I-Tech's CEO, Markus Jönsson and I-Tech's CFO & Director Operations, Magnus Henell will present the report live on the 8th of May, at 10:30.
Follow the broadcast: here
Read the full report: here
Summary of the period
" Solid growth with record-high turnover and profit "
Net sales during the first quarter amounted to 56,880 (38,270) TSEK, which corresponds to an increase in sales of 49% (24%) compared to the first quarter in 2024. The operating profit amounted to 17,656 (9,119) TSEK, which is an increase of 94%, and the resulting net profit margin for the quarter was 24% (21%).
Significant events January to March 2025
- A new supply and license agreement was signed with a major Asian-based paint company.
- A new study of 700+ vessels underscores the value of Selektope in achieving better barnacle protection. One-third of all ships in the study had more than 10% of their underwater surface area covered with barnacles at the time of entering drydock. Vessels coated with Selektope containing products had no, or very minor, presence of barnacles.
- Board of Directors update: The Nomination Committee proposes the re-election of Tomas Bergdahl, Philip Chaabane, Raouf Kattan, Chatarina Schneider, and Tomas Tedgren, and the election of new director Staffan Asplund. Mikael Laurin has declined re-election.
Financial summary
| All amounts in kSEK | 2025 Jan-Mar | 2024 Jan-Mar | 2024 Jan-Dec | 2023 Jan-Dec |
| Net sales | 56,880 | 38,270 | 179,451 | 120,861 |
| Operating result | 17,656 | 9,119 | 45,490 | 23,389 |
| EBITDA | 19,649 | 11,180 | 53,713 | 31,371 |
| Net result | 13,868 | 8,186 | 39,013 | 20,203 |
| Operating cash flow | 26,082 | 14,562 | 35,173 | 35,143 |
| Equity at end of period | 171,256 | 144,424 | 157,388 | 136,238 |
| Cash and cash equivalents at end of period | 126,163 | 97,739 | 100,164 | 83,262 |
CEO Comments
The macro conditions for shipping have changed during the course of the first quarter of 2025. A gradual adjustment of underlying demand that mirrors the development of global trade can be foreseen going forward. For I-Tech, the ongoing changes to the world order are thus far only seen in the effect of a depreciating US dollar. The USD is our operational currency, and over time there is an almost linear impact of the USD/SEK ratio on our gross margin. In addition, there is a short-term exposure to currency fluctuations in our working capital and on our safety stock. During Q1, the value of the USD versus SEK has depreciated by almost 10%.
Total sales in SEK during Q1 grew by 49% year-on-year. Our financial performance continues to improve, and the operating profit (EBIT) for Q1 grew by 94%, reaching SEK 17.7 (9.1) million. As planned, our gross margin continues to strengthen to 56% (53%).
Among our customers, both CMP and PPG continued to develop very positively during the first quarter, with their volumes growing by 40% and 300% over Q1 2024, respectively. The share of total sales to Asia during Q1 was 98%, with sales to China growing faster than in other northeastern markets.
Selektope's Renewed Regulatory Approval in the EU:
EU Commission representatives from DG SANTE met with the Standing Committee on Biocidal Products (SCPB) in March for an initial discussion on the input received during the public consultation for Selektope (Medetomidine). I-Tech expects that an extension of the current market approval for Medetomidine, which ends in June, will be announced during Q2. This is a standard procedure for the SCPB and will ensure there is sufficient time to complete all the necessary steps of the ongoing re-registration process. In terms of the timeline, I-Tech still expects more clarity on the outcome of the current process during the second half of 2025.
Market expansion:
There is good progress on the business development activities in the portfolio of new opportunities. Organic growth projects are advancing through the innovation funnel, and inorganic growth opportunities are being actively evaluated. The team is exploring both product and market adjacencies, as well as more transformative ideas.
Markus Jönsson
CEO I-Tech
Contacts
Markus Jönsson, CEO
M: +46729-77 96 25
E: markus.jonsson@i-tech.se
About I-Tech AB
I-Tech is a biotechnology company that has developed the antifouling technology Selektope®, an active substance that prevents barnacle attachment on submerged surfaces such as ships and boat hulls. By increasing the anti-barnacle performance in marine paint systems (e.g. antifouling coatings), fuel and maintenance costs are reduced ang vessel energy efficiency improved. I-Tech has obtained the necessary regulatory approvals for Selektope® and has several of the world's largest manufacturers of marine antifouling coatings as customers. The company's share is listed for trading on Nasdaq First North Growth Market in Stockholm. The Company's Certified Adviser is Carnegie Investment Bank AB (publ). For more information visit our website www.i-tech.se.
This information is information that I-tech is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-05-08 08:00 CEST.
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Q1 Report 2025