Interim Report January-March 2023

Outcome January – March
•    Net sales amounted to 59 (149) kSEK
•    Profit after net financial items amounted to –5 808 (–4 525) kSEK.
•    Basic and diluted earnings per share: –0,44 (–0,35) SEK.
•    Cash flow from operating activities and investing activities: –6 872 (–5 681) kSEK

Significant events January – March
•    Fifth subscription period of T01 started January 22 and no warrants were converted into new shares

Finwire.tv: Watch CEO Johan Rask and CFO Per Giljam comment and answer questions about the interim report at 2.00pm today April 27, 2023 at https://www.finwire.tv/webcast/insplorion/insplorion-q1-presentation-2023/

In the recently published 2022 annual report, we pointed to significant events during the financial year. We have now, decisively, built on these events during the first quarter of 2023. 
 

For example, the research collaboration in TechForH2, where we work alongside operators such as Chalmers, Volvo, PowerCell, Siemens Energy, Scandia, and others, is now in progress. In addition, we are participating in Explore H2, where we were selected by the French company Safran to take part in their program to accelerate key technologies relating to H2—which aligns with our strategy to focus on hydrogen sensors. 
 

We have previously communicated that we are engaged in ongoing discussions with prospective partners and customers. Normally we do not disclose the identities of these companies due to secrecy obligations. During the first quarter we could however announce our ongoing cooperation with the Gothenburg-based company Consilium Safety Group, which involves a joint exploration of applications in tandem with their customers. Consilium Safety Group is world leading in the field of fire and gas safety, especially in the marine sector. In this context, one of our strengths—that we can measure in inert environments (where there is low level of or no oxygen)—becomes particularly important. Of course, our geographical proximity further facilitates the cooperation. 
 

During the quarter, we also attended the Naventus Renewables Summit in Stockholm and the Hello Tomorrow Global Summit in Paris, where we had the chance to present Insplorion and our unique hydrogen sensor as a product. 
 

On the technological side, development of hydrogen sensors continues relentlessly, both internally and externally. We have demonstrated that we have very fast sensors and that they also have the capacity to operate in environments in which our competitors are struggling. Now, we are dedicated to take the final steps in development together with partners. 

On the instrument side, the work with prospective customers has continued, and our team has participat-ed in Material Research Society (MRS) in San Francisco and the International Battery Association (IBA) Conference in Texas. We did not however generate any instrument sales in Q1, something we are not content with of course. 
 

I have now served as the CEO of Insplorion for over a year, and I am very proud of our choice of strategy and the progress we have made with the company during this time. Now we maintain our focus on the future as we push forward with full force; with the aim to achieve a successful commercialization of the Insplorion Hydrogen Sensor. 
I am convinced that our new strategy will establish Insplorion as a key player in the hydrogen value chain. I really look forward to our continued development during 2023 and into 2024, with the Insplorion team consistently reaching new milestones together with partners and customers. 
 

Gothenburg, April 2023
Johan Rask, CEO

The Interim Report is also available at Insplorion’s investor relations website: https://www.insplorion.com/en/investors/