Please find the Q3 2023 Financial and Operational update attached. The update can also be found on the investor section on our web page.

Commercial launch of E-Align100 and good progress on new products development 

CondAlign’s first commercial product, E-Align100, was launched the 1st of July 2023 and is now available for commercial sales to a wider range of companies. By the end of Q3 we signed a new significant delivery agreement with the Finish Company Haltian Oy. The delivery of E-Align100 to Haltian will bring valuable revenue to CondAlign during 2024 and onwards. Additionally, more than 38 different companies are testing our products for integration into end-user products. This is expected to result in additional and new delivery contracts over the next 6-12 months. CondAlign continues to focus on the development of a solid customers portfolio for E-Align100. In close cooperation with major global market players. CondAlign continues to perform testing and qualification of a new products portfolio that will address the growing markets within microchip and microLED.  

CondAlign and Saint-Gobain are progressing well in our joint development of thermal interface materials (TIM) for EV batteries and electronics applications. Work package III was successfully completed at the end of Q3, laying the groundwork for future commercial discussions in Q4. 

Expanding Customer Base and Sales Efforts 

CondAlign continues to see increased interest in current and future products, with a large number of ongoing end-user application tests ongoing with potential customers. E-Align100 commercial launch in July generated a lot of attention and the feedback is consistently positive, often surpassing competitors. Our streamlined sales process has accelerated client engagement, and referrals are boosting our visibility and number of customers. During Q3 our E-Align100 has been tested in multiple customer applications that will materialize in future sales.  With the design-in time we now experience from customers, larger revenues are expected from 2024. 

CondAlign is in active negotiations with CMO’s to secure large volume production for delivery of E-Align to the market in 2024 and onwards. The final selection is expected to be concluded in Q1 2024. 

Organization Growth and Development 

CondAlign has continued to grow its team in Q3 and has attracted top-tier talents, underscoring the inherent potential and merit of CondAlign and our groundbreaking technology. The organization is now at a level where we can combine commercial deliveries and at the same time work on further development of CondAlign products. Over the next periods CondAlign will continue to strengthen the sales, production and technology teams as needed.  

For more information, please contact:
Håvard Lien-Kvareng, CFO
hlk@condalign.no
+47 996 41 809

About CondAlign:
CondAlign is a Norwegian technology company developing and supplying conductive films for connecting electronics and transferring heat. CondAlign’s products address existing and new markets within electronics and e-mobility. The patented technology enables development of new break-through consumer products as well as industrial applications, providing improved performance, sustainability and cost savings.
CondAlign is based in Oslo, Norway with a global customer footprint.