Interim report for the third quarter of 2021:

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Year-to-date revenue up 8 %, pipeline still growing, particularly within Vertical Farming

Today, LED iBond International’s (LED iBond) Board of Directors approved the interim report for the third quarter (Q3) of 2021. Highlights of the report include:

Business development

  • Overall, new business opportunities are continually identified and validated, in particular within vertical farming, where the sales pipeline is constantly growing, and the first installations have been successfully delivered.

However, the COVID-19 pandemic and the global shortage of electronic components are slowing down execution and revenue generation.

  • Vertical farming: In a test facility, LED iBond firmly demonstrated during Q3 that its vertical farming solution provides best-in-class lighting coverage of lettuce and other microgreen cultures, securing consistent production yields and optimal growth control. In parallel, the company increased the volume of pending offers for international vertical farming projects with expected delivery in 2022.
  • Smart buildings: In Q3, LED iBond continued to develop its business relationship with Nobia. Under the collaboration with Bluetop Solar Parking ApS, LED iBond also received orders for lighting equipment for the first three charging stations of Gridserve’s “Electric Highway” in Britain. In the gas station segment, the widespread lack of third-party installers is slowing down the completion of orders.

During the quarter, LED iBond welcomed B2, a leading Korean lighting management and architectural lighting company, as distribution partner in Korea. Using Tracy® and The Plane®, B2 has developed a range of innovative lighting solutions which are now being introduced to the Korean market.

  • Technology: In cooperation with sub-suppliers and potential customers, LED iBonds is preparing three demo-cases under the Energy Technology Development and Demonstration Program (EUDP), managed by the Danish Energy Agency. The demo-cases will showcase the benefits of integrating novel IoT sensor components and the Tracy concept.
  • Business conditions: LED iBond’s commercial development is still impacted by the COVID-19 pandemic as travel restrictions limit sales activities. In addition, the global supply chain squeeze, especially within logistics and electronics components, including speciality LEDs, can potentially cause delays in LED iBond’s product deliveries.

Financial development

  • In Q3, LED iBond generated revenues of TDKK 713, a drop of TDKK 1,551 or 69 % relative to Q3 of 2020, where revenues included sales to spin-offs of TDKK 1,695. Excluding revenue from spin-offs, LED iBonds core business delivered a year-over-year revenue increase in Q3 of 25 %.
  • EBIT for Q3 amounted to a loss of TDKK 3,436, a deterioration of 24 % relative to the previous Q3, mainly caused by one-off expenses and depreciations. For Q1-Q3, EBIT came to a loss of TDKK 14,797 against a loss of TDKK 13,433 in Q1-Q3 of 2020, an increase of TDKK 1,364, mainly driven by higher staff cost and depreciations.
  • The result before tax for Q3 was a loss of TDKK 3,594 against TDKK 2,903 in Q3 of 2020, the difference to be explained by higher staff cost and higher depreciations. The Q1-Q3 result before tax was a loss of TDKK 15,846 against a loss of TDKK 17,586 in Q1-Q3 of the year before.
  • The total cash flow for Q3 shows an outflow of TDKK 10,940, against an outflow of TDKK 4,363 in Q3 of 2020. The total cash flow for Q1-Q3 of 2021 shows an inflow of TDKK 22,223 against a total inflow of TDKK 9,053 in the year-earlier Q1-Q3. The increased inflow is mainly explained by the capital raise in April 2021.
  • On 30 September 2021, the company’s equity amounted to TDKK 80,216 against TDKK 44,193 at 31 December 2020, and net cash amounted to TDKK 32,084, compared to TDKK 9,861 on 31 December 2020.

Financial key figures for Q3 and the first 9 months of 2021

Change Q1-Q3
Profit & Loss
Revenue of goods sold 713 2,264 -1,551 5,008 4,636 372
Grants & Compensation 2,072 1,664 408 3,073 1,664 1,409
EBITDA -421 -93 -328 -5,720 -5,409 -311
EBIT -3,436 -2,768 -668 -14,797 -13,433 -1,364
Net Financial expenses -158 -135 -23 -1,049 -694 -355
Profit/loss before tax -3,594 -2,903 -691 -15,846 -17,586 1,740
Profit/loss -2,803 -2,264 -539 -12,358 -13,717 1,359
Balance Sheet
Total assets 95,637 69,843 25,794
Total equity 80,216 48,100 32,116
Net interest-bearing debt. 7,445 13,212 -5,767
Cash flow statement
Cash flow from operating activity -3,141 -2,833 -308 -8,011 -8,756 745
Cash flow from investing activity -3,744 -1,680 -2,064 -12,133 -6,351 -5,782
Cash flow from financing activity -4,055 150 -4,205 42,367 24,160 18,207
Change in cash and cash equivalents -10,940 -4,363 -6,577 22,223 9,053 13,170

The full interim financial report for the third quarter of 2021 is available here:

Further Information

Pia Stangerup, CEO
Mobile: +45 5117 6701

Company contact
LED iBond International A/S
Agern Allé 5A
2970 Hørsholm

CVR 36041609

+45 7070 7855

Certified advisor

Västra Hamnen Corporate Finance
Jungmansgatan 12
211 19 Malmö

Telephone: +46 40 200 250

About LED iBond International A/S

Founded in 2014, LED iBond International offers innovative solutions for integrating light and data, based on the company’s deep knowledge of modern LED technology and many years of development. The patented technology includes the lightest and thinnest LED basis available, offering a unique value proposition combining total design flexibility, full IoT integration and low total costs of ownership. LED iBond’s technology has been deployed in many projects, ranging from intelligent shelf lighting to large scale indoor illumination projects such as the installation of 3.2 kilometres of Tracy®, the company’s innovative flagship product, at DTU, the Technical University of Denmark.

Due to the data transfer capabilities, superior form factor and cooling properties of the technology platform, LED iBond is focusing on three business lines: smart building, UV disinfection and vertical farming, all projected to show significant growth in the years to come.

LED iBond International A/S is admitted to trading on Nasdaq First North Growth Market Denmark (ticker: LEDIBOND).