Tender timing and procurement delays
Most revenue depends on public-sector tenders that can be postponed.
- Scope
- Government customers worldwide
- Materiality
- high
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.
| % | |
|---|---|
| Handheld Raman instruments | 55% Portable analyzers used to identify unknown substances in the field. |
| Accessory and enhancement kits | 10% Add-on kits such as SERS surfaces that improve detection of difficult samples. |
| Substance libraries and software | 20% Chemical databases and identification software used with Serstech devices. |
| Government and security solutions | 15% Application-specific solutions for narcotics, explosives, hazmat and CWA users. |
Serstech sells primarily to government and public-safety organizations that need rapid field identification of unknown...
- Customs and border agenciesprimary
Buy handheld analyzers and libraries to screen suspicious substances at borders and ports.
- Police and prison authoritiesprimary
Use Serstech devices to identify narcotics and support enforcement operations.
- First responders and hazmat teamssecondary
Buy portable identification tools for hazardous chemical incidents and spill response.
- Defense and security agenciessecondary
Use the products for explosives and chemical warfare agent identification.
- International organizationssecondary
Purchase field-ready identification systems for security and controlled-substance work.
Serstech is headquartered in Sweden and operates through a partner network that spans many countries across Europe, the...
- •Headquartered in Sweden with R&D and operations centered in Lund
- •Partner network spans more than 80% of the world's population
- •Sales are distributed globally through local representatives
- •Public-sector tenders create uneven country-by-country revenue timing
- •International exposure increases sensitivity to geopolitical events
Serstech’s strategy centers on improving product performance, expanding sales capacity, and converting a larger...
01
Grow sales through public-sector tendersshort-term
Tender wins are the main route to revenue in Serstech's model.
02
Strengthen product performance and portfoliomedium-term
Better field performance improves competitiveness in procurement processes.
03
Scale sales and marketing organizationmedium-term
A stronger commercial team is needed to convert global demand into orders.
04
Concentrate R&D and production in Swedenmedium-term
Centralization can improve coordination, cost efficiency and product development speed.
Serstech is exposed to tender timing, geopolitical uncertainty, and procurement delays because most sales are made to...
Geopolitical and tariff disruption
Customers may delay orders when trade rules or tariffs are uncertain.
- Scope
- Global public-sector sales
- Materiality
- high
Product competitiveness
Field instruments must outperform competing solutions to win tenders.
- Scope
- Raman analyzers and substance libraries
- Materiality
- high
Partner network dependence
Local representation is important for market access and tender success.
- Scope
- International distribution
- Materiality
- medium
Capitalized development costs
Capitalized development costs and patents are a major depreciation item
Capitalized work for own account
From 2026, external costs were presented using the gross method
Tender-driven revenue recognition timing
Quarterly revenue and margins can fluctuate materially
Provisions and deferred income
Affects current liabilities and near-term cash conversion
: 11/08/2026