Well, such growth is not sustainable, but with a turnover of 800 million kronor, one would think there would still be enough room for growth.
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Well, such a large percentage growth is naturally not possible. Since I don’t know the market, I wonder what the TAM is and and if it’s growing at all? Or will growth come from taking market share from others, and how fragmented is the market?
Very good report, at least at first glance. Cash flow was really strong. No need to worry about that risk anymore either. Management seems to prefer guiding conservatively rather than over-optimistically. I like this style.
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An impressive report; now one can certainly disregard all the nobodies complaining about the lack of cash flow on various forums.
Here’s the whole table, which is nicely comprehensive; EPS or some other important figures don’t get hidden somewhere in a table at the end of the report, as with some companies, but all the essential ones are right at the beginning.
If tomorrow the stock price isn’t again strongly heading northeast, I will add more to my portfolio at these valuation multiples, now that even the last uncertainty has been removed.
I haven’t owned the company long enough to know what kind of quarterly/seasonal variation there might be, or if there is any at all, but if H2 is better than H1, then 2025 EPS (undiluted?) could potentially be over 15 SEK. The share price is now 15
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I got to read the report this evening. It looked really good, and all the points the CEO has mentioned earlier this year regarding revenue, profit, and cash flow seem to be materializing. No weaknesses can be found in the table provided by the Geology Student. Intellegon must be among the top contenders for growth among Nordic listed companies if the 2025 targets are met. EBIT can grow by 300%. I guess I’ll have to start believing it little by little.
Growth cannot continue as rapidly in the coming years, but as stated in the report, 12 new products are currently being planned, for which there is already a paying customer. So there is still a lot of potential left here.
From what I quickly tallied the numbers, the Gross margin for the quarter was slightly over 70%. An improvement even from the last quarter.
Cash flow indeed looks good, and the bar in the table jumped nicely.
If I interpret correctly, Q2 sales came mostly from the United States.
From what I quickly calculated, with a share price of 155 SEK, the forward P/E at this earnings pace for the next 12 months, my own calculations hover around P/E 11.
EV/EBIT with the updated EBIT (400 million SEK) forecast is around 11. Still not expensive.
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The company’s revenue and profit have indeed been quite volatile. For example, last year’s Q4 was quite poor, and they had to issue a profit warning in January when large deals shifted over the turn of the year, and they fell short of the guidance. The 2024 guidance was 300M revenue and 110M EBIT. Actuals were 265M revenue and 102M EBIT. After this, the guidances have seemed very cautious, and today’s also appears to be so when reflecting on the CEO’s comments about the smoothness of the business.
But the company’s activities look very positive.
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There was practically no market before Intellego. A few companies sold some odd UV labels as a side product, and electronic meters served a different role.
Regarding sales sustainability, one should note the differences between equipment sales and UV label sales. Equipment represents traditional cyclical capex with poor margins, whereas UV labels are high-margin recurring business. The product is a “small ticket non-durable” item, meaning that once customers start using them, they will likely buy more automatically, come rain or shine. Compare, for example, to Post-it notes or printer paper.
Now that the cash flow and fraud narratives are starting to fade, competition is the big bogeyman behind Intellego’s story. Currently, there is no serious competitor, and we can only hope the patents are comprehensive.
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Tj ostanut muutaman lapun ja tästä kopsattuna →
A Message from the CEO
We continue the year with record revenue and profit – and we are not slowing down
Intellego saw significant growth in Q2 with increases in revenue, profit and also improvement in cash conversion.
This is a testament to the innovative products that Intellego provides to the market and our close collaborations
with our customers e.g. Henkel and Likang. It also shows that Intellego’s work with shortening payment times
is starting to have results, which we expect to continue to improve during the year. In addition, we do see that
our sales continue to accelerate in all business areas which is driven by our improving sales work, Intellego
becoming a more recognized brand and new regulations (for example in the US where the FDA is now starting
to regulate UV disinfection devices). Another factor is an increasing price point where we charge higher prices
in new application areas compared to, e.g., disinfection. 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.
During Q2 the company continued its focus on cash generation, which contributed to a cash balance of around
100 million SEK at the end of the quarter. At the same time, we continue to invest in future growth. An example is
market investments which Intellego does with its partners and, during Q2, approximately 10 MSEK was invested
in these collaborations, from the company’s operating cashflow. The basic reason for these investments is that
the company sees that these investments can significantly alter the financial curve of the group resulting in
financial results greatly exceeding previously communicated goals. The results from these investments will be
seen on both a short term and long term basis, based on the order inflow that the group sees.
The increased cash generation will mainly be used for the group’s continued expansion and to pay down debt.
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So, is the guidance cautious or does the management know that H2 won’t perform as strongly as H1? As Onni_Maiha argued above, the company’s revenue and profit are really volatile. Even though cash flow was quite strong this quarter, many customers still leave invoices unpaid, if I looked correctly, accounts receivable are 402 mSEK.
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I find it peculiar that Asian revenue was practically zero in Q2. Does all Asian revenue go through Likang? This could also be a factor increasing volatility.
Payment terms have been long, and as a side effect of strong growth, a sharp increase in accounts receivable is inevitable. I wouldn’t be too concerned about this. Customer payments and cash flow were at a record high in Q2. Otananalytics has made good graphs of Intellego’s financial figures. https://www.otanalytics.se/intellego.html#growth
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The company’s CEO held a presentation in Germany about the company and the Q2 2025 results.
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New update from Montega after Q2. New updated target price 300 SEK.
https://intellego-technologies.com/wp-content/uploads/2025/09/2025-09-01-Montega-AG-Q2-update.pdf
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Promotional video from Intellegon’s Asian partner Likang about dosimeters.
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Apparently, there are some rumors in Sweden that a newspaper is about to publish a report about former management personnel in the company, which might explain today’s decline (a rather vague reason if those individuals are no longer with the company).
On the other hand, after a strong rise, one might expect a small breather, and additionally, there’s apparently a gap to be filled around the 160 SEK levels; someone more knowledgeable about technical analysis might be able to say better?
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So, as suspected, nothing special, unless something extraordinary comes to light later? 
The change of a couple of management-level personnel (which doesn’t even sound super critical) doesn’t feel like anything; we are still far from Kamux’s management shuffle. The CEO probably has no obligation to comment on the change of a management member unless they deem it necessary, especially if the individuals in question do not comment first themselves.
Someone mentioned somewhere that the author of that DI article has previously written more or less unnecessary negative things about Intellegos.
I’m ready to buy if the stock price goes to close the gap.
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Last spring, the same Sven wrote that Intellegos’s Asian partner was a start-up with no revenue. He apparently meant Likang, which is part of the Yuwell group. Liten startup bakom Intellegos mångmiljonavtal The share price dropped that day from 38 to 35 SEK.
Sven also seems to have made an hour-long podcast about Intellegos’s red flags. https://poddtoppen.se/podcast/1671682725/snacka-cash/sven-nordenstam-kommenterar-intellegos-red-flags
It’s hard to say what his agenda is.
By the way, according to the 2024 annual report, Intellegos had only one employee in North America. 
He was probably one of the executives who left.
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If I were Lindahl myself and my intention was to buy shares, I wouldn’t be in an unnecessary hurry to respond. The price is languishing, and it’s better to buy my own shares cheaply. The announcement can still be made tomorrow if he deems it necessary.
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No announcement has come this morning, at least not yet, and I don’t even know if there’s anything to announce.
Interestingly, Claes posted a short message on LinkedIn.
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I would say that the CEO is very aware of the writings of that DI’s anti-Intellego journalist and decided to phrase their answer with a civilized version of the expression: “fools”
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