This is Intellego's interim report for the period January 1, 2025 - September 30, 2025. The report includes the Group's activities, results and financial position for the period. It covers the entire group of companies, unless otherwise indicated. Amounts in parentheses are for the corresponding periods in 2024.
Summary of the period 1 July - 30 September 2025
- Net sales increased to SEK 294.2 million (74.4)
- EBIT amounted to SEK 171.6 million (21.5)
- Profit before tax of SEK 103 million (17)
- Earnings per share before dilution amounted to SEK 2.64 (0.48) and after dilution to SEK 2.63 (0.46)
- Cash flow from operating activities for the period amounted to SEK 36.5 million (-5)
- Cash and cash equivalents amounted to SEK 146.9 million (4,7)
- Net debt amounted to SEK 18.8 million (70.9)
- Return on Equity was 16.4% (4.6)
- The equity/assets ratio was 75.5% (66.5)
- The debt/equity ratio was 32.4% (50.4)
The entire quarterly report is available at: https://intellego-technologies.com/sv/rapporter/
A Message from the CEO
Intellego's growth journey continues
During the third quarter, we delivered a strong financial performance, with net sales increasing by 296 percent and EBIT by 696 percent compared to the same period last year. Our total cash flow also continued to improve year-on-year. As our commercial activities continue expanding, we are working to further develop our internal structure and communication to ensure that the organization evolves in line with our growth. This includes gradually expanding our team to support future scalability. We believe that Intellego is still at the beginning of its journey, and these initiatives will help us build a solid foundation for the years ahead. One clear sign of that we are on the right path is that our 86.6 % of revenue this year comes from already existing customers.
Strategic financing through the Heights Capital Management collaboration enables updated financial targets
We see Intellego as being on a long-term journey to build a global leader within the UV industry. To achieve this, strong partners and access to capital are essential. We are not focused on becoming a local player, but rather on establishing a global presence and a leading position in our field. The collaboration with Heights provides important funding to support our continued expansion. As we have the flexibility to allocate these resources according to our strategic priorities, this agreement gives Intellego valuable room to accelerate growth. The funds will be used to strengthen the Group's long-term financial performance and create substantial value over time. In connection with this, we are setting our financial goal for 2026 to SEK 2 billion in net revenue and SEK 1 billion in EBIT. Should we utilize the full financing available through the Heights agreement, our financial goal is to reach up to SEK 7.2 billion in annual revenue within the next three years, with a connected EBIT of 3.6 billion SEK, and still have plenty of funds from the investment in the bank. These new financial targets represent a significant increase compared to our previous goals and to reach these targets, we plan to combine organic growth with strategic acquisitions. We expect acquisitions to account for approximately 25 percent of total revenue in 2026, with the remaining 75 percent coming from organic growth.
Update on share buyback program
While the Board of Directors remains committed to the previously announced share buyback program, it also recognizes that launching such a program immediately after the Heights financing could create mixed signals regarding Intellego's capital allocation priorities. As a result, the Board still intends to ask the Annual General Meeting for an authorization to conduct such a program. The notice of the Annual General Meeting will be published in due course.
Disinfection
Within our disinfection segment, growth continues to be strong and driven by increasing global adoption of our products. Demand for reliable UV disinfection verification tools remains high and our dosimeters are becoming an integral part of daily routines across the healthcare sector. During 2025, we have sold millions of dosimeters, and we believe that this figure could double in 2026. The expected increase is driven by the growing global adoption of Intellego's disinfection dosimeters, as more healthcare facilities around the world integrate our solutions into their daily routines. Regulations are now also working in Intellego's favour where it is expected to become mandatory to use products like Intellego's in China during 2026. Canada and United States have also started to implement regulations and based on history, its likely only a matter of time before using products like Intellego's become mandatory on the global market. Not only are more facilities using our products, but the average consumption per user is also increasing, as customers and end users become more aware of the importance of regularly checking their UVC disinfection equipment. Helping customers to increase dosimeter usages can improve workflow efficiency and disinfection results for users, while driving stronger growth for the Company.
As recently communicated, Intellego/Yuvio received a larger order for its disinfection devices to the European market from our partner Moveomed. Moveomed is a strong actor in the European UV disinfection market and they have been supplying healthcare facilities with UV disinfection devices for the last decade. Not only are they committed to UV disinfection but also to increase the quality process around it and they are strong supporters of Intellego's dosimeters and how they can improve disinfection results while generating higher revenue. Prior to Moveomed's order, Intellego and Moveomed sat down and reviewed a business plan which shows how 1000 UV disinfection devices can be sold through Moveomed's network in the next 5 years. That we are heading in that direction is already clear as Moveomed seems to be doubling their revenue this year. We look forward to scale the market together with Moveomed in the next coming years.
We believe that this quote from the CEO of Moveomed, Jan-Michael Albrecht, says it all:
"My customers doesn't care what UV-C disinfection device I use. They want the best level of disinfection in the shortest possible time. With YUVIO, I deliver just that."
In Asia our collaboration with LiKang continue to develop well. "LiKang continues to prepare the broader market launch to coincide with new Chinese disinfection regulations which are expected to come into force in 2026 and to require the use of products such as Intellego's. LiKang is actively following the regulatory process and preparing the market. We reaffirmed our mutual commitment to our collaboration and our belief in its full potential", says Intellego chairman, Greg Batcheller.
Usage of our dosimeters in China is increasing and we look forward to the national regulations, expected in 2026, when 30,000+ hospitals MUST use products like Intellego's (that these regulations are coming have been known for some time.) Due to this and based on previous cases, it's now likely that it's just a matter of time before EU, the US and other markets implement the same regulations.
Curing
The curing segment remains at an early stage for Intellego and revenue from this area is still limited. However, the market holds significant potential, and we expect its financial contribution to increase over the coming years. To capture this opportunity, we plan to establish a dedicated business team focused on developing and expanding our curing operations to ensure sufficient market penetration. Curing products typically carry a considerably higher price point compared to disinfection products, which means that, once the business reaches scale, the financial impact on the Group's overall results can be substantial.
Focus on core business
Given the significant growth potential in the disinfection and curing markets, we have decided to focus our resources and strategic efforts on these two core areas moving forward. While the horticulture and consumer segments will remain part of our portfolio, we do not plan to allocate significant new investments to these areas at this stage. In our two focus areas - disinfection and curing - we currently have a strong pipeline of new projects, with a total of twelve in active development. These products are being developed in close collaboration with our customers and mainly relate to new types of dosimeters to be launched over the coming years.
Disinfection Devices
As we continue to develop new dosimeter products in close collaboration with our customers, we are also seeing strong momentum in our capital equipment sales, particularly within disinfection devices. Over the past year, we have seen a significant increase in sales of capital equipment for disinfection purposes and, to date, the Group has sold hundreds of devices globally. We expect this positive trend to continue in the coming years, supported by strong customer feedback and our established partnerships.
Through Intellego's subsidiary Yuvio, we are uniquely positioned to offer disinfection devices that many competitors cannot, thanks to our extensive global network. For example, a US-based manufacturer often faces challenges entering the European market due to tariffs, regulations, and technical requirements - areas where Intellego has extensive experience and proven capability. This allows us to source devices from one part of the world and successfully launch them in another without major obstacles. In addition, Intellego offers flexibility in its commercial approach. Customers can, for example, acquire a device at a low upfront cost (with no margin for Intellego) combined with a long-term commitment to purchase dosimeters, or choose to buy at market price with a high gross margin for the Group. Intellego's global reach together with its flexible commercial terms, enables for Intellego to have a strong negotiation position which can result in gross margins over 50% for the devices. Intellego can for example buy a device from one region for 5,000 - 10,000 USD and resell it in another region for approximately 40,000 - 50,000. As of today, Yuvio has over 10 different suppliers of UV disinfection devices and Intellego has been investing in different devices for the last years and invested millions of Euros. Through Yuvio, Intellego can increase its sales by selling the devices, but primarily dosimeters, while the supplier can get access to a new geographical market.
Business model
Intellego's business model is to sell its products through large partners and distributors who then resell the goods to the end customers. This enables for Intellego to access the full global market while itself having a low overhead and focus on its core technology. Through this business model Intellego can rapidly expand without having to increase its fixed cost basis significantly.
Payment terms
Since 2023, Intellego has offered extended payment terms as part of a deliberate strategy to increase market share. Over the past year, we have gradually begun shortening these terms to improve cash flow and strengthen the company's financial position. The transition is taking longer than expected, as customers have become accustomed to longer payment periods and the associated liquidity benefits. At the same time, Intellego continues to actively manage its credit exposure by ensuring selected receivables and utilizing export financing to minimize risk.
Order status and framework agreements
Intellego is currently in discussions for orders to an approximative value of SEK 200 million, SEK 150 million for the disinfection market and SEK 50 million from the curing market where Intellego's dosimeters and app system is delivered. Hopefully these orders will be turned into revenue during Q4 2025 but it remains to be seen.
In addition, the Company has several framework agreements for the disinfection market with potential values of more than 10 billion SEK over a multi-year period. If these framework agreements will turn into revenue and cash flow remains to be seen as these agreements usually have terms such as regulatory approvals which they are dependent on. Intellego's expectation is that some of these framework agreements shall start to generate revenue in 2026 and scale from there and generate revenue for the next 5 years.
Continued expansion through targeted acquisitions
As stated, the financing from Heights and other partners will be used to support Intellego's expansion, both organically and through potential acquisitions. We are continually evaluating acquisition opportunities on a global scale that can create strong commercial synergies and accelerate growth. Intellego is currently in several acquisition discussions, primarily in the United States. Should these transactions materialize, we estimate that they could contribute up to about USD 40-50 million in revenue and USD 10-15 million in positive cash flow in 2026. Intellego's goal is that any acquisition should be self-financing, with the purchase price effectively repaid through dosimeter sales synergies within 18-24 months following completion. Intellego is planning to invest above 1 billion SEK on acquisitions in the coming 5 year which will significantly expand Intellego's distribution network to new customer groups and new geographic areas which will further elevate Intellego's financial development.
Communication:
Intellego is a rapidly expanding business and the focus of the organisation is to drive that business forward.
Unfortunately, this rapid growth has also shown that the company do have growing pains and areas of the business which it needs to handle better. One of these parts is the communication with the market. In the last months we have received much feedback that the communication is a part where the company needs to improve significantly and we have started to take steps to address this by taking in external IR help for the company going forward and communicate more clearly about what Intellego does and why our business is growing the way it does.
We hope that this Q3 report and its new format is the starting point on Intellego's new communication and transparency towards the market. Presenting our coming quarterly reports earlier than before will be a priority to the company and as usually this time of the year, the annual report review process has started a couple of months back to make sure that we can swiftly present the annual report early next year.
As the Company is now increasing its effort to publish the quarterly reports earlier after each quarter, the Company has decided to no longer communicate preliminary results after the end of each quarter. This is also based on feedback from institutional investors where the info in the preliminary numbers is not sufficient and sometimes even causes confusion about the Company's financial development.
Claes Lindahl
CEO
Contact
For further information, please contact:
Claes Lindahl, CEO Intellego Technologies AB
E-mail: claes.lindahl@intellego-technologies.com
Phone: +46 735 344 634
About Us
Intellego Technologies develops and manufactures color indicators that show the effect of irradiation with, among other things, invisible ultraviolet light, UV light. Color indicators are used globally in, for example, the disinfection industry, the sunscreen industry, and the manufacturing industry. Intellego's indicators have been developed from the company's patented photochromic ink, which can be adapted to different wavelengths of light and various application areas across a range of different industries. Intellego Technologies was founded in 2011, is headquartered in Stockholm, and is listed on the Nasdaq First North Growth Market.
The company's Certified Adviser on the Nasdaq First North Growth Market Stockholm is Mangold Fondkommission AB.
Intellego's website: https://intellego-technologies.com/en/
Subscribe to Intellego's press releases: https://intellego-technologies.com/sv/pressmeddelanden/
Contact the communications team: communications@intellego-technologies.com
This information is information that Intellego Technologies 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 2025-11-10 18:00 CET.