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Interim report January – March 2017
Prestige order for Fabege’s project Grand Central Sundyberg
First quarter of 2017
- ChromoGenics received a large order to deliver approximately 550m2 of dynamic glass to real estate company Fabege’s project Grand Central Sundyberg in Stockholm.
- Revenue amounted to SEK 1.0 (0.0) million. The ConverLight™ product is generating considerable interest among property owners, architects and other companies in the flat glass market.
- The net income amounted to SEK -13.3 (-12.3) million, corresponding to SEK -1.21 (-2.51) per share.
- Cash and cash equivalents at the end of the period amounted to SEK 82.5 (10.6) million.
- ChromoGenic’s new share issue was oversubscribed and contributed SEK 117.3 million to the company.
- In conjunction with the new share issue, the company obtained more than 2,000 new shareholders at the same time as the number of outstanding shares increased from 9,414,326 to 23,214,326.
- On March 23, 2017, trading of the shares and warrants began on Nasdaq First North Stockholm.
Important events after the end of the period
- ChromoGenics announced on April 27, 2017, another prestige order to deliver approximately 600m2 of dynamic glass to Atrium Ljungberg’s project Gränbystaden in Uppsala.
- The new share issue was registered with the Swedish Companies Registration Office on April 7, 2017
“The new year has really started with a bang – a completed IPO followed by two large orders! Respectively the largest orders to date for ChromoGenics!”
Comments from the CEO
There was a great interest to subscribe shares in our company in combination with our initial public offering. We will work hard to create long-term value for both our customers and our shareholders as well as other stakeholders through a full-scale launch of our dynamic glass. Our glass makes properties more attractive by improving energy efficiency and indoor comfort.
During the first quarter and immediately after, we presented our two largest commercial orders to date. ChromoGenics will deliver approximately 550m2 of ConverLight™ dynamic glass to Fabege’s project Grand Central Sundbyberg, which will be certified in accordance with the world’s most established certification system for sustainable buildings. Our dynamic glass was selected for its flexible design and advantages with regard to energy efficiency and indoor comfort. Production is in full swing and delivery will occur during the first half of 2017.
We will also deliver approximately 600m2 of ConverLight™ dynamic glass to Atrium Ljungberg’s project Gränbystaden in Uppsala. This order is part of the expansion of the mall, which is expected to begin during the second half of 2017 and be completed in time for the 2018 Christmas shopping season. Atrium Ljungberg has placed both the environment and sustainability high on its agenda, and the company has selected ConverLight™ because of the glass’s effective solar protection.
We feel that the market is showing considerable interest in our products, and I am convinced that this is just the beginning of a successful journey for ChromoGenics. Our dynamic ConverLight™ glass offers property owners, architects, construction companies and participants in the glass industry cost-efficient solar control. ConverLight™ makes it possible to let in a reasonable amount of sunlight and heat without impairing visibility. This significantly improves the indoor climate. ConverLight™ also helps lower a property’s consumption of electricity, which is high on the environmental agenda for the sustainability work of both the EU and the commercial sector.
A well-respected US analysis firm, n-tech Research, has forecast that the market for dynamic glass will increase dramatically over the next decade. ChromoGenics finds itself in a very interesting position in that the company is facing good conditions to establish itself as a leader in the market.
We will now focus our resources on a rapid expansion by continuing to invest in sales and production, thus creating good conditions for continued commercialization and future profitability!
Thomas Almesjö, CEO
Thomas Almesjö, CEO
Susanne Andersson, CFO & Head of Communications
Tel: +46 18 430 0430
This information is such that ChromoGenics AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Market Securities Act (2007:528). The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CET on April 28, 2017.
Every care has been taken in the translation of this document. In the event of discrepancies, the Swedish original will supersede the English translation.
ChromoGenics is a leader in dynamic glass with controllable heat- and light transmission. The company’s unique electrochromic technology ConverLight™, provides sustainable solar control with increased indoor comfort and energy efficiency. In 2016 the company started commercial sales to real estate projects in Scandinavia.
ChromoGenics is located in Uppsala and has about 20 employees. The technology is derived from the world leading research center at Ångström Laboratory at Uppsala University. The plant has been partly financed by a conditional loan from the Swedish Energy Agency. ChromoGenics share (CHRO) is listed on Nasdaq First North Stockholm with G&W Fondkommission as Certified Adviser. ChromoGenics