INCREASED OPERATIONAL CAPACITY AND STRENGTHENED COMMERCIAL POSITION
The Group continues to develop in a positive direction, with stabilized production of silica, increasing market activity and a strengthened customer offering through the acquisition of Syntagon. All in all, we are now significantly better equipped to meet demand from both existing and new customers.
Net sales for the first quarter amounted to SEK 21.5 million, of which Syntagon, which has been included in the Group from January 29, accounted for SEK 18.8 million and Nanologica for SEK 2.6 million. During the quarter, we have seen a broadening of the Group’s commercial activity, mainly driven by the acquisition of Syntagon, but also through intensified activity in Nanologica’s chromatography business.
The acquisition of Syntagon has been well received by the market and customers. During the period, the company has received new orders from returning customers, which confirms the confidence that exists in the business. Syntagon is in a transition phase towards becoming a stand-alone entity, where building its own sales organization is a central part. The recruitment of Alexandra Pichard Nielsen as Sales Director is an important step in this work.
Syntagon has also taken the first steps to expand its offering to include peptide development, an area where we see clear synergies with Nanologica’s original business. By combining Nanologica’s expertise in purification of peptides with Syntagon’s capabilities in contract manufacturing and development, we create the conditions for a strong offering in a growing segment where we see great long-term potential.
During the quarter, Nanologica received an order from one of the largest pharmaceutical manufacturers in India, a customer we have worked with for a long time, including application development projects. The order is an important acknowledgement that our long-term work with customization and technical support is paying off. In the US, we have supplied silica to a customer who is now evaluating reproducibility between batches, a crucial step in the qualification process to become a supplier.
During the period, we have increased our activity in Europe and interest in the form of evaluations on a small and medium-sized scale is steadily increasing in all markets. That said, we are far from satisfied – things need to move faster. Therefore, we are increasing the intensity of customer processing and will in the future devote more resources to sales and marketing.
The large-scale production of silica is now working well and is predictable, which is a prerequisite for becoming a trustworthy supplier to larger pharmaceutical companies in Europe and the US. Our work to streamline the process has had effects in the form of increasing yields, which enables both larger volumes and eventually improved margins. We have also reached inventory levels that allow us to deliver to larger customers.
During the quarter, we carried out two directed share issues and one rights issue. These have provided us with working capital to continue the production of silica at the pace required to meet future demand. At the same time, the issues have enabled payment for the acquisition of Syntagon and a strengthening of their sales organization, as well as offsetting the entire outstanding loan from Flerie Invest against shares, which strengthens our balance sheet and reduces interest costs.
In summary, we have taken important steps during the period to strengthen both our operational capacity and our commercial position. With stable production, increasing market activity and a broader offering through the acquisition of Syntagon, we see good opportunities to continue to develop the Group in a positive direction.
Södertälje, May 2026
Andreas Bhagwani, CEO
CEO Comment Q1 2026
INCREASED OPERATIONAL CAPACITY AND STRENGTHENED COMMERCIAL POSITION
The Group continues to develop in a positive direction, with stabilized production of silica, increasing market activity and a strengthened customer offering through the acquisition of Syntagon. All in all, we are now significantly better equipped to meet demand from both existing and new customers.
Net sales for the first quarter amounted to SEK 21.5 million, of which Syntagon, which has been included in the Group from January 29, accounted for SEK 18.8 million and Nanologica for SEK 2.6 million. During the quarter, we have seen a broadening of the Group’s commercial activity, mainly driven by the acquisition of Syntagon, but also through intensified activity in Nanologica’s chromatography business.
The acquisition of Syntagon has been well received by the market and customers. During the period, the company has received new orders from returning customers, which confirms the confidence that exists in the business. Syntagon is in a transition phase towards becoming a stand-alone entity, where building its own sales organization is a central part. The recruitment of Alexandra Pichard Nielsen as Sales Director is an important step in this work.
Syntagon has also taken the first steps to expand its offering to include peptide development, an area where we see clear synergies with Nanologica’s original business. By combining Nanologica’s expertise in purification of peptides with Syntagon’s capabilities in contract manufacturing and development, we create the conditions for a strong offering in a growing segment where we see great long-term potential.
During the quarter, Nanologica received an order from one of the largest pharmaceutical manufacturers in India, a customer we have worked with for a long time, including application development projects. The order is an important acknowledgement that our long-term work with customization and technical support is paying off. In the US, we have supplied silica to a customer who is now evaluating reproducibility between batches, a crucial step in the qualification process to become a supplier.
During the period, we have increased our activity in Europe and interest in the form of evaluations on a small and medium-sized scale is steadily increasing in all markets. That said, we are far from satisfied – things need to move faster. Therefore, we are increasing the intensity of customer processing and will in the future devote more resources to sales and marketing.
The large-scale production of silica is now working well and is predictable, which is a prerequisite for becoming a trustworthy supplier to larger pharmaceutical companies in Europe and the US. Our work to streamline the process has had effects in the form of increasing yields, which enables both larger volumes and eventually improved margins. We have also reached inventory levels that allow us to deliver to larger customers.
During the quarter, we carried out two directed share issues and one rights issue. These have provided us with working capital to continue the production of silica at the pace required to meet future demand. At the same time, the issues have enabled payment for the acquisition of Syntagon and a strengthening of their sales organization, as well as offsetting the entire outstanding loan from Flerie Invest against shares, which strengthens our balance sheet and reduces interest costs.
In summary, we have taken important steps during the period to strengthen both our operational capacity and our commercial position. With stable production, increasing market activity and a broader offering through the acquisition of Syntagon, we see good opportunities to continue to develop the Group in a positive direction.
Södertälje, May 2026
Andreas Bhagwani, CEO
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