Interim Report 2 2025/26

AUGUST 2025 – OCTOBER 2025

Net sales	306 (2 977) KSEK
Operating result before depreciation (EBITDA)	-5 445 (-2 789) KSEK
Net result	-7 761 (-3 669) KSEK
Earnings per share	-0,12 (-0,14) SEK
Gross margin	60 (55) %

MAY 2025 – OCTOBER 2025

Net sales	671 (4 315) KSEK
Operating result before depreciation (EBITDA)	-12 494 (-7 523) KSEK
Net result	-16 303 (-9 599) KSEK
Earnings per share	-0,26 (-0,37) SEK
Gross margin	65 (63) %

In Short

• Sales growth is affected by the transition of sales to PHI from Altium, and customers may be waiting for our next generation of Holomonitor.
• PHi is expanding its technology into IVF, with a first step for cows and horses.
• The launch of Holomonitor Next Generation was on the 17th of December, after Q1 ending.

CEO Commentary

PHI second quarter update: strategic progress amid transition

Navigating challenges and building for growth

As we close out the second quarter of our fiscal year, I want to begin by acknowledging that sales this quarter have been more modest than anticipated. While we have made meaningful progress on several strategic fronts, the pace of revenue acceleration has been slower than expected and desired.

One contributing factor has been the longer-than-planned transition of sales from Altium back to PHI, which required additional time and resources to ensure a smooth and effective process. We also recognize that some customers may be deferring purchases in anticipation of our next-generation HoloMonitor®, announced earlier this year. This dynamic underscores the importance of delivering the new platform on schedule and executing a strong launch strategy to capture this pent-up demand.

Despite these challenges, we remain confident in our ability to navigate this transition successfully and convert these dynamics into future growth opportunities.

Strategic expansion: entering the veterinary IVF market

Arguably the most significant development this quarter has been our decision to expand into the in vitro fertilization (IVF) market for livestock. In October, we announced that PHI is leveraging its core QPI technology to address critical challenges in assessing oocytes and embryos in animal breeding.

This is a natural and highly promising extension of our capabilities. By applying our next-generation HoloMonitor® platform, we believe we can offer non-invasive, label-free imaging to improve the consistency and scalability of IVF processes in cows and horses. We have also filed a trademark application for “HoloOocyte” to signal our commitment to this new vertical.

This move marks a deliberate broadening of our market reach – beyond regenerative medicine and cell therapy into the fast-growing agri-biotech space. We view this not only as a strategic diversification but as a significant opportunity to scale our technology in a highly relevant and underserved area.

Product innovation: Holomonitor Next Generation on track

Important update on the development of our Holomonitor Next Generation®. We launched the system on the 17th of December.

With the launch of our next-generation HoloMonitor®, we are targeting more clinically focused applications and expanding into larger market segments, while laying the foundation for future expansion. Our immediate priority is to accelerate adoption among existing customer segments—academic research, regenerative medicine, and cell therapy—where we already have proven traction and strong relationships. The enhanced performance and usability of the new platform are designed to deepen engagement with these clients and unlock additional sales opportunities in the near term.

At the same time, we are strategically investing in new applications such as embryo and oocyte assessment. These markets hold exciting potential but will require validation and collaboration before they translate into revenue. We view this as a deliberate, phased approach: secure growth in our core markets now, while building the capabilities and partnerships that will enable us to scale into larger segments over time.

PHI has within this area the following patent https://patents.google.com/patent/EP2446251A1/en

Looking ahead: building momentum

The strategic additions and operational ramp-up this quarter give me great confidence in PHI’s trajectory. Entering the veterinary IVF market positions us in a differentiated niche with significant potential. Meanwhile, the upcoming launch of our Holomonitor Next Generation underscores our commitment to innovation.

However, we are not naive about the challenges ahead. Scaling into new market segments, especially in agricultural biotechnology, demands validation, customer education, and careful execution. Simultaneously, the commercial success of our Holomonitor Next Generation will depend not only on technology but also on adoption by key clinical and research partners.

To meet these challenges, we remain focused on three core pillars:
• Strategic new markets – Building our presence in veterinary IVF and other adjacent fields where our QPI technology can deliver differentiated value.
• Innovation excellence – Delivering our Holomonitor Next Generation with superior performance and usability.
• Commercial execution – Growing our global sales network, including leveraging local partners.

I want to thank our dedicated team, our partners, and of course, our shareholders. Your continued support and belief in PHI are what make this next phase of growth possible. We understand that our potential lies not only in what we do today, but in the vision we are building for tomorrow – a future where non-invasive, label-free cell imaging shapes innovation across medicine and beyond.

Together, we are writing a new chapter for PHI – one defined by innovation, expansion, and meaningful impact.

Finally, I want to note that PHI’s current capital resources are approaching their limits. The Board of Directors and I are actively working on a solution and are optimistic it will be finalized soon. This remains a top priority, and we will keep our stakeholders informed as developments progress.

Thank you.

Länk

Min kommentar
Är det ens lönt att kommentera denna rapport? Usel-uslare-PHIQ2 var det jag tänkte spontant efter ha ögnat igenom rappen. Försäljningen var den sämsta i mannaminne kan konstateras,Ok,en förklaring lämnas men ändå??? Nog för att jag hade låga förväntningar efter föregående rapport,men nog fan överträffades det,men neråt. Nu står hoppet till IVF och den nya HoloMonitor NG. Vill Bolaget ha kvar den lilla skaran anhängare som återstår är det dags att börja leverera. Jag ger inte upp vill jag dock understryka.Det då potentialen finns där. 

Men som vanligt handlar det om att kunna förvalta. Och ha flax,timing mm..på sin sida. 

Vore ju fasiken om inte PHI får dessa på sin sida nån gång. Tekniken är bra,marknaderna finns där. 

Det står jag fast vid även efter ha läst rapporten. Mvh the99