" WHAT STANDS OUT TO ME MOST IS HOW OUR WORK IS EXPANDING ACROSS SEVERAL AREAS. THIS IS IMPORTANT." Lina Jorheden, CEO
Third quarter
- Net sales amounted to MSEK 0.8 (2.9)
- Operating profit/loss (EBIT) totaled MSEK -19.5 (-15.9)
- Cash flow from operating activities amounted to MSEK -14.3 (-20.7)
- Earnings per share before and after dilution amounted to SEK -0.09 (-0.08)
Year-to-date January-September
- Net sales amounted to MSEK 14.6 (24.3)*
- Operating profit/loss (EBIT) totaled MSEK -65.3 (-40.6)
- Cash flow from operating activities amounted to MSEK -44.2 (-29.4)
- Earnings per share before and after dilution amounted to SEK -0.28 (-0.23)
* In the previous year, revenue primarily consisted of a one-off payment of SEK 20 million in connection with a license agreement with SMA.
SIGNIFICANT EVENTS
Year-to-date January-September
- SaltX received MSEK 110 through a rights issue and carried out a set-off issue of MSEK 2.2
- In January, SaltX entered into an agreement with Frontier providing USD 1.5 million in funding related to the development of technology for permanent carbon removal
- SaltX and Holcim deepen partnership through development agreement for electrified cement manufacturing
- SaltX appoints Karl Björnfot as CTO and confirms Kristine Johansen as permanent COO
- SaltX and Holcim begin industrial testing of electrified cement calcination with positive results
- The Annual General Meeting was held on April 23, 2026, and resolved in accordance with the proposals of the Board of Directors and the Nomination Committee. At the meeting, Sonya Fielding, Anders Forsén, Mercedes Jul and Bengt Steinbrecher were elected as new members of the Board. Tobias Elmquist, Andreas Nordbrandt and Karin van der Salm were re-elected. Andreas Nordbrandt was re-elected as Chairman of the Board
- SaltX and Holcim have produced Portland-quality cement clinker in a fully electrified process
- SaltX EAC technology included in roadmap towards next-generation electric Direct Air Capture plants
- SaltX receives feasibility study order for an electrified quicklime plant from Groupe Pigeon
- SaltX secures EU funding to demonstrate electrified and circular cement production with Holcim and Paebbl
After the end of the period
- Board member Sonya Fielding resigned from the Board of Directors of SaltX at her own request
- SaltX and Groupe Pigeon take the next step toward commercial electrified lime production
- SaltX completes installation of its first Multiplasma reactor to scale up EAC technology
- SaltX receives order from Holcim for next-phase development program for electrified clinker production
THE CEO'S ADDRESS
SEVERAL CUSTOMER PROJECTS PROGRESSING TOWARD INDUSTRIAL IMPLEMENTATION
During the year, we have taken important steps in SaltX development, both technically and commercially. The pace of work remained high in the third quarter, as we advanced several priority customer projects from verification and feasibility studies into the next phase.
What stands out to me most is how our work is expanding across several areas. This is important. Large industrial projects do not always progress at the pace or in the order originally planned, as external events and other factors can arise and affect timelines. By working with several customers in parallel, we create more paths toward industrial implementation while building a broader commercial base for future growth.
Building a broader customer base is part of our strategy. We work with several customers in the lime and cement industries and are exploring additional industrial applications for our technology. The projects have different requirements and timelines, but all share the same core technology.
CEMENT MOVES TOWARD A PILOT PLANT IN EUROPE
During the third quarter, we took the next step in our collaboration with Holcim. The industrial test program for electrified precalcination of cement raw meal at our test and research facility in Hofors is now complete. All targets for the degree of calcination, material quality, and operational stability have been met. This marks an important milestone.
The next step is to work with Holcim to translate the results into a pilot plant in Europe for electrified precalcination of cement raw meal. The project aims to enter the implementation phase in 2028. The pilot is a step toward our long-term ambition to electrify the entire cement process, including clinker production, using our ECR technology.
For me, this marks an important shift. We are moving from verifying the technology at industrial scale to preparing it for implementation at our customers' facilities, a major step for SaltX.
SEVERAL PATHS FORWARD IN THE LIME SECTOR
In the lime sector, we continue to work on several customer projects. The Pilot40 timeline has shifted from our previous expectations. As we communicated at the end of September, SMA Mineral has not yet decided whether to begin construction of the pilot plant in Mo i Rana. Preparatory work continues, but clarity is still needed on long-term grid capacity for the larger-scale facility. SMA Mineral's ambition to proceed with the project remains.
In parallel, we have taken another step in our collaboration with Groupe Pigeon. The feasibility study for the planned electrified lime production facility has been completed, with positive results. The project is now moving forward with technical design and preparations for the next phase, with construction targeted to begin in 2028. Recently, we visited the planned site in France, reviewed site conditions, and began joint planning.
SCALING UP FOR MORE INDUSTRIAL APPLICATIONS
Alongside our customer projects, we continue to scale our technology. The Frontier-funded Multi-Plasma project is entering its next phase. The first reactor has been installed at our test facility in Hofors, and commissioning is scheduled to begin shortly. This marks an important step toward developing EAC technology for higher capacity.
The scale-up is not tied to a single customer project or application. Our aim is to develop a common technology platform for use in lime, cement, and other high-temperature processes. By standardizing and scaling our core technology, we are creating the conditions for more industrial installations and for meeting industry's need for higher production volumes.
" STEP BY STEP, WE ARE ADVANCING OUR CUSTOMER PROJECTS TOWARD COMMERCIAL INSTALLATIONS AND BUILDING A SCALABLE, PROFITABLE, AND SUSTAINABLE BUSINESS WITH RECURRING REVENUES AND LONG-TERM GROWTH."
FROM CUSTOMER PROJECTS TO COMMERCIAL GROWTH
When I look at SaltX today, it is clear that our path forward is shaped by several customer projects moving in parallel as we scale the same core technology to support higher capacity and more industrial applications. This approach has contributed to our progress. Experience and technical solutions from one project carry over to the next, helping simplify and accelerate future customer projects within our focus areas.
During the year, we have also advanced our analysis of the market potential and SaltX commercial model. Our market analysis has identified approximately 350 cement and lime plants, mainly in Europe and North America, where conditions could be suitable for our technology. At the same time, large industrial projects typically progress through several stages and often take several years. For SaltX, this means revenue can be generated at multiple stages, from feasibility studies and engineering through technology and equipment supply, licensing, and, as the installed base grows, recurring revenues.
The first industrial reference projects will therefore be important in laying the groundwork for a more repeatable commercial model. By year-end, we plan to share more of our findings on the market potential and our business model, and outline how we see SaltX's business growing in a scalable way.
As we enter the final quarter of the year, we are focused on advancing our customer projects, continuing to scale up our technology, and developing further commercial opportunities. Step by step, we are advancing our customer projects toward commercial installations and building a scalable, profitable, and sustainable business with recurring revenues and long-term growth.
Lina Jorheden
CEO, SaltX Technology
CALENDAR
Year-end Report 2026 February 17, 2027
Annual General Meeting April 27, 2027
Interim Report quarter 1 2027 May 13, 2027
Interim Report quarter 2 2027 August 27, 2027
Interim Report quarter 3 2027 November 11, 2027
Year-end Report 2027 February 23, 2028
ADDRESS
SaltX Technology Holding AB (publ)
Västertorpsvägen 135
SE-129 44 HÄGERSTEN
For further information, please contact:
Lina Jorheden, CEO, SaltX Technology, +46 70 825 11 83
Rickard Lindgren, CFO, SaltX Technology, +46 72 719 93 31
About SaltX Technology
SaltX is a Swedish greentech company that develops and markets sustainable technologies that create value for customers, the climate, and society. The company operates within electrification of emission-intensive industries such as the lime and cement industries. SaltX Technology's share is listed on Nasdaq First North Premier Growth Market, with FNCA Sweden AB as Certified Adviser. For more information, visit www.saltxtechnology.com.
This information is information that SaltX Technology Holding 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 2026-11-05 08:00 CET.
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SaltX CEO Lina Jorheden
