(GOTHENBURG, Sweden, Oct 27, 2023, at 08:40 CEST)– Heliospectra AB (publ), a leader in intelligent lighting technology for greenhouse and controlled plant growth environments, presents its Interim Report for January to September 2023. 

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


Sales and financial performance July – September 2023

  • Order intake during the period amounted to SEK 7,527 (9,262) thousand.
  • Net sales during the period amounted to SEK 8,276 (6,819) thousand.
  • Operating result during the period amounted to SEK 4,873 (-8,951) thousand.
  • Profit after tax was SEK -4,182 (-8,966) thousand.

Sales and financial performance January – September 2023

  • Order intake during the period amounted to SEK 18,679 (21,746) thousand.
  • Net sales during the period amounted to SEK 25,403 (15,730) thousand.
  • Operating result during the period amounted to SEK -16,003 (-26,993) thousand.
  • Profit after tax was SEK -15,376 (-27,008) thousand.

Cash flow January – September 2023

  • Operating cash flow was SEK -21 469 (-30 422) thousand.
  • Total cash flow was SEK -2 428 (6 772) thousand.
  • Cash equivalents at the end of the period were SEK 11 057 (17 495) thousand.


Dear Shareholders,

As we wrap up the third quarter of 2023, I am delighted to share some significant developments and achievements with you. In September we had a record high turnover as a result of our focus on the greenhouse segment with a nice positive result. This is a testament to the hard work and dedication of our team, as well as the trust and support you have placed in Heliospectra.

We had a substantial improvement in net sales. We witnessed a 21% growth compared to the same quarter last year and an impressive 61% increase compared to last year. This means we are now at the same level as we closed 2022. While we acknowledge that we will not meet our 2023 high ambition objective, it's important to recognize that we faced several challenges throughout the year, as we previously mentioned. Factors such as inflation, higher interest rates, reduced energy prices, and a delayed subsidizing program in the Netherlands significantly impacted the horticulture lighting market, which saw a decline of up to -40% to -50% compared to the previous year. Consequently, many commercial growers and Agtech companies postponed their investments to later in the year or even next year, resulting in fewer potential projects and heightened competition within the market.

Despite these challenges, our operating results in Q3 improved by almost 11 MSEK, an impressive 46%, primarily due to increased sales and our diligent cost-saving and restructuring program. This demonstrates our commitment to enhancing our operational efficiency and profitability.

We won a tender with the prestigious Technical University of Denmark (DTU) for their newly built plant research department, where we will supply our fully controllable solution ELIXIA and MITRA solution, as well as Aarhus University, where we will implement our full wireless solution. We are also pleased to see that our new MITRA X FLEX, with flexible far-red, is gaining traction among Agtech companies and Universities, especially for applications in research greenhouses. The latest project signed in October will be with the Illinois University, where we will see both our new MITRA X FLEX and full wireless solution showcase the full value of flexible far-red light.     

During the third quarter, we actively engaged with our industry by participating in two key events. In September, we had the privilege of joining the UK Tomato industry at the Annual British Tomato Conference. We proudly presented our latest innovations during this event, including our new high-intensity HPS replacement model, CERES, and the MITRA X FLEX. In October, we teamed up with our Canadian resellers, at the Canadian Greenhouse Conference (CGC) in Niagara Falls, where we had valuable discussions with North American customers regarding the challenges and possibilities in the market. Our new lighting solutions, particularly the MITRA X FLEX, garnered significant attention and interest.

At the CGC Conference, we not only showcased our products but also sponsored a session Energy Management in the New Times and participated in a panel discussion called LEDs and the Future, where we highlighted the capabilities of our energy-saving LED lights and DLI management system, included in the newly announced helioCORE™ 2.0 software set to launch in Q4. This upgraded version introduces a user-friendly click-and-drop feature for creating grow zones and integrates weather forecasts to optimize algorithm efficiency and DLI control. Our wireless solution, combined with our efficient LED lights, empowers growers to achieve up to a 35% additional reduction in energy use on top of what the change to LED brings, thereby significantly lowering operational expenses. The new helioCORE™ 2.0 also comes with an open API enabling growers to connect the helioCORE system to their existing climate computers.

Our dedicated development team has also made significant strides in finalizing DOXA, our wireless PAR sensor introduced earlier this year at Greentech. The first units are now ready and are being dispatched for their inaugural field test at a commercial installation. DOXA promises to grant growers enhanced flexibility and control over their grow zones connected to the sensor. It also offers cost savings during installation, as no new infrastructure, such as wires, will be required. In Q4, our development team will step up the development for the long-awaited next-generation ELIXIA and DYNA with additional functionality that is scheduled to be released in 2024.  

To further educate growers on the importance and efficiency of far-red light and our innovative MITRA X FLEX with a flexible far-red channel, we released a new E-Book in Q3 titled Understanding the Impact of Far-Red. This comprehensive resource provides insights into the effects of far-red light and how growers and businesses can benefit from a targeted far-red light strategy. Showing that we are much more than a hardware LED provider but a lighting partner adding real value to our customers! We plan to follow up on this initiative with a far-red webinar on November 7th, in collaboration with our distributor and the distinguished Delphy Improvement Centre in the Netherlands.

In conclusion, I am excited about our continuous progress and the promising opportunities on the horizon. We now have an innovative and relevant product portfolio and are on a path toward sustained growth and profitability. I want to express my gratitude for your continued support and trust in Heliospectra. Together, we will navigate challenges, seize opportunities, and drive our company's success to new heights.

With gratitude,

Bonny Heeren, 

CEO and Interim CFO
Heliospectra AB