Year-End Report 2017

2017 – An intense year during which we established the base for an aggressive market expansion!

Q4 2017

  • Net sales for the period amounted to SEK 0.8 (0.3) million.
  • Earnings for the period amounted to SEK -19.9 (-11.7) million, which corresponds to earnings per share of SEK -0.86 (-1.27). During the quarter a provision of SEK 2.3 million related to replacements of previous deliveries was made for some of the first commercial projects.
  • Cash and cash equivalents as at December 31 amounted to SEK 38.5 million.
  • During the quarter, ChromoGenics invoiced and completed deliveries of dynamic glass for the second of four partial deliveries to Atrium Ljungberg’s project, Gränbystaden, in Uppsala.
  • Åsa Stroofe assumed the role of Chief Marketing Officer.
  • Strengthened organization with sales and customer project managers for increased sales capacity.
  • Poul Erik Schou-Pedersen resigned from the Board January 31, 2018, at his own request due to that he enters an operational role as CEO of a Danish company and thus no longer can set aside time.
  • ChromoGenics raised financing for at least 12 months after the end of the reporting period through a preferential rights issue totaling gross approximately SEK 33 million that was concluded in January 2018.
  • The Board of Directors is working continuously to secure the company's long-term financial position.
  2017 2016 2017 2016
SEK million Oct-Dec Oct-Dec Jan-Dec Jan-Dec
Net sales 0,8 0,3 6,9 3,0
EBITDA -18,3 -9,0 -51,0 -42,2
Net income -19,9 -11,7 -57,2 -49,5
EPS before dilution, SEK -0,86 -1,27 -3,17 -7,60
EPS after dilution, SEK -0,86 -1,27 -3,17 -7,60
Cash and cash equivalents at end of the period 38,5 8,5 38,5 8,5

“A challenging year during which we learned a lot and received confirmation that there is a market demand for our dynamic glass. We are now ready to take on larger volumes!”  

Comments from the CEO

In 2017, we installed a number of reference projects. ConverLight® is now operational in newly built commercial premises such as offices and hotels as well as service buildings such as libraries and schools. During the year, challenges of establishing a new business has caused several replacement deliveries, which has resulted in very high costs. We are transitioning from being a development company to running fully commercial operations that include both production and delivery of highly technical products to customers with high demands. The challenges have been identified on an ongoing basis and resolved. We are bringing with us valuable experiences from 2017 that will serve as a basis for our continued improvement efforts. The costs of goods sold are expected to normalize during 2018. 

We have constantly had very positive response from our customers. Our customers are satisfied with the functionality of our product, and we can demonstrate that ConverLight® is fulfilling its purpose - saving energy and creating significantly improved indoor comfort as well as reducing maintenance costs. During the fall, we strengthened the organization mainly with sales managers, but also customer project managers to increase our sales capacity. We have also taken our first steps into the Danish market. During the year, we have increased our market presence and we are significantly better equipped to increase sales and delivery volumes in 2018.

During the quarter, ChromoGenics completed the second of four partial deliveries of dynamic glass to Atrium Ljungberg’s project, Gränbystaden, in Uppsala. The project has a high environmental profile and all new construction will be environmentally certified in accordance with the BREEAM standard. This is an important customer reference for us. 

Through the completed rights issue, we have secured financing to be able to take on larger project deliveries with a strengthened organization to better support our customers.  

Energy efficiency in buildings is a highly prioritized area politically since buildings represent one-third of the final consumption of all energy and global carbon dioxide emissions. If we were to truly maximize a building’s energy efficiency, the building would not have windows, glass facades or glass ceilings, but design and architecture is developing in the opposite direction. The use of glass in buildings is increasing since people need daylight and visual contact with their surroundings to feel good. This is where our sustainable technology makes a difference! 

During the year we established a platform for the future. The company is now targeting an offensive scale up of sales as well as production to reach, in a five-year term, yearly deliveries of ConverLight® over 100,000 sqm!  

Thomas Almesjö, CEO 

For more information, please contact
Thomas Almesjö, CEO
Susanne Andersson, CFO & Head of Communications
+46 (0)18 430 04 30 

This information constitutes such information that ChromoGenics AB (publ) is obligated to disclose in accordance with the EU Market Abuse Regulation. The information was submitted by the above-mentioned contact persons for publication on February 23, 2018, at 8:30 a.m. CET. 

Every care has been taken in the translation of this document. In the event of discrepancies, the Swedish original will supersede the English translation.

About ChromoGenics
ChromoGenics offers dynamic glass with controllable heat- and light transmission. The company’s unique technology ConverLight® provides sustainable solar control for increased indoor comfort and energy efficiency. ConverLight® also contributes to Green Building certifications. In 2016 the company started commercial sales to real estate projects in Scandinavia.

ChromoGenics is located in Uppsala, Sweden, and the technology is derived from the world leading research center at Ångström Laboratory at Uppsala University. The plant has been partly financed by a conditional loan from the Swedish Energy Agency. ChromoGenics share (CHRO) is listed on Nasdaq First North Stockholm with G&W Fondkommission as Certified Adviser.


About Us

ChromoGenics is a leader in dynamic glass with controllable heat- and light transmission. The company’s unique electrochromic technology ConverLight™, provides sustainable solar control with increased indoor comfort and energy efficiency. In 2016 the company started commercial sales to real estate projects in Scandinavia.