TRANSFORMATIVE ACQUISITION TAKES THE GROUP TO A NEW LEVEL
Nanologica has a positive development on a growing market with strong macro factors. With a now stabilized production, the company is well positioned to deliver sustainable growth in our chromatography business. We have also made a strategic acquisition that strengthens our capacity and expertise in production, and which is expected to contribute positively to the Group’s earnings and cash flow as early as 2026. At Group level, we will go from appx. SEK 21 million to an estimated turnover of appx. SEK 100 million for 2025 and from just under 20 to almost 70 employees. This is a level that strengthens us significantly in the eyes of customers and suppliers and creates new opportunities for us.
In 2025, Nanologica achieved sales of appx. SEK 21 million, which is an increase of 45 percent compared to the previous year, but far from where we want to be. During the year, we have had to make adjustments in production that have led to us not having enough silica to be able to drive sales and show that we are a reliable supplier of larger volumes of silica. However, since September, production is working well and the throughput of materials has increased significantly. This paves the way for increased sales going forward. The focus is now on implementing identified improvements to lower production costs, shorten lead times and make production even more robust, and on continuing to build strong relationships with existing and potential customers.
In the fourth quarter, net sales amounted to appx. SEK 5.2 million, with the largest delivery being NLAB Saga® for evaluation in the production of insulin. The delivery is significant as the customer has signaled that they are prepared to change their process to be able to use our silica. This shows that we have good opportunities to gain sales for both of our main product types; the one that is generally used for the purification of insulin and the one that is generally used for the purification of GLP-1 analogues which we have sold to several customers.
Around the turn of the year, we completed several batches of silica, which meant that we in January were able to deliver the supplementary order of appx. SEK 2.7 million that we received from a US customer during the fourth quarter. This customer can then go ahead and validate that our product has the same properties from batch to batch – an important step in qualifying us as a supplier. We are seeing a growing interest from more potential customers in the US. This is pleasing, not least because the price level in the US is significantly higher than in Asia, but we also know that the lead times from first contact to order are long.
A major obstacle during the year has been that we have not been able to offer customers competitive and reliable delivery times. Now that we have more products available and stable production, we can drive sales harder. In 2026, we therefore expect to accelerate the growth journey we have embarked on.
At the end of January, we announced the acquisition of Ardena Södertälje, a Södertälje based contract manufacturer of primarily APIs. The company will reclaim the name Syntagon AB, under which it was founded and built a good reputation. Syntagon currently has sales of appx. SEK 80 million and is expected to contribute positively to the Group’s earnings as early as 2026. The customers are mainly pharmaceutical companies, and with a stronger sales organization, we believe that Syntagon has good conditions to grow profitably.
The acquisition takes Nanologica to a new level in terms of size and gives us the opportunity to accelerate the Group’s development. It strengthens our existing business in chromatography. Thanks to the acquisition, we will be able to provide customers with evaluation batches of different product types to a significantly greater extent, which is necessary to broaden our product offering and thus our business opportunities. The acquisition also gives us access to premises that are better suited to our current operations in Södertälje, and an infrastructure for developing new products. Syntagon will also serve as a complement to our current contract manufacturer of silica. During the past year, Syntagon has on a couple of occasions carried out certain production steps for us when our current contract manufacturer had a lack of capacity.
Getting larger sales of our silica-based chromatography products started has taken longer than expected, which has put our financial position under strain. Our plan was to raise capital in late autumn, but the acquisition of Syntagon prevented us as the acquisition plans constituted inside information. In connection with the acquisition, we announced that we are carrying out two directed share issues and one rights issue. These issues meet our need for working capital to continue the production of silica so that we can deliver future orders, and enable us to become debt-free by offsetting the loan from Flerie Invest against shares in the rights issue.
We are now entering a new year with completely different conditions than before. Stable silica production lays the foundation for creating sustainable growth in our chromatography business and the acquisition of Syntagon adds a new growing business area. Together, we take a step up in size, competence and ability. I look forward to leading the company into this next phase.
Södertälje in February 2026
Andreas Bhagwani, CEO
CEO Comment Q4 2025
TRANSFORMATIVE ACQUISITION TAKES THE GROUP TO A NEW LEVEL
Nanologica has a positive development on a growing market with strong macro factors. With a now stabilized production, the company is well positioned to deliver sustainable growth in our chromatography business. We have also made a strategic acquisition that strengthens our capacity and expertise in production, and which is expected to contribute positively to the Group’s earnings and cash flow as early as 2026. At Group level, we will go from appx. SEK 21 million to an estimated turnover of appx. SEK 100 million for 2025 and from just under 20 to almost 70 employees. This is a level that strengthens us significantly in the eyes of customers and suppliers and creates new opportunities for us.
In 2025, Nanologica achieved sales of appx. SEK 21 million, which is an increase of 45 percent compared to the previous year, but far from where we want to be. During the year, we have had to make adjustments in production that have led to us not having enough silica to be able to drive sales and show that we are a reliable supplier of larger volumes of silica. However, since September, production is working well and the throughput of materials has increased significantly. This paves the way for increased sales going forward. The focus is now on implementing identified improvements to lower production costs, shorten lead times and make production even more robust, and on continuing to build strong relationships with existing and potential customers.
In the fourth quarter, net sales amounted to appx. SEK 5.2 million, with the largest delivery being NLAB Saga® for evaluation in the production of insulin. The delivery is significant as the customer has signaled that they are prepared to change their process to be able to use our silica. This shows that we have good opportunities to gain sales for both of our main product types; the one that is generally used for the purification of insulin and the one that is generally used for the purification of GLP-1 analogues which we have sold to several customers.
Around the turn of the year, we completed several batches of silica, which meant that we in January were able to deliver the supplementary order of appx. SEK 2.7 million that we received from a US customer during the fourth quarter. This customer can then go ahead and validate that our product has the same properties from batch to batch – an important step in qualifying us as a supplier. We are seeing a growing interest from more potential customers in the US. This is pleasing, not least because the price level in the US is significantly higher than in Asia, but we also know that the lead times from first contact to order are long.
A major obstacle during the year has been that we have not been able to offer customers competitive and reliable delivery times. Now that we have more products available and stable production, we can drive sales harder. In 2026, we therefore expect to accelerate the growth journey we have embarked on.
At the end of January, we announced the acquisition of Ardena Södertälje, a Södertälje based contract manufacturer of primarily APIs. The company will reclaim the name Syntagon AB, under which it was founded and built a good reputation. Syntagon currently has sales of appx. SEK 80 million and is expected to contribute positively to the Group’s earnings as early as 2026. The customers are mainly pharmaceutical companies, and with a stronger sales organization, we believe that Syntagon has good conditions to grow profitably.
The acquisition takes Nanologica to a new level in terms of size and gives us the opportunity to accelerate the Group’s development. It strengthens our existing business in chromatography. Thanks to the acquisition, we will be able to provide customers with evaluation batches of different product types to a significantly greater extent, which is necessary to broaden our product offering and thus our business opportunities. The acquisition also gives us access to premises that are better suited to our current operations in Södertälje, and an infrastructure for developing new products. Syntagon will also serve as a complement to our current contract manufacturer of silica. During the past year, Syntagon has on a couple of occasions carried out certain production steps for us when our current contract manufacturer had a lack of capacity.
Getting larger sales of our silica-based chromatography products started has taken longer than expected, which has put our financial position under strain. Our plan was to raise capital in late autumn, but the acquisition of Syntagon prevented us as the acquisition plans constituted inside information. In connection with the acquisition, we announced that we are carrying out two directed share issues and one rights issue. These issues meet our need for working capital to continue the production of silica so that we can deliver future orders, and enable us to become debt-free by offsetting the loan from Flerie Invest against shares in the rights issue.
We are now entering a new year with completely different conditions than before. Stable silica production lays the foundation for creating sustainable growth in our chromatography business and the acquisition of Syntagon adds a new growing business area. Together, we take a step up in size, competence and ability. I look forward to leading the company into this next phase.
Södertälje in February 2026
Andreas Bhagwani, CEO
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