Revenue nearly quadrupled, profit before taxes more than quadrupled compared to Q2 2024. Amazing!
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Some analyst seems to have already been following the company, as forecasts for this and coming years are visible on marketscreener. For this year, revenue is forecast at 650m SEK and EBIT at 266m SEK.
Now, H1 revenue is over 400m SEK and EBIT over 200m (exact Q2 figures not yet given)?
Of course, I don’t know if these are accurate forecasts, which party made them, or how up-to-date they are.
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Intellego itself previously predicted a revenue of SEK 650m and EBIT of SEK 250m for 2025. So, the exact figures are not yet known, but 2/3 of the revenue is starting to be in line with forecasts, and EBIT is approaching that SEK 250m.
One might think that both the company and analysts will soon have to update their tables, at least regarding EBIT. I don’t believe the business will slow down towards the end of the year. Valuation multiples are melting at a pretty fast pace.
When Q2 is released in the autumn, it will be interesting to see how free cash flow and accounts receivable have developed.
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From that cash, it is indeed impossible to say directly how much operational cash flow there has been during Q2. However, based on the press releases, one can see that the impact of the warrant programs has been approximately 35 million.
In addition to these, I have not confirmed whether the purchases of new warrants occurred during Q2, but they will also bring in an additional million or two kronor. In any case, the increase in cash that is not explained by warrants is something around 63-65 million kronor.
At the end of Q1, cash was quite close to zero and liquid assets were 77.5 million, meaning that since liquid assets have grown more than cash, this would suggest that cash has not increased solely by drawing down available loans into cash.
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Montega julkaissut oheisen päivityksen.
- Original-Research: Intellego Technologies AB (von Montega AG): Kaufen 01.07.2025 / 14:15 CET/CEST Original-Research: Intellego Technologies AB (von Montega AG): Kaufen | Research - EQS News (edited)
new
- [3:19 PM]
Q2 exceeds expectations: Solid free cash flow and positive impressions from the factory visit Intellego Technologies AB today published strong preliminary Q2 figures that exceeded our expectations. We also had the opportunity to visit the dosimeter production facility near Gothenburg last week. [Table] Based on the preliminary figures, sales for the second quarter are expected to have exceeded SEK 200 million and EBIT above SEK 100 million. This means that both sales and earnings significantly exceeded our forecast. While no details were provided for individual segments, we assume that growth was broadly spread across all business areas (Curing, Healthcare, Horticulture) and regions (Asia, Europe, North America). Also particularly noteworthy is the record liquidity of around SEK 100 million at the end of the quarter and available liquidity of over SEK 200 million. This impresses us almost more than the operating performance, as it suggests a significant increase in cash flow. Based on liquidity of SEK 3.8 million as of March 31 and including the gross proceeds from the two exercised warrants (SEK 14.5 million and SEK 20.1 million), this results in free cash flow of approximately SEK 61.6 million (all other things being equal). This, in turn, indicates operating cash flow of at least this amount – assuming CAPEX was > 0 (CAPEX Q1/25: SEK 43.6 million). Cash conversion should therefore have improved in the quarter compared to the figure of approximately 30% in Q1 and point to a further reduction in DSO.
Our visit to production partner Stema Specialtryck AB was also very informative. Stema, a specialized printing company near Gothenburg, was a lucky find for Intellego when scaling production several years ago. The correct handling of solvents and carrier materials is – then as now – crucial for product quality. In a discussion with R&D Director Dr. Laila Moreno Ostertag, it became clear that continuous product improvements are necessary to meet rising customer expectations. Also exciting: The app for quantitative analysis of the dosimeters is in active development, and management is reviewing options for a broader market launch.
Conclusion: Intellego delivered another strong quarter and exceeded our expectations. The reported liquidity implies a significant improvement in cash conversion. The insights gained from the factory visit also confirm our assessment of the strong competitive position based on superior product quality. We have raised our forecasts again in light of the strong Q2, but are maintaining the price target at SEK 125.00 due to the dilution from the warrants. Our Buy recommendation is reiterated.
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Vuoden tulosohjeistus nyt virallisesti saavutettu, posaria sitten tulosraportin yhteydessä.
Intellego Technologies AB (publ) announces that the Company has already achieved an EBIT result of over 250 million SEK for 2025.
This goal, announced earlier this year, has been reached ahead of expectations thanks to a stronger-than-expected market response to Intellego’s offerings.
The number is preliminary, and the company will update its annual financial goals in upcoming quarterly reports.
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Intellegon dosimeters are manufactured by Stema Specialtryck AB. Claes said at the annual meeting that Stema’s current capacity is sufficient for a turnover of approximately 1.5 billion kronor if an additional shift is implemented. A new production line could be set up in about two months and would cost a few million kronor, even if Stema’s factory were to burn to the ground.
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Montegalta updated analysis. Target price 125 → 170 SEK.
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Smartsun– nowhere near sunset: During our visit to the production facility late last
month we were surprised to find Smartsun units still neatly stacked on the warehouse
racks. Confronted with this, we were surprised to learn from the Management that the
product line is still very much alive. Even more so, Intellego is currently in active
negotiations with a potential U.S. partner on a multi-year distribution agreement, which
—if successfully concluded—could provide a significant boost to sales in that market.
This was quite an interesting passage from Montega’s updated analysis. I myself had believed that these UV wristbands would no longer generate significant sales and would gradually be phased out, but it seems that sales growth is still possible in this area.
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Hedge Fund alpha opinion on Intellego.
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If I understood correctly, Intellego has received a patent in the United States for its UVC films. And these seem to be valid for 20 years.
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Here is a Chat GPT translation from LinkedIn of that patent publication.
Basic Information
Patent Holder: Intellego Technologies AB (SE)
Inventor: Claes Lindahl
Patent: US 12,372,399 B2
Title: Multilayer Colourimetric Indicator
Patent Date: 29.7.2025
Priority: GB 2019376 (2020-09-02)
PCT Publication: WO2022/049194
PCT Date: 10.3.2022
Core of the Invention:
This is a multilayer colorimetric indicator that shows a color change when exposed to radiation (e.g., UV radiation) or other chemical stimuli. What’s new in this solution is:
Multilayer structure:
First layer: contains a color-changing substance, i.e., the colorimetric indicator itself.
Second layer: acts as a shield or filter; its parts can either block, filter, or transmit specific radiation (such as UVC).
Active and passive areas:
The second layer has active parts that block or absorb radiation, and passive parts that are translucent to visible light and/or radiation.
This enables a clearer and more reliable observable color change, as the user can compare the covered and exposed areas.
Applications:
UV radiation measurement (UVA, UVB, UVC)
Disinfection and sterilization monitoring (e.g., in hospitals)
Warning labels, stickers, wristbands, tags
For food, medical, or laboratory environments
Technical Innovation and Benefit
Why is this significant?
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Physically separates the measurement area and the reference → reduces interpretation errors that occur in single-layer models.
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The filter layer prevents misinterpretation if part of the indicator is exposed to low radiation or environmental factors (light, heat, humidity).
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A clear two-stage architecture enables mass production and large-scale commercialization.
Commercial Opportunities
Intellego Technologies AB:
Known especially for its UV indicator solutions, used in sterilization validation and photoprotection, among others.
This patent enables, for example, translucent protective labels, UVC alarms, or colored warning surfaces for industry, healthcare, and consumer products.
Future opportunities:
Protection of the US market → Strengthens commercial position in US procurements, e.g., in hospital products.
Opportunity to license technology to other manufacturers, especially in the fields of UV disinfection, photochemical analysis, or medical technology.
Summary
Feature Description
Patent Number US 12,372,399 B2
Core Invention Colorimetric indicator with passive and active filter layers
Applications UVC disinfection, hospital equipment, surface tests, UV warning labels
Innovation Value Clearer, more reliable visual change in the indicator
Commercial Potential Very good – especially in monitoring products and medical technology
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That’s quite a fresh analysis, if the latest financial figures are from 2023 and a 2024 target is being reported 
.
The next quarterly report is on August 27th, but the preliminary figures are already known.
So they achieved EBIT equivalent to that 2024 revenue target during just the beginning of 2025, so everyone can ponder for themselves how relevant some forecasts made in 2023 or 2024 are 
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This is certainly one of those cases where I would monitor accounts receivable very closely. The company is reporting strong figures, but at the same time, receivables are growing.
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I would indeed monitor the turnover periods. In the context of such strong growth, the increase in accounts receivable already stems from selling more on credit than cash is collected from previous sales.
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Yes, accounts receivable are important to monitor and have been a problem in the past. With such strong sales, they will rise again now, but we trust management’s assurance that payment terms have now started to shorten.
Q1/2025 account reseivables were 59% of total assets.
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Tomorrow is the Q2 announcement. It will be good to read again how the year is expected to continue and how good the past 6 months have ultimately been.
News has been quieter lately. I tried searching for something new. I came across this. Dosimeters have gone on sale in the USA as part of Atlantic Ultraviolet Corporation’s product range. I don’t know how big a player they are in the industry. At least the company has been operating for 60 years.
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Bilbel Capital has published its semi-annual letter.
Includes a portfolio update where Intellego also has its own section. Nothing new. In their opinion, things are going quite well at the moment.
Edit and let’s include this LinkedIn post here as well.
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Q2 is out.
“Due to our increasing growth, Intellego hereby raises its 2025 financial goals to over 700 million (265) SEK in revenue and over 400 million (102) SEK in EBIT. If the company achieves these numbers, it will mean an increase in revenue of approximately 164% and 292% increase in EBIT on a yearly basis.”
However, that revenue growth guidance was already in the forecasts. On Marketscreener, Intellego is followed by one analyst, whose forecasts for this year are 820 M in revenue and 436 M in EBIT.
The report seems good upon a quick browse.
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Right. I’m really wondering if this kind of growth is sustainable and if demand will remain at a high level in the future? Or is it a temporary explosive growth in sales and the market isn’t permanently large/growing enough?
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