Interim Report January – March 2019

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Order intake continues to improve and several new customers

Q1 2019

  • Net sales for the period amounted to SEK 10.7 (1.9) million and earnings to SEK -16.3 (-21.3) million, which corresponds to earnings per share of SEK -0.25 (-0.64).  
  • Gross profit amounted to SEK -2.6 million, which is an improvement of SEK 4.7 million compared to the corresponding period in 2018. 
  • Cash and cash equivalents as at March 31 amounted to SEK 43.1 (48.3) million. 
  • During the period January 28 February 15, 2019, the Company conducted a new issue that resulted in a capital contribution of SEK 77.7 million and net SEK 63.2 million after issue expenses. Each existing share entitled the holder to the subscription of three new shares. The number of shareholders increased after the share issue by 1 000 to 3 370. 
  • A new order of SEK 7 million was received in February from Humlegården Fastigheter in Stockholm. 
  • An order of SEK 4.5 million was received in the second half of February from Ticon Broen AS in Norway, and an additional order of SEK 2.4 million including solar panels was later received. 
  • Order intake amounted to SEK 18.9 million during the quarter. The total quote stock amounts to SEK 120 million on the reporting date. We enter into Q2 2019 with an order volume of SEK 27.6 million  
  • Customer interest for ChromoGenics’ products and services continue to rise. 

Events after the end of the period

  • In April was a new order of SEK 1.4 million received from Fabege in Stockholm.
  • A new framework agreement was signed in May with Humlegården Fastigheter in Stockholm for deliveries. 
  • An order of SEK 1.4 million from Vasakronan was received in May. 

Q1 2019 performance in line with our expectations  

Comments from the CEO

Our preferential rights issue in February was fully subscribed and gave us a capital contribution of net SEK 50.6 million after repayment of an occasional loan. A lot of time from the management has been dedicated to preparations for and work with the new share issue. It has been educational and developmental to meet investors and industry participants. We have gained a better position and put ChromoGenics on the map. With hindsight, we have been able to conclude that the share issue went very well and that the market has shown its confidence in us through a fully subscribed issue.

It is obvious from the property owners who contact us that the market is demanding increasingly sustainable and climate-smart products to reduce the climate impact. ChromoGenics develops new products with unique technical characteristics by combining different types of glass with both dynamic and static abilities including solar cells which create the future's sustainable window glass and facades.

Our offering is unique and strengthens our ability to provide sustainable facade solutions that can increase the properties' value for the owners and improve the daily indoor climate. Our commitment to an expanded installation offers also gives us the opportunity to reach the end customer, proximity to the decisions and achieve better understanding of our products. The extensive resources that were directed to product quality and productivity last year will lead to more developed and increased sales. 

Our efforts to expand the product portfolio with static glass have added a stable product and a strong sales team. We are applying a long-term approach to both gain trust on the market and be the natural choice for a glass facade.  

We continued to maintain a close dialogue with our customers regarding earlier challenges in establishing the business and damages. Replacement deliveries have begun and will continue throughout 2019-2020. Deliveries are made in close co-operation with our customers. At the end of March 2019, the Company had made provisions of approximately SEK 10 million. Additional costs may be incurred. 

In Q1 2019, we signed a number of orders totaling around SEK 19 million. Many quoted projects are being discussed, and there is a high probability that they will become orders in the near future. 

We have received two large orders in Q1 2019, whereof one is a project with ConverLight Static in Stockholm and the other one is a large order from Norway for an interesting renovation project that includes both dynamic glass and solar panels. The goal is for the renovation of the facade to reduce the building’s energy consumption by 80 percent. We are seeing a clear increase in interest in our products from property owners with long-term perspective and we hope ConverLight will be the natural choice. 

The five-year vision of achieving annual deliveries of at least 100,000 m2 of ConverLight®is still in place. We are working methodically to achieve this goal and taking the actions necessary to improve the products and gradually upscale sales and production. The management works continuously to ensure the sputtering capacity of the production is in line with the expected production increase.

Jerker Lundgren, CEO

Jerker Lundgren, CEO 
Lars Ericsson, CFO and Head of Communications
Tel: +46 (0)18 430 0430
Certified Adviser: G&W Fondkommission, e-mail:, tel.: +46 (0) 8 503 000 50

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 15 May, 2019, at 08:30 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 and static glass with world leading performance. 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.