Today, LED iBond International A/S makes a downward revision of the company's revenue outlook for 2023 and evaluates financing options.

LED iBond increased its revenue from external customers in Q1 2023 compared to Q1 2022 but Q2 2023 revenue is, however, not at a satisfactory level. Total revenue in H1 2023 is estimated to MDKK 1.3-1.4 compared to MDKK 1.7 for H1 2022. The main reasons are difficult market conditions impacted by the unstable macro conditions including supply constraints, general price increases, and not at least energy price fluctuations impacting our customers decision processes, reflected in several projects being delayed or pushed out in time.

The pipeline of opportunities continues to grow due to focused sales and marketing activities and key projects are positively not being cancelled or lost, why the long-term perspective remains positive. The pipeline is still strong, why LED iBond expects a stronger Q3 and Q4 compared to first half of 2023 with a total revenue forecast for 2023 in the range of DKK 3.0 - 5.0 million.

Acceleration of top-line growth remains the number one priority. LED iBond has developed new solutions for both the indoor farming market and the smart building segment and the solutions will be implemented at several customers later in 2023.

The company will in the short term continue to focus on selected smart building market segments to boost short-term revenue growth and on indoor farming projects for longer-term growth. In particular, the pipeline includes several new sales opportunities regarding carport and parking facilities.

In addition, the company continues to operate with tight cost control. Burn rate level is currently down 60% compared to 12 months ago. To continue to stimulate growth through investment in sales and marketing activities, product development, and to extend the Company's runway towards self-sustained operations, the management and Board of directors are currently evaluating relevant opportunities for raising capital to support the business going forward.

Outlook revision

Based on the year-to-date performance and current sales pipeline, the Board of directors and the executive management of LED iBond conclude that the revenue guidance for 2023 is reduced from the previous DKK 6 - 12 million as stated in company announcement no. 70 26 January 2023 to DKK 3.0 - 5.0 million.

The company still expects to generate positive cash flow from operations during 2024.

• Revenue of DKK 3.0 - 5.0 million for 2023
• Positive cash flow from operations during 2024