(GOTHENBURG, Sweden, Feb 26, 2024, at 13:55 CET)– Heliospectra AB (publ), a leader in intelligent lighting technology for greenhouse and controlled plant growth environments, presents its Year-End Report for 2023. The amendment regards COGS and other external costs in the consolidated income statement for the period Oct-Dec and the period Jan-Dec 2023.

Full report is enclosed to this press release and is also uploaded at https://heliospectra.com/investor-relations/financial-reports-documents/reports/.

In the updated report, a cost totaling 4,145 KSEK has been moved from Cost of Goods Sold to Other External Costs. The cost is derived from discontinuing the MITRA Classic production line at our Swedish production partner and is related to the write-off of stock and components. This cost is now in the same category as the provision taken in 2021.


Sales and financial performance October – December 2023

  • Order intake during the period amounted to SEK 9,377 (12,677) thousand.
  • Net sales during the period amounted to SEK 9,908 (9,998) thousand.
  • Operating result during the period amounted to SEK -7,605 (-8,950) thousand.
  • Profit after tax was SEK -7,312 (-9,075) thousand.

Sales and financial performance January – December 2023

  • Order intake during the period amounted to SEK 28,056 (34,423) thousand.
  • Net sales during the period amounted to SEK 35,311 (25,728) thousand.
  • Operating result during the period amounted to SEK -23,608 (-35,943) thousand.
  • Profit after tax was SEK -22,688 (-36 ,083) thousand.

Cash flow January – December 2023

  • Operating cash flow was SEK -25,101 (-33,848) thousand.
  • Total cash flow was SEK -4,843 (2,762) thousand.
  • Cash equivalents at the end of the period were SEK 8,642 (13,485) thousand.


Dear Shareholders,

As we reflect on 2023, it stands out as a defining period that shapes our trajectory moving forward. As we step into 2024, we do so with confidence, anchored by a stable product platform catering to both commercial large-scale greenhouses and our dynamic Agtech segment.

While our journey in 2023 didn't precisely align with the ambitious budgetary goals we had set, I am pleased to announce that our net sales improved by 37% compared to the previous year, despite market challenges and a competitive landscape. Throughout the year, we faced several obstacles, including inflation, higher interest rates, reduced energy prices, and a delayed subsidizing program in the Netherlands. These challenges contributed to an estimated decline in the horticulture lighting market of up to -40% to -50% compared to 2022. Consequently, many of our commercial growers and customers postponed their investments to the following year or opted for smaller test trials.

Despite this, we managed to win three tenders with leading technical Universities in Denmark and the USA and establish sales and trials with well-known growers in Europe and Canada within young plants and ornamentals, including Queens, Hendriks Young Plants, Sakata, Hendriks Greenhouses, Feldborg, and Glenwood Walley Farms. We also expanded our network in the industry, providing us access to quote on more significant projects and expanding our pipeline. Looking ahead to 2024, we, therefore, anticipate a shift in our portfolio towards larger greenhouse initiatives. This strategic pivot positions us for continued success and growth in the coming year.

The momentum from 2023 carries forward into the new year, as evidenced by our proactive approach to sales and marketing. Already in 2024, we've participated in two prominent trade shows: IPM Essen in Essen, Germany, and Fruit Logistica in Berlin, Germany, with plans to exhibit at Horticontact in Groningen, Netherlands, in March. In Q1 this year we have also established our new Dutch office. These engagements signify our commitment to solidifying our presence in key markets and fostering meaningful connections with industry stakeholders.

Throughout 2023, our focus remained steadfast on developing innovative, customer-centric solutions. We introduced groundbreaking products such as the MITRA X Flex, a three-spectrum-in-one solution with flexible far-red, DOXA, our wireless PAR sensor, and an enhanced version of our control system – helioCORE 2.0. This version offers a more user-friendly interface with drag-and-drop features, real-time weather forecasts, dynamic zoning and dimming capabilities, along with new data-overview and safeguard features— an offering unique to Heliospectra in the market.

Building on this foundation, we're excited to unveil our latest offerings: the new ELIXIA and DYNA platforms, our fully controllable solutions, set for full launch in April/May. Both will feature significant improvements in IP rating, output, and efficacy, with the ELIXIA fixture now offering an additional wavelength, increasing from 4 to 5 wavelengths. The new platform allows us to maintain our relevancy and strong brand in the research market while also improving our solution towards, for example, seed producers and research greenhouses.  

Additionally, our development team has recently unveiled advancements to our MITRA X platform, making the platform fully modular and allowing us to cater to diverse environments and crops. The platform now comes with a wattage ranging from 325W to 1500W, a comprehensive spectrum portfolio ranging from 40% red to 90% red, a Flexible spectrum alternative, an efficacy of up to 3.7, and an output of up to 5700 µmol. This, combined with our Swedish craftsmanship, use of only A-brand components, and unique dynamic solutions, provides growers with market-leading quality against a very competitive cost per mmol!

Our cost-saving initiatives, launched in 2022, have yielded substantial benefits. By minimizing our reliance on external consultants and optimizing internal resources, we were able to reduce our other external costs by SEK 10.2 million, representing a 31% decrease in 2023. Additionally, provisions set aside for potential RMA cases contributed to this cost reduction, with a portion of the allocated funds remaining unused. In Q1 2024, we successfully concluded the final phase of our cost-cutting program by relocating our office in Gothenburg, resulting in a 50% reduction in rent costs.

This, coupled with the increase in net sales, drove a notable improvement of SEK 12.3 million or 34% in operating results compared to the previous year. This achievement is a testament to our team's diligent efforts, sales improvements, and the efficacy of our cost-saving and restructuring initiatives. Importantly, we have maintained a healthy margin on our products throughout this period of growth and transformation.

As we embark on this journey into 2024, I extend my heartfelt gratitude for your unwavering support and trust in Heliospectra, especially our 3 main shareholders, Weland Weland Stål AB, Agartha AB, and Corespring New Technology AB. Together, we are poised to capitalize on emerging opportunities, overcome challenges, and propel our company to new heights of success.

With gratitude,

Bonny Heeren, 
CEO and Interim CFO
Heliospectra AB