Revenue rose 36.6% from a year earlier to SEK 1.23M and the operating loss narrowed to SEK 6.49M from SEK 7.09M, but cost of goods sold is still above sales 2. Management says TO9 and an Almi loan add SEK 6M to cash in Q4 2.
Svenska Aerogel Holding · Q3 2026 · Reported 22 Oct 2026 · Nordic
Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
Revenue | 1.23 | 0.90 | +36.6% |
Gross loss | -2.41 | -2.91 | Loss narrowed by 0.505 |
Operating loss (EBIT) | -6.49 | -7.09 | Loss narrowed by 0.596 |
Operating cash flow | -6.39 | -7.0 | Outflow narrowed by 0.604 |
Figures in SEK, as reported. Margins are computed from the reported lines.
Sales rose in the quarter, but nine-month revenue is still lower than a year ago
Revenue was SEK 1.23M against 901,000 a year earlier, up 36.6% 2. Over January to September, revenue was SEK 2.8M against 3.5M, and the rolling 12-month figure was SEK 4.0M 39. The report does not give a reason for the nine-month decline, so one strong quarter off a very small base is not yet a trend.
Management points to 18 customers with launched products, three of them new in the quarter, and says this creates conditions for recurring orders as customers' sales grow 3. That is management's view, not yet visible in the revenue line.
The operating loss narrowed, but each krona of sales still costs more to produce
Cost of goods sold was SEK 3.6M against revenue of SEK 1.2M, leaving a gross loss of SEK 2.41M against 2.91M a year earlier 11. The operating loss was SEK 6.49M against 7.09M, and the operating margin was -527.3% against -786.5% 11. Most of that margin gain comes from higher revenue; administration costs also fell to SEK 1.2M from 1.5M 9.
Over nine months the gross loss widened to SEK 8.66M from 8.42M 11. The quarter's improvement therefore has not yet carried through the year.
Per-share loss narrowed partly because the share count roughly doubled
Loss after financial items was SEK 6.49M against 7.13M a year earlier, while loss per share narrowed to SEK 0.13 from 0.24 2. Average shares were 49.5M against 24.0M a year earlier, which explains much of the per-share gap 11. Equity per share fell to SEK 0.66 from 1.90 a year earlier 16.
Cash fell to SEK 6.3M, and Q4 financing is the bridge
Operating cash flow was an outflow of SEK 6.4M against 7.0M a year earlier 9. A SEK 1.12M rise in trade receivables absorbed cash in the quarter 15. Cash and equivalents were SEK 6.3M at 30 September against 15.7M a year earlier, and the cash flow statement shows no financing inflow in the quarter 9.
The TO9 warrants were exercised to about 38.4%, raising about SEK 3.5M before issue costs 7. After the quarter, Almi granted a SEK 2.5M growth loan with possible further funding of SEK 7.5M over 14 months 7. Management says TO9 and the loan together add SEK 6M to cash in the fourth quarter 7. The report does not give a cash runway.
What to watch next
Whether the 18 launched customers place recurring orders large enough to lift quarterly revenue beyond SEK 1.2M and narrow the gross loss 3.
Delivery of the SEK 6M Q4 cash addition and whether the further SEK 7.5M from Almi is drawn within the 14 months 7.
Trade receivables and operating cash outflow in the year-end report due 11 February 2027 9.
Sources
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.