New Risk • Jan 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (34% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr3.5m net loss in 3 years). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (€13.7m market cap, or US$16.1m). Annonce • Oct 31
Impact Coatings AB (publ), Annual General Meeting, May 20, 2026 Impact Coatings AB (publ), Annual General Meeting, May 20, 2026. Annonce • Oct 21
Impact Coatings AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 87.486711 million. Impact Coatings AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 87.486711 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 58,324,474
Price\Range: SEK 1.5
Transaction Features: Rights Offering Annonce • May 22
Impact Coatings AB (publ) Approves Board Elections Impact Coatings AB (publ) at its AGM held on May 21, 2025 approved election of Roland Fischer and Johanna Pynnä as members of the Board of Directors. Annonce • Oct 29
Impact Coatings AB (publ), Annual General Meeting, May 21, 2025 Impact Coatings AB (publ), Annual General Meeting, May 21, 2025. New Risk • Oct 19
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -kr65m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr65m). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (€34.9m market cap, or US$37.9m). Reported Earnings • Oct 19
Third quarter 2024 earnings released: kr0.074 loss per share (vs kr0.16 loss in 3Q 2023) Third quarter 2024 results: kr0.074 loss per share (improved from kr0.16 loss in 3Q 2023). Revenue: kr37.4m (up 137% from 3Q 2023). Net loss: kr6.50m (loss narrowed 53% from 3Q 2023). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 25
Second quarter 2024 earnings released: kr0.043 loss per share (vs kr0.12 loss in 2Q 2023) Second quarter 2024 results: kr0.043 loss per share (improved from kr0.12 loss in 2Q 2023). Revenue: kr37.5m (up 18% from 2Q 2023). Net loss: kr3.80m (loss narrowed 61% from 2Q 2023). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Annonce • Aug 20
Impact Coatings AB (Publ) Announces CFO Changes Lena Åberg has been appointed CFO at Impact Coatings AB, effective November 20, 2024. She succeeds Bengt Vernerson, who has been acting CFO since February 2023. Lena Åberg has extensive experience in financial management across large and small companies, as well as listed and unlisted companies. She is accustomed to working in an international environment, including consolidating international subsidiaries. Lena is currently Senior Group Business Controller at Saab where the work includes reporting to group management and the board as well as implementing various improvement projects. Before her years at Saab, Lena was Finance Director at Qstar Försäljning AB, which is part of DCC plc. She also brings to Impact Coatings experience from smaller high-tech companies, for example Sectra and SICK IVP. Lena Åberg will be based at Impact Coatings' head office in Linköping. She will be part of the Group Management Team, which, with this recruitment, will consist entirely of permanent personnel. Reported Earnings • Apr 25
First quarter 2024 earnings released: kr0.18 loss per share (vs kr0.16 loss in 1Q 2023) First quarter 2024 results: kr0.18 loss per share (further deteriorated from kr0.16 loss in 1Q 2023). Revenue: kr4.70m (down 77% from 1Q 2023). Net loss: kr15.9m (loss widened 74% from 1Q 2023). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 53% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 18
Full year 2023 earnings released: kr0.41 loss per share (vs kr0.83 loss in FY 2022) Full year 2023 results: kr0.41 loss per share (improved from kr0.83 loss in FY 2022). Revenue: kr118.0m (up 124% from FY 2022). Net loss: kr32.0m (loss narrowed 32% from FY 2022). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 52% per year, which means it is performing significantly worse than earnings. Annonce • Feb 16
Impact Coatings AB (publ) to Report Fiscal Year 2023 Final Results on Apr 26, 2024 Impact Coatings AB (publ) announced that they will report fiscal year 2023 final results at 9:00 AM, Central European Standard Time on Apr 26, 2024 Annonce • Nov 10
Impact Coatings AB (publ) Announces Executive Changes Impact Coatings AB (publ) announced changes to its management team that reflect the company's transformation into a group, with parent company in Sweden and operating subsidiaries in China and the USA. The company appointed Carina Höglund as COO, Kristian Hillgren as CTO, Yaowen Wang as Regional President China and Robert Mamazza as Regional President North America. The changes are effective immediately. Carina Höglund transitions from VP Coating Services to Chief Operating Officer (COO). Carina holds a PhD in Thin Film Physics from Linköping University. Before joining Impact Coatings in 2019, she was responsible for coating development and the building of a production unit for the European Spallation Source ERIC (ESS). Since 2021, Carina Höglund has led the company's Coating Services business area, which has more than doubled its revenue under her leadership. Kristian Hillgren joins the group management team as Chief Technology Officer (CTO). Kristian holds a PhD in Materials Chemistry from Uppsala University and was first employed as a technical specialist at Impact Coatings in 2010. Since the end of 2020, he has been based in Seoul, South Korea, as Regional President Korea responsible for the joint development work in hydrogen solutions with Hyundai. Kristian will initially divide his time between Sweden and South Korea. Yaowen Wang (Regional President China) and Robert Mamazza (Regional President North America), also join the group management team. Yaowen Wang has managed Impact Coatings' subsidiary in China since 2022 and during 2023 launched the new Coating Service Center in Shanghai, which is now fully operational. Yaowen has a Master's degree in Environmental Engineering from Ghent University, Belgium, and many years of experience in the hydrogen industry in various roles in technology development, business development and sales. He joined Impact Coatings in 2019. Robert Mamazza is the head of the newly formed subsidiary in the USA, where preparations for a Coating Service Center are underway, with planned commissioning in the first half of 2024. Robert holds a PhD in Electrical Engineering from the University of South Florida and has over 20 years of industrial experience in the thin film coatings field. He joined Impact Coatings in 2021. Breakeven Date Change • Oct 23
No longer forecast to breakeven The analyst covering Impact Coatings no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr6.00m in 2025. New forecast suggests the company will make a loss of kr1.00m in 2025. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Per Wassen was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Sep 19
Impact Coatings Launches Premium FC Coating for Heavy Duty Applications Impact Coatings has launched a next generation premium fuel cell (FC) coating for heavy duty applications. The new premium FC coating offers enhanced properties and protection for anode and cathode metal plates in LT-PEM FC stacks. The coating is currently available as job coating at the company's Coating Service Center in China. During the last decades, focus on ways of leaving fossil fuel-based powertrains has increased. Electrical vehicles transferring hydrogen into electricity in fuel cells have become increasingly interesting for OEMs to pursue, especially for long distances and heavy-duty applications. The most common technology in this field is the LT-PEM (Low Temperature Proton-Exchange Membrane or Polymer Electrolyte Membrane) based fuel cell system. LT-PEM fuel cells rely on anode and cathode plates arranged in the fuel cell stack, plates that are either made of metal or graphite. From a production point of view metal plates are the emerging solution, due to the higher power density, and to lower cost, size and weight. To assure a long lifetime and efficiency in the stack's challenging environment, a surface treatment, such as PVD coating, is necessary. During recent years heavy-duty applications have been driving an increasing demand for components that can withstand higher voltages without degradation of the protective coating. To meet this demand, Impact Coatings has developed and introduced the new premium FC coating in the group's fuel cell coating portfolio. The coating is currently offered as job coating to best support customer needs in verification stages. Impact Coatings' new robust premium FC coating mitigates metal ion leakage into the fuel cell stack at potentials up to 1.6 V. Leaking metal ions damage the stack membranes, reducing both stack life and performance. With the new, premium FC coating, which offers good adhesion and electrical conductivity, as well as stable and low contact resistance, the stack's performance will be maintained throughout the stack's lifetime. Reported Earnings • Aug 27
Second quarter 2023 earnings released: kr0.12 loss per share (vs kr0.23 loss in 2Q 2022) Second quarter 2023 results: kr0.12 loss per share (improved from kr0.23 loss in 2Q 2022). Revenue: kr31.9m (up 125% from 2Q 2022). Net loss: kr9.72m (loss narrowed 27% from 2Q 2022). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Annonce • Jun 17
Impact Coatings AB (Publ) Announces CEO Changes The board of directors of Impact Coatings has appointed Jonas Nilsson CEO effective 1 October 2023. Torbjörn Sandberg Kanon, CEO since 28 May 2018, will continue in his current role through 30 September 2023 and will remain at the company’s disposal during a fourth quarter of 2023 transition period. Jonas Nilsson is currently Investment Manager at LiU Invest in Linköping, Sweden and brings to Impact Coatings relevant experience as CEO and an active board member in growing technology companies in the semiconductor, automotive, and coatings industries. Jonas Nilsson, born in 1972, is currently Investment Manager at LiU Invest, which is the investment arm of Linköping University and whose purpose is to finance and develop new technology companies that emerge from the university. Through his role at LiU Invest, Jonas is currently Chairman of the Board of n-ink AB and Polar Light Technologies AB, and a board member of HPViCo AB. Jonas is also Chairman of the Board of Börslycke Gård AB and Graphensic AB, and is a board member of Entiros AB. Jonas has, among other previous roles, been CEO and later Chairman of the Board of SweGaN AB, CEO of SP Devices AB, and R&D Director at Kreatel Communications AB. Following his appointment as Impact Coatings CEO and a transition period during fourth quarter of 2023, Jonas Nilsson will retain board positions in Börslycke Gård AB and Entiros AB. Jonas Nilsson has studied applied physics and electrical engineering at Linköping University. Breakeven Date Change • Apr 26
Forecast to breakeven in 2025 The analyst covering Impact Coatings expects the company to break even for the first time. New forecast suggests losses will reduce by 38% per year to 2024. The company is expected to make a profit of kr5.00m in 2025. Average annual earnings growth of 71% is required to achieve expected profit on schedule. Reported Earnings • Feb 16
Full year 2022 earnings released: kr0.83 loss per share (vs kr0.57 loss in FY 2021) Full year 2022 results: kr0.83 loss per share (further deteriorated from kr0.57 loss in FY 2021). Revenue: kr53.3m (down 10.0% from FY 2021). Net loss: kr47.0m (loss widened 47% from FY 2021). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Per Wassen was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 22
Third quarter 2022 earnings released: kr0.20 loss per share (vs kr0.16 loss in 3Q 2021) Third quarter 2022 results: kr0.20 loss per share (further deteriorated from kr0.16 loss in 3Q 2021). Revenue: kr7.25m (up 78% from 3Q 2021). Net loss: kr11.6m (loss widened 26% from 3Q 2021). Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Annonce • Oct 20
Impact Coatings AB (publ), Annual General Meeting, May 24, 2023 Impact Coatings AB (publ), Annual General Meeting, May 24, 2023. Agenda: To consider the proposals of the nominating committee. Annonce • Sep 30
Impact Coatings Introduces High Volume System for Metal Plate Coatings At F-Cell Stuttgart At f-cell - The Hydrogen & Fuel Cell Conference and Trade Fair - in Stuttgart October 4-5, Impact Coatings introduces a next generation coating system for volume production of metal plates for fuel cells and electrolyzers. The new coating system is named INLINECOATERTM IC2000. The first unit is now on display for customers at Impact Coatings in Linköping, Sweden, while undergoing process qualification for PEM fuel cell metal plates ahead of product launch. Hydrogen is one of the key solutions to phase out fossil fuels in society, including in the energy and mobility sectors. This means that demand for manufacturing volumes of hydrogen fuel cells and electrolyzers has increased and is expected to continue growing rapidly during this decade. Automotive OEMs and major component suppliers are among the leaders scaling the new hydrogen industry, primarily using proton exchange membrane (PEM) fuel cells for transport applications. To achieve optimal stack performance, separator plates of metal with efficient coatings are in focus as core components for both fuel cells and electrolyzers. The new INLINECOATERTM IC2000 is built upon the same proven system architecture. It is scaled to provide increased productivity, coating up to 3 million PEM fuel cell plates per year, depending on parameters like plate size, coating type and thickness, working days and shifts. The IC2000 system iscompact, with a footprint of only 6.2 x 2.2 meters. It has fewer critical components, such as vacuum pumps and power supplies, than traditional large scale industry solutions. Installing additional coating systems is easy as production scales up, resulting in high reliability through redundancy and cost- efficient volume manufacturing of the critical metal plate components. Impact Coatings is a center of expertise and a leading provider of coating solutions for metal plates to customers globally, with fuel cell coating development starting over fifteen years ago. The company's Ceramic MAXPHASETM noble metal-free coating for PEM fuel cell plates has almost a decade of field qualification in automotive applications. Today, the company continues its work with customers oncoating development to meet coming market needs for both fuel cells and electrolyzers. Reported Earnings • Aug 20
Second quarter 2022 earnings released: kr0.23 loss per share (vs kr0.20 loss in 2Q 2021) Second quarter 2022 results: kr0.23 loss per share (down from kr0.20 loss in 2Q 2021). Revenue: kr14.3m (down 2.8% from 2Q 2021). Net loss: kr13.3m (loss widened 19% from 2Q 2021). Over the next year, revenue is forecast to grow 28%, compared to a 8.8% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 27
First quarter 2022 earnings released: kr0.17 loss per share (vs kr0.21 loss in 1Q 2021) First quarter 2022 results: kr0.17 loss per share (up from kr0.21 loss in 1Q 2021). Revenue: kr10.2m (flat on 1Q 2021). Net loss: kr9.72m (loss narrowed 15% from 1Q 2021). Over the next year, revenue is forecast to grow 69%, compared to a 9.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 13% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Per Wassen was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Apr 23
Impact Coatings AB (publ) to Report Fiscal Year 2022 Results on Feb 10, 2023 Impact Coatings AB (publ) announced that they will report fiscal year 2022 results on Feb 10, 2023 Reported Earnings • Apr 18
Full year 2021 earnings released: kr0.57 loss per share (vs kr0.44 loss in FY 2020) Full year 2021 results: kr0.57 loss per share (down from kr0.44 loss in FY 2020). Revenue: kr59.2m (up 50% from FY 2020). Net loss: kr32.1m (loss widened 40% from FY 2020). Over the next year, revenue is forecast to grow 50%, compared to a 9.8% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. Annonce • Apr 08
Impact Coatings Appoints Yaowen Wang as President, China of the Newly Formed Subsidiary Impact Coatings announced the opening of a subsidiary in China with headquarters in Shanghai. The objective of the opening is to distribute Impact Coatings' market-leading expertise in PVD coatings for hydrogen solutions and to improve the availability of Coating Services solutions to Chinese customers in the hydrogen value chain. Yaowen Wang joined Impact Coatings in early 2019 as Sales Director, China, and now steps into his new role as President, China of the newly formed subsidiary. Reported Earnings • Feb 12
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: kr0.57 loss per share (down from kr0.44 loss in FY 2020). Revenue: kr59.9m (up 52% from FY 2020). Net loss: kr32.1m (loss widened 40% from FY 2020). Revenue missed analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 49%, compared to a 10% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year and the company’s share price has also increased by 17% per year. Reported Earnings • Oct 23
Third quarter 2021 earnings released: kr0.16 loss per share (vs kr0.11 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: kr4.12m (down 56% from 3Q 2020). Net loss: kr9.21m (loss widened 66% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 21
Second quarter 2021 earnings released: kr0.20 loss per share (vs kr0.12 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: kr14.8m (up 195% from 2Q 2020). Net loss: kr11.2m (loss widened 78% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 25
First quarter 2021 earnings released: kr0.21 loss per share (vs kr0.11 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: kr10.2m (up 103% from 1Q 2020). Net loss: kr11.5m (loss widened 95% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 13
Full year 2020 earnings released: kr0.44 loss per share (vs kr0.61 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: kr40.2m (down 18% from FY 2019). Net loss: kr23.0m (loss narrowed 13% from FY 2019). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Feb 10
Impact Coatings AB (publ) Receives an Order for an INLINECOATERTM System from HELLA MINTH Jiaxing Automotive Parts Co., Ltd Impact Coatings AB (publ) announced that it has received an order for an INLINECOATERTM system from HELLA MINTH Jiaxing Automotive Parts Co. Ltd. (China). The intended application area is radomes used for automotive safety systems. The order value is EUR 740,000 and delivery are planned for the third quarter of 2021. HELLA MINTH started operations in 2020, to promote the development, production and marketing of radomes and illuminated logos. The joint venture, funded by both partners in equal shares with a production facility in Jiaxing, shall have an international scope, with an initial focus on the Chinese market, according to a press release from HELLA Group in June 2020. Is New 90 Day High Low • Feb 04
New 90-day high: €3.49 The company is up 60% from its price of €2.18 on 06 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 13% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: €2.92 The company is up 27% from its price of €2.30 on 21 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 13% over the same period. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total losses of kr21.7m, with losses narrowing by 31% from the prior year. Total revenue was kr40.6m over the last 12 months, down 2.1% from the prior year. Annonce • Oct 15
Nomination Committee Appointed Ahead of 2021 Annual General Meeting in Impact Coatings As resolved by the AGM, the nomination committee of Impact Coatings shall comprise three members representing the company's largest shareholders in terms of votes, together with the Chairman of the Board as an adjunct member. The nomination committee consists of: Kai Tavakka, Chairman, appointed by Accendo Capital SICAV RAIF, Syafiq Johari, appointed by Hyundai Motor Company, Torsten Rosell, own representation And Mark Shay, Chairman of the Board, adjunct member. Annonce • Oct 13
Impact Coatings Appoints Andrea Grilli as Sales Director Impact Coatings announced that Andrea Grilli has joined the company as Sales Director, Southern Europe. Mr. Grilli will work closely with customers in Italy, Spain, France, and surrounding countries, helping clients with cost-efficient coating production solutions, primarily for quality consumer products and automotive parts. Andrea Grilli has more than twenty years of professional experience in international strategic sales, aftermarket sales, project management and business development in electronics, metallurgic, oil & gas, glass technology, power energy & renewable and polyurethane industries. His latest assignment was as Business Development & Marketing Manager at Impianti OMS, a part of Hennecke Group. Annonce • Oct 08
Impact Coatings AB (publ) Approves Election of Per Wassén as Board Member Impact Coatings AB (publ) in its EGM held, has approved to increase the number of board members from six to seven, as proposed by the board of directors, and to elect Per Wassén as a new board member. 
