Smoltek Nanotech Holding AB (publ), interim report Q4 2021

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Progress in industrialization and commercialization

Note: This interim report is an English version of the previously published Swedish version, which has interpretive precedence.


Dear Shareholder,

During the fourth quarter, we continued to focus on the ongoing industrialization and commercialization within our two business areas for ultra-thin capacitors for the semiconductor industry as well as high-performance cell materials for electrolysers in fossil-free hydrogen production. During the quarter, I had the privilege of meeting several of our partners, which, in addition to increasing my own understanding, also substantiated the potential and feasibility of the projects, which is very inspiring. As a result, we have been able to further deepen and detail our plans for how to concretize the company's pioneering technology platform into actual products and industrial processes for volume production. And our path to the market is becoming increasingly clearly defined with each passing month.

New CTO with a solid professional background
To succeed in our industrialization and commercialization requires a strong and competent team, and here we took further steps forward during the quarter. I myself took over as President and CEO of Smoltek on October 1, and contribute my experience from similar roles in other listed technology companies such as Neonode, Precise Biometrics and Scalado. On the same day, Ellinor Ehrnberg also started as President of the subsidiary Smoltek Innovation. Shortly after the end of the period, we were also able to announce that Farzan Ghavanini has been appointed new Research and Development Manager (CTO) with effect from April 1, 2022. He most recently came from the role of Director, New Technology Development at Fingerprint Cards and will be a further valuable reinforcement of the team as he has a deep competence in nanoscience and nanotechnology as well as valuable experience in bringing new technologies and products to market. We also continue to work with ongoing recruitment processes within the Group companies Smoltek Semi and Smoltek Innovation as well as within our research and development activities to provide the company with the necessary technical expertise in a number of priority areas. 

Technical progress in our business areas

During the quarter, we were also able to announce concrete progress in the development of our two business areas. In early November, we announced that our high-performance, nanofiber-based cellular material for PEM electrolysers had achieved technical-proof-of-concept verification. This means that we have proven that the cell material in a lab environment meets several important parameters, including very low contact resistance. This progress has been important and necessary for the continued development of potential industrial partners and the discussions we are now having with a view to being able to sign a cooperation agreement with an industrial partner in 2023. In early January, we also announced that the evaluation agreement with a major manufacturer of capacitors extended further until the end of February 2022. This extension once again shows our partner's confidence in our technology. We continue to view positively the possibility that this collaboration will lead to a commercial agreement. 

Financing and looking ahead

Smoltek's financial position was further strengthened during the fourth quarter when the TO 4 series warrants were exercised to 92.6 percent, which provided the company with approximately SEK 22 million. I would like to take this opportunity to thank all shareholders who exercised their warrants and thereby contributed to us being able to maintain a high pace in the industrialization and commercialization of our two business areas. I myself have also become a shareholder in Smoltek by acquiring shares worth approximately SEK 1.35 million from the company's two largest owners, which we announced in a press release on January 20 this year.

The rest of 2022 and the coming years will be intense and exciting for Smoltek, and in my opinion we have excellent opportunities to reach the market with attractive products in our two business areas. I look forward to telling you more in the coming months about our strategy to bring products based on our unique technology to market, as well as the company's potential if we succeed in achieving our goals.

Håkan Persson, CEO Smoltek Nanotech Holding


  • Net sales: SEK 1,360 thousand (2,573)
  • Operating profit: -24,973 thousand (-13,546)
  • Earnings per share, before dilution: SEK -3.01 (-1.99)
  • Earnings per share, after possible dilution: SEK -2.90 (-1.64)
  • Number of outstanding shares: 9,282,895 (8,114,817)
  • Number of shares after possible exercise of warrants: 9,593,949 (9,547,878)
  • Total equity: SEK 136,001 thousand (138,873)
  • Cash and cash equivalents: SEK 71,586 thousand (87,683)
  • Equity ratio: 94.8% (96.4%)
  • Initiated industrialization process of ultra-thin capacitors based on CNF-MIM technology
  • Identification and procurement of high-volume machine for industrial growth of carbon nanofibers
  • Continued development of performance of the capacitor technology CNF-MIM
  • 5 new patents were granted during the year


  • Net sales: SEK 365 thousand (313)
  • Operating profit: SEK -8,722 thousand (-4,094)
  • Earnings per share, before dilution: SEK -1.01 (-0.53)
  • Earnings per share, after possible dilution: SEK -0.97 (-0.45)
  • Proof-of-concept of high-performance cell materials for electrolysers
  • Håkan Persson takes over as President and CEO
  • Ellinor Ehrnberg takes over as CEO of Smoltek Innovation
  • Warrants of series TO 4 raised approximately SEK 22 million, before deductions for issue costs
  • The Extraordinary General Meeting decides on new warrants and a new Nomination Committee
  • Issue of new warrants to the CEO and Chairman of the Board fully subscribed

For further information: 
Håkan Persson, CEO of Smoltek Nanotech Holding AB,
+46 760 52 00 53

Smoltek develops process technology and concepts for applications based on carbon nanotechnology to solve advanced materials engineering problems in several industrial sectors. The company protects its unique technology through an extensive and expanding patent portfolio consisting of around 100 applied for patents, of which today 71 have been granted. Smoltek's share is listed on the Spotlight Stock Market in Stockholm, Sweden under the ticker SMOL. Smoltek is a development company, and forward-looking statements regarding time to market, production volume and price levels should be interpreted as forecasts and not commitments.