• Scale-up facility is expected to be fully operational in Q2 2023
• Signing MOU and binding term sheet with new partners
• Our model implies a fair valuation of SEK 10.5 per share

In the first quarter of 2023, Bioextrax reported stronger revenues and higher operating costs than expected which was largely a result of new orders from both existing and new customers. The company has made progress in its primary business area of focus, PHA, with developments in several customer projects. Additionally, the company has signed both a memorandum of understanding and a binding term sheet with two new partners. The company’s progress resulted in minor changes in our model, and we maintain the fair value of SEK 10.5 per share.

The initial research report is available here.