Third Quarter Report 2025
SERSTECH GROUP, 1 JULY – 30 SEPTEMBER 2025
- Net sales amounted to KSEK 7 765 (3 392)
- EBITDA amounted to KSEK -4 283 (-6 657)
- EBIT amounted to KSEK -6 387 (-8 518)
- Cash flow from operating activities amounted to KSEK -7 783 (-3 623)
- Earnings per share amounted to SEK -0.03 (-0.04)
- Earnings per average number of shares amounted to SEK -0.03 (-0.04)
SERSTECH GROUP, 1 JANUARY – 30 SEPTEMBER 2025
- Net sales amounted to KSEK 32 220 (38 935)
- EBITDA amounted to KSEK -12 652 (344)
- EBIT amounted to KSEK -18 882 (-5 287)
- Cash flow from operating activities amounted to KSEK -22 555 (-3 108)
- Earnings per share amounted to SEK -0.07 (-0.03)
- Earnings per average number of shares amounted to SEK -0.07 (-0.03)
Message from the CEO
After a slow start to the year, customer activity began to pick up in August, resulting in a clear improvement in the third quarter. Net sales reached 7.8 MSEK, compared to 4.6 MSEK in the significantly weaker second quarter. Cash flow also strengthened notably, as the one-off costs incurred in Q2 — mainly related to the closure of our Romanian subsidiary and subsequent recruitments in Sweden — did not reoccur. Our cash balance is strong, 18.4 MSEK, by the end of the period and we have an additional 7 MSEK unused overdraft credit.
The uncertainty around potential tariffs had a significant impact on our industry during the first seven to eight months of the year. Because procurement cycles are often long, and several months typically pass between contract award and delivery, many customers were hesitant to proceed. For example, a customer awarding a tender in March 2025 could not be certain of the final price in September, given the unclear tariff situation. This uncertainty led several tenders to be postponed until the risk of tariffs was reduced.
Since August, the market has normalized. We now see a clear increase in the number of tenders being issued and a corresponding improvement in our order intake compared to the first half of the year. This positive trend gives us confidence that the second half of 2025 will show significantly stronger performance than the first in terms of order intake.
During the third quarter, we also completed the final recruitments for the year, and our organization is now fully staffed. Our sales organization has doubled in size — from four people at the beginning of the year to eight today — following the latest additions of a salesperson in the US in August and one in Sweden in September. These investments are already showing results through increased lead generation and the onboarding of new partners. The strengthened team enables us to address markets where we previously had limited or no presence, and we expect the full effect of these efforts to be visible in 2026.
A major milestone during the quarter was the start of in-house production in Lund, where we successfully manufactured our first five instruments. We will continue production in parallel at our established Swedish manufacturing partner, ensuring a robust dual-source setup. Building our internal production capability has already contributed to improved product quality, greater flexibility, and reduced costs. It also gives us the strategic ability to establish local assembly in key markets, such as the US or India, which could provide future advantages in both cost efficiency and sales. With the increasing use of tariffs, having local production will likely increase in importance the coming years.
With all positions now filled, R&D and QA consolidated in Lund, in-house production up and running, and a global sales organization in place, Serstech has all the key components required for renewed and sustainable growth. We enter the final quarter of the year with strong momentum and confidence in the company’s long-term prospects.
Stefan Sandor, CEO
November 2025
For further information, please contact:
Stefan Sandor,
CEO, Serstech AB Phone: +46 739 606 067
Email: ss@serstech.com
or
Thomas Pileby,
Chairman of the Board, Serstech AB Phone: +46 702 072 643
Email: tp@serstech.com
or visit: www.serstech.com
This is information that Serstech AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 08:45 CET on November 4, 2025.
Certified advisor to Serstech is Svensk Kapitalmarknadsgranskning AB (SKMG).
About Serstech
Serstech delivers solutions for chemical identification and has customers around the world, mainly in the safety and security industry. Typical customers are customs, police authorities, security organizations and first responders. The solutions and technology are however not limited to security applications and potentially any industry using chemicals of some kind could be addressed by Serstech’s solution. Serstech’s head office is in Sweden and design, development and production are done in Sweden.
Serstech is traded at Nasdaq First North Growth Market and more information about the company can be found at www.serstech.com
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