tailored spectral strategies, real-time control, and connected cultivation tools for commercial growers and research users.

Revenue28.5m SEK
+339.1 %y/y
Operating profit (EBIT)-41.3m SEK
−214.0 %y/y
EBIT margin-145.0%
+57.8 ppy/y
Net income-23.5m SEK
+4.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-60-40-2002040m SEK2020: 39 m SEK2020: EBIT -40 m SEK20202021: 35 m SEK2021: EBIT -60 m SEK20212022: 26 m SEK2022: EBIT -36 m SEK20222023: 35 m SEK2023: EBIT -24 m SEK20232024: 6.5 m SEK2024: EBIT -13 m SEK20242025: 28 m SEK2025: EBIT -41 m SEK202528-41
RevenueOperating profit (EBIT)

Business

Share of revenue
LED lighting hardware55 %

Durable LED fixtures and multichannel lighting systems used in greenhouse cultivation.

Lighting control software and systems20 %

Controls and automation tools that adjust light output to crop and environment needs.

Sensors and cultivation intelligence10 %

helioSENSE and related sensing tools that support plant-driven cultivation decisions.

Services and customer support10 %

Application support, project assistance, and cultivation guidance for growers and partners.

Research and specialized solutions5 %

Solutions for researchers and specialized controlled-environment installations.

Customers

Heliospectra sells primarily to commercial greenhouse operators and controlled-environment growers that need precise lighting to improve crop quality and consistency. It also serves research users and solution partners involved in larger cultivation projects, where lighting performance, control, and reference installations matter in the buying decision.

Commercial greenhouse growers

Buy LED lighting and control systems to improve yield, quality, and energy efficiency in greenhouse production.

Controlled-environment agriculture operators

Use integrated lighting and sensing tools to manage plant growth in indoor or protected cultivation environments.

Research institutions and trial users

Purchase specialized lighting solutions for experiments, crop trials, and controlled studies.

Solution providers and project partners

Integrate Heliospectra products into larger greenhouse projects and turnkey cultivation solutions.

Strategy

Heliospectra is focused on expanding its installed base through reference projects, larger greenhouse opportunities, and stronger customer trust in key markets. It is also building out its product platform around patented technology, including helioSENSE, while broadening partnerships that combine lighting, sensors, and control systems.

Build reference installations in key greenhouse marketsShort term

Large growers often require proof of performance before switching suppliers.

Launch and scale helioSENSEMedium term

The platform extends the company from lighting hardware into sensing and control.

Deepen ecosystem partnershipsMedium term

Integrated offerings can improve customer stickiness and project size.

Geography

Heliospectra is based in Sweden and sells internationally, with reported commercial activity in Canada, the Netherlands, the Nordics, Australia, and New Zealand. Its business is tied to greenhouse markets, so geography matters because adoption depends on regional cultivation seasons, project cycles, and the presence of established growers and partners.

Risks

Heliospectra faces the usual risks of project-based industrial sales: long decision cycles, customer hesitation, and competition from more established suppliers. Its business is also exposed to technology execution risk, dependence on reference cases, and the need to protect patented products while converting large greenhouse opportunities into repeatable sales.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer decision cycles are long and uncertain1Competition from established suppliers2Technology and product differentiation risk3Geographic concentration in greenhouse markets4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer decision cycles are long and uncertainImpact: HighLikelihood: High

    Large greenhouse projects often require extended evaluation before final investment decisions.

    Exposure: Project-based sales conversion

  2. Competition from established suppliersImpact: HighLikelihood: High

    Buyers may prefer known vendors with more references and perceived lower execution risk.

    Exposure: Large project tenders

  3. Technology and product differentiation riskImpact: MediumLikelihood: Medium

    The company relies on patented and specialized lighting/control solutions to stand out.

    Exposure: helioSENSE and core lighting platforms

  4. Geographic concentration in greenhouse marketsImpact: MediumLikelihood: Medium

    Demand is tied to a limited set of horticulture regions and customer types.

    ExposureCanadaNetherlandsNordicsANZ

Accounting

Judgemental items
Revenue timing on project deliveries

Large greenhouse systems may be recognized when delivered or installed, creating quarter-to-quarter volatility.

Impact: Reported sales can move materially with shipment and installation timing

Seasonality in greenhouse lighting demand

Lighting season and customer investment cycles are not uniform through the year.

Impact: Quarterly results may not be directly comparable

Inventory and production delay effects

Hardware businesses can be affected by build timing, component availability, and delayed deliveries.

Impact: Working capital and margin timing can fluctuate

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Heliospectra (HELIO) Revenue, Earnings & Financials 2025 – Clarifo