FINANCIAL SUMMARY 

• Net sales for the third quarter amounted to SEK 2,843 thousand (611) and for the nine-month period to SEK 15,930 thousand (7,822)
• Operating loss for the quarter amounted to SEK -10,017 thousand (-22,203) and for the nine-month period to SEK -30,021 thousand (-47,365)
• Loss before tax for the quarter amounted to SEK -10,998 thousand (-23,701) and for the nine-month period to SEK -33,481 thousand (-51,561)
• Earnings per share before and after dilution were SEK -0.12 (-0.54) for the quarter and SEK -0.38 (-1.24) for the nine-month period.
• Cash and cash equivalents as of September 30, 2025 amounted to SEK 13,970 thousand (4,087).

EVENTS DURING THE THIRD QUARTER

• New equipment was commissioned in one process step, which resulted in increased yield and faster production in this process step.

 
EVENTS AFTER THE END OF THE PERIOD

• In October, Nanologica received its first order on the insulin market. The order amounted to appx. SEK 2 million and relates to the evaluation of the company's silica-based purification media NLAB Saga® on a production scale. The customer is a Chinese insulin manufacturer.
• A supplementary order was received in October from a customer in the US for evaluation of NLAB Saga® on a production scale. The order value amounted to appx. SEK 2.7 million.
• In October, Nanologica received an order for NLAB Saga® worth approximately SEK 1 million from a new distribution partner in China.

COMMENT FROM THE CEO
With stable production and a first order on the insulin market, the company is advancing its positions, although this did not translate into significantly higher sales during the past quarter. Stable production gives us a more secure delivery capacity and thereby the conditions to create stronger customer relationships. This is beginning to be reflected in the order intake for the fourth quarter, which already amounts to approximately SEK 5.7 million.
 
After several delays it is very satisfying that we finally established a stable production of NLAB Saga® during the quarter.  The commissioning of new equipment to reach this point has been gratifyingly successful and resulted in both increased yield and faster lead time for the process step. Going forward, this measure will result in significantly higher production volumes.

This marks the first time I can say that we not only have a production of silica for preparative chromatography that works, but that we also have a production that is stable. This makes us a significantly better partner for our customers and over time this will increase our credibility as a reliable supplier. This is central because what we deliver is an input to a strictly regulated manufacturing industry, which the pharmaceutical industry is.

In the beginning of the fourth quarter, we received our first order for evaluation of NLAB Saga® in production scale within insulin manufacturing, the market segment for which we initially developed our business in preparative chromatography before GLP-1 analogues became widely accepted as weight loss drugs. We therefore have a product variant that suits insulin manufacturers well, and we also have products in stock. The purpose of the evaluation is for the customer to use the product in their ongoing production. Since this can lower their manufacturing costs, they are prepared to change their process and have also obtained regulatory permits to do so. The order shows that we can sell both variants of our main product.
 
Replacement of equipment in production was made during the spring and was scheduled to generate the first products by mid-year, which however was delayed until the beginning of September. This meant that during the quarter we did not have any amount of our most requested variant of NLAB Saga® to offer customers, with low sales as a result. Net sales in the third quarter were thus lower than we previously expected. For the third quarter, net sales amounted to SEK 2,843 thousand, which resulted in sales for the first nine months of the year of SEK 15,930 thousand.

We delivered our first order to the US during the quarter, where NLAB Saga® will be evaluated on a production scale. The customer manufactures peptide drugs and the fact that our production now is stable allows us to complete this order already in the fourth quarter. The US market is important to us since the majority of all new peptide drugs are developed there.
 
At the end of September, we launched NLAB® Idun, an ion exchange chromatography media that is a complement to NLAB Saga® in the purification of peptide-based drugs. We have customers who are evaluating the product, and we believe that this may provide a valuable revenue addition for the company in the long term. At the same time, it strengthens our brand in the chromatography market, where we can now offer our customers a complete workflow for the purification of peptide-based drugs.

Nanologica is now entering a new phase. Our credibility with our customers increases significantly now that we have stable production. This means that we expect more and eventually also larger business. We have finally been able to start the work of optimizing production, which provides opportunities to achieve higher efficiency, both in terms of costs and volumes. Higher production volumes and subsequent sales in several markets mean that we can now for real set our sights on taking the company to profitability.
 
Södertälje in October 2025
Andreas Bhagwani, CEO