(GOTHENBURG, Sweden / TORONTO, Canada / TOKYO, Japan / SAN FRANCISCO, CA, October 25, 2019) – Heliospectra AB (publ) (OTCQB: HLSPY, FIRSTNORTH GROWTH MARKET: HELIO), a world leader in intelligent lighting technology for greenhouse and controlled plant growth environments, presents Interim Report for January-September 2019. 


Net sales amounted to KSEK 22 746 (34 287). The operating loss amounted to KSEK -33 043 (-21 232) KSEK, 
signifying a negative operating margin (neg). The loss after tax was KSEK -33 043 (-21 232) or SEK -0.71 (-0.61) per share.


January – March

Heliospectra’s helioCORE™ light control system recognized by the American Society of Agricultural and Biological Engineers with a 2019 AE50 Award.

Heliospectra’s technical services portfolio re-branded under helioCARE™.

Leading European Research Facility Invest in Heliospectra’s LED Lighting Solutions. The research company is expanding its greenhouse production and has placed an order for Heliospectra’s fully adjustable ELIXIA LED lighting solution. The order value is SEK 2,0 million (€ 189,000).  

Heliospectra AB’s Year End Report was published 22 Februari 2019. 

Heliospectra carries out rights issue and obtain bridge financing. the Company’s Board of Directors proposes a new share issue of approximately SEK 52.7 million with preferential rights for existing shareholders. The terms of the rights issue are that 3 existing shares entitle the shareholder to subscribe for 1 new share at the price of 4.5 SEK. The rights issue is 100 percent underwritten through subscription and guarantee commitments by the Company’s largest shareholders, the Weland Group and Midroc.

Notice to attend the extra ordinary general meeting of Heliospectra AB was published 22 Februari.

Extra ordinary meeting was held March 12 2019 at Hotel Riverton on Stora Badhusgatan 26, 411 21 in Gothenburg. The decision was taken to conduct a right issue and introduce a new incentives program for stock warrants to senior executives and key personnel.

Hans Naess appointed new CFO of Heliospectra AB. Hans has acted as interim CFO since September 24, 2018. He began the role as CFO on March 1st, 2019.  

Publication of Heliospectra AB’s prospectus in regards to the right issue was made on February 22, 2019.

Heliospectra AB expands North America markets with formation of Heliospectra Canada, Inc in Toronto, Canada. The Company also continues to scale Heliospectra’s executive leadership, sales and technical services teams with business units dedicated to commercial food producers and licensed commercial cannabis operations in both the United States and Canada.

Ljusgårda AB continues expansion with investment in Heliospectra’s innovative LED lighting solutions with additional orders of Heliospectra’s fully adjustable ELIXIA LED lighting solutions. The order value is SEK 5.7 million (USD $ 611,450). 

April – June

Heliospectra AB publishes outcomes in the rights issue. The subscription period for the rights issue in Heliospectra AB (publ) was completed on April 3, 2019, and the consolidation shows that the issue was subscribed to just over 76 percent. Subscription with the support of subscription rights corresponded to approximately 72 percent and subscription without the support of subscription rights corresponded to approximately 4 percent of the offered shares. The remaining shares, corresponding to approximately 24 per cent of the issue, are allotted to the underwriters who, in agreement with the Company, have undertaken to subscribe for shares in the issue in relation to the commitments made. The rights issue brings the Company approximately SEK 52.7 million before issue costs.

Heliospectra published cmplementary prospectus regarding Heliospectra’s rights issue. The complementary prospectus was approved and registered by Swedish Financial Supervisory Authority on March 19, 2019.

Heliospectra AB sponsors the upcoming MJBizDaily Cannabis Symposium in Copenhagen, Denmark. 

Heliospectra’s incentive program transfer stock warrants to senior executives and key personnel.

Heliospectra introduces MITRA – a revolutionary modular LED lighting solution with customizable 
configurations. The simple, streamlined MITRA design boasts high-intensity light output and electrical efficacy of up to 2.9 µmol/J, and are designed for high light crops, including cannabis and vine crops. MITRA goes into production in October.  

Macedonian company SOG DOO looks to automate the light environment with Heliospectra’s solutions, and have decided to invest in Heliospectra’s fully adjustable ELIXIA LED lighting solution and helioCORE™ light control system. SOG DOO has also purchased a helioCARE™ Technical Services support package to benefit from Heliospectra’s installation and cultivation expertise. The order value is SEK 2.8 million (€ 260,000).

The CEO of Heliospectra, Ali Ahmadian, holds a presentation regarding the theme ”Vertical Farming 2.0: How light influences the future of food” at the AVFs forum for indoor growing during the Urban Future Global Conference in Oslo May 22-24.

Notice to Attend the Annual General Meeting of Heliospectra AB was sent May 27

Heliospectra expands intelligent LED lighting solutions to include ELIXIA 600W high-voltage adjustable spectrum light for greenhouse and indoor horticulture applications. The high input voltage ELIXIA fixture is suitable for larger facilities using industrial scale electrification for cultivation and crop production.

Heliospectra annual meeting was held on June 27, 2019. 

July – September

Västra Hamnen Corporate Finance commence surveillence of Heliospectra AB.

Heliospectra continues global expansion by establishing new subsidiary company Heliospectra Japan Co., Ltd.  and the opening of a new office in Tokyo, Japan, from July. Heliospectra has appointed Yasuhiro Suzuki as General Manager.

Heliospectra announces a new order from John Innes Centre in the UK for the fully controllable ELIXIA LED light solution. Order value is SEK 2,4 milllion (£ 200 000).


Heliospectra announces new order from Eco Canadian Organic Inc. for LED spectrum control for high-quality production of cannabis. Order value is SEK 2 million (CAD$ 277,000).

Heliospectra partner with Nectar Farms on MITRA LED Lighting Solutions for large scale glasshouse installation in Australia. Order value is SEK 72 million.


Dear Heliospectra AB (publ) Shareholder,

2019 presented some challenges for our sales team due to the gap in our product portfolio which is filled with introduction of innovative and high-performance platforms of MITRA and SIERA. MITRA’s modular, high-efficacy
design has gained a strong interest in the market and has filled a void in our current product portfolio. The pivot in our product strategy and the new product releases not only shape our future direction but ensure that Heliospectra remains the industry pioneer for horticulture lighting and controls.

In September, Heliospectra was recognized as the Lighting System of the Year 2019 at the Grow Up cultivation conference in Ontario, Canada. This award and our participation in recent horticulture tradeshows and photobiology speaking panels bolstered sales pipeline and garnered much global attention for the new MITRA series. With interest and orders building for MITRA, it is rewarding to see customers instantly recognize the value of superior performance and the flexibility of a modular form factor. MITRA in combination with our helioCORE™ light control system elevates Heliospectra above the crowd of competitors. 

As we developed new product solutions this quarter to directly address market and customer needs, we also reorganized our internal team to focus on frontline sales and strengthen the company’s topline growth. These restructuring initiatives included my own temporary move to Canada to establish the Heliospectra Canada office. Creation of a more focused organization across our key markets in North America drives necessary changes and creates stronger local presence. These initiatives also enable Heliospectra to develop strong strategic partnerships with global players across the industry.

While our decision to prioritize Heliospectra’s product roadmap caused an anticipated drop in sales and order intake for this quarter compared to last year, the dedication of our product development team to release our new product lines has created an immediate growth trajectory for 2020 and coming sales. 

Heliospectra and our hard-working team of employees are relentlessly focused on delivering business value and profitability to cultivation teams around the world as well as to you, our shareholders. As always, I thank you for your steadfast commitment to the Heliospectra vision.

Ali Ahmadian, CEO 
Heliospectra AB (publ)

For the full report please see here