Serstech
Serstech is a Swedish company that develops handheld Raman-based analyzers and related substance-identification software for security and field-use applications. Its products are used to identify narcotics, explosives, hazardous chemicals, and chemical warfare agents, with sales organized through a global partner network and direct relationships in public-sector markets.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenuePortable analyzers used to identify unknown substances in the field.
Add-on kits such as SERS surfaces that improve detection of difficult samples.
Chemical databases and identification software used with Serstech devices.
Application-specific solutions for narcotics, explosives, hazmat and CWA users.
Customers
Serstech sells primarily to government and public-safety organizations that need rapid field identification of unknown substances. Its main users include customs, police, prison authorities, first responders, and United Nations-related security users, typically buying through tenders or local partners. The company also serves security-focused agencies and laboratories that need portable identification tools for narcotics, explosives, hazardous chemicals, and chemical warfare agents.
Buy handheld analyzers and libraries to screen suspicious substances at borders and ports.
Use Serstech devices to identify narcotics and support enforcement operations.
Buy portable identification tools for hazardous chemical incidents and spill response.
Use the products for explosives and chemical warfare agent identification.
Purchase field-ready identification systems for security and controlled-substance work.
Strategy
Serstech’s strategy centers on improving product performance, expanding sales capacity, and converting a larger pipeline of public-sector opportunities. The company is also concentrating R&D in Lund and using in-house production to support product development and execution, while relying on a global partner network to reach government customers in many markets.
Tender wins are the main route to revenue in Serstech's model.
Better field performance improves competitiveness in procurement processes.
A stronger commercial team is needed to convert global demand into orders.
Centralization can improve coordination, cost efficiency and product development speed.
Geography
Serstech is headquartered in Sweden and operates through a partner network that spans many countries across Europe, the Americas, Asia, the Middle East, and Africa. The company describes its business as local in nature, with local representation important for public-sector procurement and tender-based sales. Its geographic footprint is broad, but revenue can still be uneven because orders depend on timing of government tenders and partner execution.
Risks
Serstech is exposed to tender timing, geopolitical uncertainty, and procurement delays because most sales are made to government organizations through public tenders. The business also depends on product competitiveness, partner execution, and continued development of specialized detection technologies, while quarterly results can vary sharply when large orders move between periods.
- Tender timing and procurement delaysImpact: HighLikelihood: High
Most revenue depends on public-sector tenders that can be postponed.
Exposure: Government customers worldwide
- Geopolitical and tariff disruptionImpact: HighLikelihood: High
Customers may delay orders when trade rules or tariffs are uncertain.
Exposure: Global public-sector sales
- Product competitivenessImpact: MediumLikelihood: Low
Field instruments must outperform competing solutions to win tenders.
Exposure: Raman analyzers and substance libraries
- Partner network dependenceImpact: MediumLikelihood: Low
Local representation is important for market access and tender success.
Exposure: International distribution
Accounting
Judgemental itemsR&D capitalization shifts spending from expense to asset and affects EBIT.
Impact: Capitalized development costs and patents are a major depreciation item.
Presentation changes can alter comparability of operating costs and gross margin.
Impact: From 2026, external costs were presented using the gross method.
Large orders can be recognized in different quarters depending on delivery and invoicing.
Impact: Quarterly revenue and margins can fluctuate materially.
These balances reflect obligations and customer advances in a project-based model.
Impact: Affects current liabilities and near-term cash conversion.
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Last updated: 24/09/2026