The full report is enclosed in this press release and uploaded at https://heliospectra.com/investor-relations/financial-reports-documents/reports/.

SUMMARY OF REPORT

Sales and financial performance January - March 2025

• Order intake during the period amounted to SEK 3,129 (26,828) thousand.
• Net sales during the period amounted to SEK 1,901 (7,198) thousand.
• Operating result during the period amounted to SEK -9,008 (-6,559) thousand.
• Profit after tax was SEK -9,009 (-6,557) thousand.

During Q1, confirmation of orders from two Canadian customers was received for a total value of 8,822 TSEK. These are not visible in order intake of this quarter as the orders were announced in Q1 2024. The orders are expected to be reflected in the accounts during Q3 2025.

Cash flow January – March 2025

• Operating cash flow was SEK -4,155 (-3,520) thousand.
• Total cash flow was SEK 23,452 (-3,837) thousand.
• Cash equivalents at the end of the period were SEK 24,886 (4,655) thousand.

CEO COMMENT

Dear Shareholders,
As we close the first quarter of 2025, I am proud to share that Heliospectra continues to take solid steps forward on our growth journey. While our financial performance for the quarter reflects an uncertain market, we have ended our transitional phase with a new lower cost base, a complete and (technicaly) competitive portfolio for both Agtech and Greenhouse segment and a new sales and application team in The Netherlands,  in the middle of the heart of the industry.  The groundwork we’ve laid is building long-term value—and this is already visible in customer engagement and project momentum. 

Navigating Through an Uncertain Quarter
Net sales for the quarter amounted to SEK 1.9 million, lower than expected and reflective of a few key factors: a more cautious market environment, delayed greenhouse order deliveries, and some hesitation linked to economic and political uncertainty, including tariff discussions. This quarter’s order intake came in at SEK 3.1 million, which is modest but January is historically a slower season as many growers place orders later in the year. The exception was last year’s incredible strong quarter.

Importantly, two Canadian growers whose orders were announced in early 2024 have now placed orders for 2025, totaling SEK 8.8 million, which we expect to recognize in Q3 2025. This underlines our ability to secure long-term customer trust and confirms the growing relevance of our full solution.

Strengthening Our Financial Foundation
We are proud to report that we successfully completed a fully underwritten rights issue during this quarter, raising SEK 25.6 million before transaction costs. The Weland Group played a pivotal role, fully guaranteeing the rights issue, contributing SEK 17.8 million in cash and converting SEK 7.9 million of loans into equity. This support doubled our share capital and secured the liquidity needed to continue driving our commercial agenda forward. We ended the quarter with SEK 24.9 million in cash; this enables us to accelerate our commercial expansion and continue investing in innovation.

Driving Innovation & Long-Term Differentiation
Despite a quiet revenue quarter, our focus on strategic execution remains firm. Important greenhouse installations were finalized in 2024, and further buildouts are underway, and will serve as important reference projects. Our latest innovation, MITRA X C3 and C4 — multi-channel versions of the MITRA X platform — has been well received by growers looking for enhanced spectrum control and operational flexibility.

Further, development of our helioSENSE biosensor continues to advance. This patented innovation, allow our growers to “talk” to the plants, providing direct feedback from the plants to steer and optimize the light environment. It uses plant-level photosynthesis feedback to dynamically adjust lighting, positions us at the forefront of plant-driven cultivation. With field tests ongoing at Tomato World and additional pilots in the pipeline in UK, Canada and The Netherlands, we are on track for a planned soft launch at GreenTech 2025. This technology represents a key step toward true plant-driven cultivation, aligning with our long-term vision. We expect helioSENSE to be a game-changer in 2026 for both Agtech and commercial greenhouse growers.

Our helioCORE™ control platform, now in its 10th year, also saw ongoing improvements this quarter. The latest version integrates a new spectrum design tool and automatic energy price updates into its market-leading dynamic light control function. The system combines weather forecasts, energy pricing, fixture performance data, and external sensor inputs—helping growers reduce energy use while maximizing crop results.

Driving Commercial Engagement
The team continues to expand our presence across Europe. The opening of our office in Breda, the Netherlands, has proven to be a strategic asset, placing us at the center of the European horticulture industry.

Our organizational structure is now fully aligned with our strategic segmentation. Our sales team works closely with installation partners, greenhouse consultants, and integrators to accelerate adoption and ensure a seamless customer experience. We are now looking forward to strengthening the sales team further with strategic positions on the Netherlands.

We are also benefiting from the additions to our technical and agronomic support team, which bring deep experience in high-wire crops and precision horticulture. Their expertise is already proving invaluable in supporting customer onboarding and optimizing system performance in new installations.

Looking Ahead
Looking ahead, we are confident that the investments we’re making—across product, partnerships, and people—will translate into revenue as the year progresses. While the quarter was financially subdued, our strategy is sound, our financial foundation is strengthened, and we are well-
positioned for growth.

I want to extend my sincere thanks to our shareholders for their continued support and trust. We remain committed to building long-term value and delivering innovative, sustainable solutions that meet the real needs of today’s and tomorrow’s growers.

Thank you for your confidence in Heliospectra. We are just getting started.

Bonny Heeren
CEO, Heliospectra AB