The period in summary
First quarter, January-March 2023
Net sales increased with close to 40% compared to the same period 2022
The Board of Directors resolved on a share issue, with subsequent approval by the EGM
The Company raised approx. SEK 6,1 million* through a rights issue of shares
The first instalment of the EDF grant was paid, amounting to approx. SEK 1,8 million
*before deduction of transaction related costs
(KSEK) Jan-Mar 2023 Jan-Mar 2022
Net sales 617 451
Profit (loss) for the period -1,733 -1,052
Total assets 12,940 10,506
Equity / assets ratio (%) 83 91
Cash flow for the period 5,829 -1,415
Basic earnings per share (SEK) -0.16* -0.15
*Adjusted for new share issue
Comments from CEO Elin Mignérus
Q1 2023 has been largely focusing on financing activities for Polymer Factory; raising capital during a volatile market period while continuing to deliver on our day-to-day operations. We have made progress in both technology development and customer relationships, which we are excited to build on during the rest of the year.
The start of 2023 has meant a lot of focus on financing activities for Polymer Factory, both considering the share issue that was conducted in February-March, as well as the announcement of the European Defense Fund (EDF) grant that the Company
was approved for in the end of 2022. As communicated in previous reports and updates, the Board of Directors have continuously evaluated options for long-term financing, which led to the resolution on a rights issue in January, which the Extra General Meeting subsequently approved. We are happy to have successfully secured funding in a financially challenging market, and I would like to take this opportunity to welcome all new shareholders to Polymer Factory, and of course also show our appreciation for everyone who has continued to be a part of our journey.
In January, Polymer Factory received the first instalment out of three under the EDF grant for the project Nano-SHIELD. We are excited to be part of this consortium of international partners where we will be working to develop tomorrow’s protective equipment against chemical, biological, radiological, and nuclear threats (CBNR). This grant is beneficial to the Company for several reasons, the main being that it can open the door to new application areas for our materials, as well as the financial addition the grant brings, as Polymer Factory will be receiving approximately SEK 5 million over the three years of the project. Furthermore, we look forward to the spill over effects that this project can bring, in terms of learning and development that can be translated to other materials and products.
Net sales increased compared to the same period for the third consecutive quarter, which we attribute to the interest among customer leads who realize the potential of our materials. As always, we continue to work on existing relationships while engaging new leads, and I am proud of the commitment the team is constantly showing. We are a small company with great ambitions – something everyone is constantly working towards.
As we have presented during the share issue earlier this year, increasing our visibility and allocating resources to sales and marketing activities is something we are focusing on in 2023. An important part of this is the participation in conferences and fairs, and I am happy to say that Polymer Factory will be present at a booth and during presentations at this year’s American Society for Mass Spectrometry (ASMS) Conference in Houston in June. From previous years at ASMS, as well as during other events we have participated in this and earlier years, we have noticed that this is a great arena for the Company to market itself, both for the calibrants segment but also for our Dendrimers and dendrons segment. There is a clear overlap between the technologies, which also means that we can consolidate marketing efforts for different business areas.
We look forward to now take on the rest of 2023 and continue to develop the company together with customers, partners, and collaborators - and happy to get to share this progress together with all our shareholders.
Find the Interim report HERE
About Polymer Factory
Polymer Factory was founded in 2006 at KTH Royal Institute of Technology and its Board of Directors have been essential in driving dendritic nanotechnology research to commercialization for almost 15 years – expertise that has been transferred to the Company’s products. Emerging from many years of cutting-edge research within the field, Polymer Factory today has, in the Company’s assessment, the world’s largest product portfolio of dendritic materials with customers ranging from Big Pharma, MedTech and BioTech companies, to research-intensive institutes and academic research groups. Polymer Factory has also used the Company’s vast knowledge and expertise to develop a patented calibration technology, named SpheriCal®, designed for Mass Spectrometry instruments.
For more information, please contact:
Elin Mignérus, CEO
Phone: +46 (0) 79 300 27 76
This disclosure contains information that Polymer Factory is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 10 May 2023.
Find the full press release here: