Insplorion

Outcome April – June

• Net sales amounted to 160 (141) kSEK
• Profit after net financial items amounted to –5 376 (–7 113) kSEK
• Basic and diluted earnings per share: –0,23 (–0,54) SEK
• Cash flow from operating activities and investing activities: –4 132 (–7 820) kSEK

Events April - June

• Insplorion announces a Vinnova project of approx. 3.7 MSEK together with Saab

Events after the end of the period

• Insplorion hydrogen sensor in new proof-of-concept project
• Insplorion takes first order in Japan
• Per Giljam leaves as CFO
  

Watch CEO Johan Rask comment and answer questions about the report at 4.00pm September 2, 2024. Teams-link (Swedish)

A word from the CEO
It is a pleasure to note how interest in Insplorion’s sensor technology is gradually facing increasing interest from the part of the world that has a firm belief in hydrogen as perhaps the most crucial energy carrier of the future. This provides a strong tailwind that gives us confidence in the cooperation and discussions with reputable customers and partners in the market.

The work within Insplorion during the second quarter has largely been characterized by completing our first ATEX-certified sensor product (NPS-P2) via prototypes, which, according to plan, is expected to be ready in the first quarter of 2025. Thus, it is now high time to negotiate terms and working methods with new partners and distributors for the important work of marketing and selling our products in the market.

After the end of the quarter, it was announced that we had initiated two interesting business projects involving deliveries for testing our NPS-P1 hydrogen detector to both an internationally well-known packaging company and a Japanese company in the automotive industry.

If we look a little further ahead, we can see exciting potential beyond the upcoming NPS-P2 sensor product, such as our collaboration with Saab. This is a Vinnova project with a total of around MSEK 3.7 in grants, and the main focus is on adapting our sensor to Saab’s system to eventually enable safe flights using hydrogen as a fuel source. This is an entirely separate project from the NPS-P2 product, but it is a prime example of how optical technology has generated interest, as it allows remote reading using fiber optics. In the project, we intend to demonstrate the benefit together with Saab’s already existing so-called interrogator, a device that collects signals via fiber optics on board aircrafts. In the future, we see the field of readout with fiber optics as very exciting, also beyond aviation.

Our near-term focus, however, is on what the NPS-P2 sensor can achieve in a much broader sense.
The current work on the ATEX certification of NPS-P2 clearly marks Insplorion’s transition from a development company to a product company. To optimally allocate our resources for future projects and further increase the potential of our technology, we have recently contracted GAEU Consulting, experts in EU funding. With their help, we intend to apply for funding from the EIC Accelerator in spring 2025 of up to MEUR 2.5. Add to this the upcoming important choices of partners and distributors, and I look forward to an exciting fall for Insplorion.

Gothenburg, Sweden
August 2024
Johan Rask, CEO

The report is also available on the company website at the IR-page