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Q-Linea
Quarterly Report • Apr 14, 2025
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Quarterly Report
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Q1
Strong start to the year with accelerating momentum
First quarter: 1 January–31 March 2025
- Five customer contracts were signed during the quarter, three of which were in the US.
- Total of 9 ASTar units installed or contracted at end of Q1 2025 out of 30 40 planned by end of 2025
- The Group's net sales amounted to SEK 3.7 (1.5) million, an increase of 249 percent.
- The Group's EBIT amounted to SEK -44.6 (-56.0) million, an improvement of SEK 11.4 million.
- Profit after tax for the period amounted to SEK -45.2 (-56.0) million.
- Earnings per share before and after dilution amounted to SEK -0.02 (-0.5).
- Cash flow from operating activities amounted to SEK -50.1 (-48.0) million.
Significant events
In the first quarter of 2025
- The company publishes a company and market update with the main message that 30 40 instruments are expected to be contracted by the end of 2025 and that another 60 – 90 instruments are placed in 2026.
- The company signs its first two agreements with customers in the United States.
- Q-linea signs a framework agreement with a large national American reference laboratory.
- The company wins the first tender in Belgium and wins another tender in Italy.
- Q-linea announces the outcome of the rights issue, subscribed to 90.5 percent, corresponding to approximately SEK 204 million before transaction costs. In total, the Group received cash of approximately SEK 93 million after transaction costs, set-off of loans and repayment of bridge loans.
After the end of the period
- The company announces that the first clinical evaluation in the Gulf Cooperation Council region of ASTar has been initiated at Sheikh Khalifa Medical City, Abu Dhabi (UAE).
- Q-linea publishes a communiqué from the Extraordinary General Meeting on April 3 where a decision was made to reduce the Company's share capital with the primary purpose of enabling a discount in the future exercise of warrants of series TO1.
Strong start to the year
The year has gotten off to a fast start with Q1 revenues exceeding sales for all of 2024. We met our objective for five commercial contracts in Q1 2025 and expect to maintain steady quarter-over-quarter ASTar volume growth. Q1 contracts lift installed or contracted ASTar base to nine units for routine clinical use from four at year-end 2024.
Pipeline and momentum show potential for 10x growth during 2025
We aim to have contracts for 30 – 40 ASTars globally by the end of 2025, with a fleet average of 1,000 clinical patient tests per year per instrument. Growth during the year will be balanced across the US and EMEA regions. Pace during 2025 will continue to increase as projects in the pipeline mature. We anticipate maintaining a high, competitive win rate based on the superior technical and clinical characteristics of ASTar.
During the year we will also see the first in-network expansions, with US IDNs adding ASTars to cover their huband-spoke systems.
Given industry cycle times of 12 – 15 months to routine clinical use, most of the placements for 2026 are already visible in the pipeline. We expect to see the US market overtake Europe next year and comprise a larger share of the 60 – 90 ASTar placements in plan for 2026.
First contracts for clinical use in US market
Our first contract with a major US integrated delivery network (IDN) was signed early January and was followed during the quarter with two further contracts in the US.
In March 2025, Q-linea signed a Master Service Agreement (MSA) with one of the top national reference lab networks in the US. We are now building a plan with their clinical and operations teams to deploy ASTar into labs across the network. We expect to install the first instrument by early May. The network has potential to adopt 12+ instruments annually with high-testing volumes at each site, and we anticipate installations in at least a half-dozen sites during 2025.
Evaluations continue at multiple sites in the US. ASTar is maintaining a high evaluation-conversion rate, as
anticipated. In addition, the US pipeline continues to expand quickly with over 100 ASTar-potential sites identified and working through the sales cycle.
Further wins in EMEA region
Q1 saw continued progress in Europe with new contracts in Italy and Belgium. Installations during 2024 are now in routine clinical use, saving lives and improving hospital budgets. We estimate that ASTar saved over 100 lives during 2024.
ASTar was also approved for use in several Gulf-region countries, and we have already shipped the first unit to Abu Dhabi for clinical evaluation after which we expect it to move into routine use. Further shipments are expected during Q2 with regulatory approval in Saudi Arabia and continued pipeline expansion with our partner, AMICO.
Maintaining scientific leadership
Q-linea continues our out-sized role in leading industry research into the benefits of rapid AST. We closed the LIFETIMES study in Q1 2025 and are now analysing the data with our four investigator sites in Italy to present further evidence on the health economic benefits of ASTar use. The Early Access Programs in the US are also completing the research phase and will be publishing results throughout 2025, complementing data already released during 2024.
We have a busy calendar of planned podium presentations and posters at global and regional conferences with further journal publications expected across 2025. The scientific evidence will increasingly be supported by realworld testimony on the merits of ASTar and patient and hospital benefits from rapid AST in general.
Improving financial position
The ASTar installed base is starting to generate recurring sales which will grow as contracted units are installed and go live. Growing production volumes will also contribute to lower per-unit cost-of-goods, along with production efficiency activities already underway. The cost-reduction program in 2024 has resulted in a 20% year-on-year reduction in OPEX, net of reinvestments in key capabilities, especially in strengthening the commercial organisation.
We were pleased to see subscription to the rights issue was above 90 percent and hope to maintain strong participation for the warrant program during May. We continue to seek alternate non-dilutive financing in e.g., grants through 2025.
Overall, we are on-track commercially and operationally to meet our planned breakeven during 2027. The macroeconomic environment has been turbulent during Q1 2025, but we have not yet seen any impact on the commercial pipeline. We have made initial mitigations, and have planned further activities, should US tariff policy changes negatively affect our gross margin outlook.
Uppsala, 13 April 2025, Stuart Gander, CEO
Financial performance in brief
Comments on the report
Figures in parentheses refer to the outcome for the corresponding period in the preceding year with respect to the statement of profit and loss and statement of cash flows and to the closing balance in the preceding financial year with respect to the statement of financial position. Unless otherwise stated, the amounts are presented in thousands of kronor (SEK thousand). All amounts presented have been rounded, which may mean that certain totals do not tally.
All of the figures in the comments below refer to the Group and not the Parent Company unless otherwise stated.
Future financing
The company does not yet generate its own positive cash flow and is therefore continuously working on other financing alternatives. This work includes the company conducting discussions with potential partners regarding out-licensing of distribution and sales rights, negotiations with new and existing investors, financiers and lenders.
Q-linea's available cash and cash equivalents as of March 31, 2025 amounted to SEK 68.0 million, which includes all transactions in the rights issue and directed share issue completed during Q1.
In the month of April, during the period 14 to 29 April, the subscription price for the upcoming issue of shares linked to the holding of warrants (TO1) will be determined. Subscription of shares will take place during the period 5 to 19 May and the subscription price will be 70 per cent of the volume-weighted average price during the period 14 to 29 April. There has been a great deal of interest in the warrants (TO1), but it is not possible to say in advance how large the issue will be.
Cash and cash equivalents, together with known and secured future financing, do not cover the Company's needs to conduct the planned operations for the next 12 months.
In light of the ongoing work on possible financing alternatives, including non-dilutive alternatives, the Board of Directors assesses that the prospects are good for financing Q-linea's operations until break-even. If the work to obtain the necessary financing is not successful, it may affect the Group's ability to implement the current business plan and also constitute a significant uncertainty factor regarding the Group's continued operations.
Income, expenses and earnings
Net sales in the first quarter amounted to SEK 3,681 thousand (1,476), an increase of SEK 2,205 thousand compared with the corresponding period in the preceding year and 1,419 TSEK higher than all of 2024. Sales
comprised ASTar instruments and consumables.
Other operating income for the first quarter amounted to SEK 2,381 thousand (1,436) and relates to the sale of other products and services.
The change in inventory of products in progress, semi-finished goods and finished goods amounted to SEK -1,470 thousand (1,537) for the quarter. Costs for raw materials and consumables and goods for resale for the quarter totalled SEK 1,562 thousand (366).
Other external costs totalled SEK 13,879 thousand (15,568) for the quarter, down SEK 1,689 thousand.
Personnel costs amounted to SEK 27,847 thousand (36,325) for the quarter. The decrease of SEK 8,478 thousand compared with the corresponding quarter in the preceding year was primarily attributable to the cost cutting program completed in the first half of 2024. Costs for the Company's employee share option programme for the quarter amounted to SEK 224 (0) thousand including social security contributions.
Costs for depreciation, amortisation and impairment of tangible and intangible assets amounted to SEK 4,189 thousand (4,807) for the quarter. The costs consist partly of depreciation of machinery and equipment in the Company's own operations and partly depreciation of instruments (ASTar) in our business operations.
Other operating expenses amounted to SEK 1,727 thousand (178) for the quarter and relates largely to exchange-rate losses.
The operating result totalled SEK -44,608 thousand (-55,909) for the quarter. The earnings improvement of SEK 6,335 thousand was attributable to reduced expenses.
The result from financial items totaled SEK -624 thousand (-67) for the first quarter which is mainly linked to interest costs on loans from the Company's owners. The reported tax in the first quarter amounted to SEK 0 thousand (0). The result for the first quarter totalled SEK -45,232 thousand (-55,976).
Financial position
Cash and cash equivalents at the end of the quarter totalled SEK 68,026 thousand (29,369). Q-linea has a policy that cash and cash equivalents that are not required for daily operations over the coming 12 months are invested in fixed-income funds and listed corporate bonds.
Q-linea's short-term investments totalled SEK 0 thousand (0) on the balance sheet date.
Financial assets totalled SEK 4,197 thousand (4,199) on the balance sheet date, an decrease of SEK 2 thousand
Q-LINEA | INTERIM REPORT | Q1 2025
compared with 2024.
Q-linea's financial assets primarily comprise participations in EMPE Diagnostics AB amounting to SEK 4,095 thousand (4,095) at the end of the quarter. Q-linea's holding comprises 23,400 shares, corresponding to 4.97% of the capital and votes.
At the end of the quarter, equity amounted to SEK 120,010 thousand (133,832), the equity/assets ratio to 61% (77) and the debt/equity ratio to -23% (-22).
Cash flow and investments
Cash flow from operating activities totalled SEK -48,989 thousand (-47,970) for the first quarter. Working capital is SEK 11,500 thousand higher than in the corresponding quarter in 2024, which is offset by an improved operating profit of SEK 11,301 thousand.
Cash flow from investing activities for the first quarter amounted to SEK 752 thousand (-2,499), of which investments in equipment during the first quarter amounted to SEK -195 thousand (-2,447). The positive cash flow (752) is linked to the sale of equipment of SEK 948 thousand.
Q-linea invested SEK 0 thousand (-53) and divested SEK 0 thousand (0) in financial assets in the first quarter.
Cash flow from financing activities in the first quarter amounted to net SEK 91,828 thousand (-2,171). The rights issue was subscribed to just over 90 percent and raised a total of approximately SEK 216,600 thousand (including the directed issue to the guarantors of approximately SEK 12,950 thousand when it chose to invest its guarantee commission). After set-off of loans (SEK 50,000 thousand) from the principal owner Nexttobe, set-off of claims from the guarantors (SEK 12,950 thousand) and payment of transaction costs of SEK 10,800 thousand, the issues raised net proceeds of approximately SEK 142,900 thousand in liquidity contributions. In connection with receiving the issue proceeds, the Company repaid bridge loans, including accrued interest, totaling approximately SEK 49,700 thousand, which means that the remaining loans amount to SEK 40,500 thousand.
Parent Company
The Parent Company's net sales for the year amounted to SEK 1,689 thousand (5,373), and the loss before tax totalled SEK -36,013 thousand (-48,482).
As of 31 March 2025, the Parent Company's cash and cash equivalents totalled SEK 66,599 thousand (26,489).
Other information
Employees
Calculated on the basis of full-time equivalents, Q-linea had 97 (126) employees at the end of the first quarter, 40 (52) of whom were women. The number of consultants on the same date was three (three), one (one) of whom was woman.
Information about risks and uncertainties
Q-linea's management makes assumptions, assessments and estimates that impact the contents of the Company's financial statements. As stated in the Company's accounting policies, actual outcomes may differ from these assessments and estimates.
The goal of the Company's risk management is to identify, measure, control and limit the risks associated with its operations. Risks can be divided into financial risks and operational and business environment risks. Q-linea's operational and business environment risks mainly comprise risks related to research and development, production risks, clinical trials, market risks, risks associated with product approval and the dependence on key individuals. A detailed description of the Company's risk exposure and risk management is presented on pages 38–87 of the 2023 Annual Report.
Definition of performance measures
In this financial report, Q-linea presents certain alternative performance measures that are not defined in accordance with IFRS. These performance measures are generic and are often used for the purpose of analysing and comparing different companies. Accordingly, the Company believes that these alternative performance measures serve as an important supplement to enable readers to conduct a quick overview and assessment of Q-linea's financial situation.
These alternative performance measures are not to be considered independent and are not deemed to replace the performance measures calculated in accordance with IFRS. Moreover, such performance measures, as defined by Q-linea, are not to be compared with other performance measures with similar names used by other companies. This is because the above performance measures have not always been defined in the same way and because other companies may not calculate them in the same way as Q-linea.
The performance measures "Net sales", "Result for the period", "Earnings per share" and "Cash flow from operating activities" are defined in accordance with IFRS.
| Performance measure | Definition | Purpose |
|---|---|---|
| EBITDA | Operating result before depreciation/amortisation and impairment. |
This performance measure provides an overall view of profit for the operating activities. |
| Operating result (EBIT) |
Result before financial items according to the income statement. |
This earnings measurement is used for external comparisons. |
| Equity/assets ratio, % |
Equity in relation to total assets. | This performance measure shows the amount of the balance sheet that has been financed by equity and is used to measure the Company's financial position. |
| Debt/equity ratio | Net debt divided by recognised equity according to the balance sheet. Net debt is defined as total borrowing (comprising the items short-term borrowing and long term borrowing in the balance sheet, including borrowing from owners (however, lease liabilities calculated according to IFRS 16 are not included in net debt) less cash and cash equivalents and short and long-term investments. |
This performance measure is a measure of capital strength and is used to determine the relationship between liabilities and equity. In the case of positive equity, a negative debt/equity ratio means that available cash and cash equivalents and short-term investments exceed total borrowing. |
| Equity per share before and after dilution |
Equity attributable to the Company's shareholders in relation to the number of shares outstanding, excluding treasury shares, at the end of the period. |
This performance measure shows the amount of the Company's equity that can be attributed to a share. |
Q-LINEA | INTERIM REPORT | Q1 2025
Reconciliation of alternative performance measures
The following is a reconciliation of certain alternative performance measures showing the various performance measure components that make up the alternative performance measures. Treasury shares refers to the Company's own holding to ensure the delivery of performance shares. In the event that share options are exercised, shares will be primarily allotted from treasury shares and secondarily through a new issue.
The Company's holding of treasury shares has been excluded from the calculation of per-share performance measures.
EBITDA
| SEK thousand | 2025 Jan - Mar |
2024 Jan - Mar |
2024 Jan - Dec |
|---|---|---|---|
| Operating result (EBIT) | -44,608 | -55,909 | -213,641 |
| Depreciation, amortisation and im pairment |
4,189 | 4,807 | 17,763 |
| EBITDA | -40,419 | -51,102 | -195,878 |
Equity/assets ratio
| SEK thousand (unless otherwise stated) | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| Total assets | 193,902 | 174,079 | 147,990 |
| Equity | 120,010 | 133,832 | -27,456 |
| Equity/assets ratio (%) | 62% | 77% | -19% |
Debt/equity ratio
| SEK thousand (unless otherwise stated) | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| Current liabilities to credit institutions | - | - | 99,000 |
| Current liabilities to owners | 40,500 | - | 40,500 |
| Total borrowing (a) | 40,500 | 139,500 | |
| - Less cash and cash equivalents (b) | -68,026 | -29,369 | -25,664 |
| - Less short-term investments (c) | - | - | - |
| - Less long-term investments (d) | - | - | - |
| Net debt (e=a+b+c+d) | -27,526 | -29,369 | 113,836 |
| Equity (f) | 120,010 | 133,873 | -27,456 |
| Debt/equity ratio (e/f) (%) | -23% | -22% | -415% |
Equity per share
| SEK thousand (unless otherwise stated) | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| Equity (a) | 120,010 | 133,832 | -27,456 |
| Total number of shares outstanding (b) | 4,448,288,096 | 117,166,372 | 117,166,372 |
| - Less holding of treasury shares (c) | -328,472 | -328,472 | -328,472 |
| Equity per share (a/(b-c)), SEK | 0,03 | 1,15 | -0,23 |
Performance measures and other information
| SEK thousand (unless otherwise stated) | 2025 | 2024 | 2024 |
|---|---|---|---|
| Jan–Mar | Jan–Mar | Jan–Dec | |
| Earnings | |||
| Net sales | 3,681 | 1,476 | 2,362 |
| EBITDA | -40,419 | -51,102 | -195,878 |
| Operating result (EBIT) | -44,608 | -55,909 | -213,641 |
| Result for the period | -45,232 | -55,976 | -216,871 |
| Per share | |||
| Equity per share, SEK | 0,03 | 1,15 | -0,23 |
| Earnings per share before and after dilution, SEK | -0,02 | -0,48 | -1,86 |
| Total number of shares outstanding | 4,448,288,096 | 117,166,372 | 117,166,372 |
| - of which, treasury shares | -328,472 | -328,472 | -328,472 |
| Number of shares outstanding excl. treasury shares | 4,447,959,624 | 116,837,900 | 116,837,900 |
| Total average number of shares | 2,251,798,066 | 117,166,372 | 117,166,372 |
| - of which, average number of treasury shares | 328,472 | 328,472 | 328,472 |
| Average number of shares excl. treasury shares | 2,251,469,594 | 117,166,372 | 116,837,900 |
| Cash flow | |||
| Cash flow from operating activities | -48,989 | -47,970 | -182,495 |
| Cash flow from investing activities | -352 | -2,499 | -5,043 |
| Cash flow from financing activities | 91,828 | -2,171 | 131,273 |
| SEK thousand (unless otherwise stated) | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| Financial position | |||
| Total assets | 193,902 | 174,079 | 147,990 |
| Cash and cash equivalents | 68,026 | 29,369 | 25,664 |
| Short-term and long-term investments | - | - | |
| Equity | 120,010 | 133,832 | -27,456 |
| Equity/assets ratio, % | 62 | 77 | -19 |
| Debt/equity ratio, % | neg | neg | neg |
The Board of Directors and the CEO hereby certify that this interim report provides a fair and true overview of the Group's operations, financial position and earnings and describes the material risks and uncertainties facing the Group.
Uppsala, 13 April 2025
| Stuart Gander | Erika Kjellberg Eriksson | Anders Ljunggren |
|---|---|---|
| CEO | Chairperson | Managing Director |
| Hans Johansson | Mario Gualano | Karin Fischer |
| Director | Director | Director |
| Finn Sander Albrechtsen Director |
Jonas Jarvius Director |
The report has been prepared in a Swedish original and an English translation. In the event of any discrepancies between the two, the Swedish version is to apply. This report has not been reviewed by the auditor of the Company.
Upcoming reporting dates
| 25 April 2025 | 2024 Annual Report | |
|---|---|---|
| 26 June 2025 | 2025 Annual General Meeting | |
| 10 July 2025 | Interim report, Q2 | January to June 2025 |
| 30 October 2025 | Interim report, Q3 | January to September 2025 |
About the Company
Q-linea AB (publ)
| Corporate Registration Number: | 556729–0217 | |
|---|---|---|
| Registered office: | Uppsala | |
| Contact: | Dag Hammarskjölds väg 52 A, SE-752 37 Uppsala, Sweden Tel: +46 18 444 3610 |
www.qlinea.com E-mail: [email protected] |
| For questions about the report, contact: | ||
| Stuart Gander, CEO | Tel: +1-857-409-7463 | E-mail: [email protected] |
This information is information that Q-linea AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 14 April 2025 at 7:30 a.m. CEST.
Christer Samuelsson, CFO & IR Tel: +46 70 600 1520 E-mail: [email protected]
Presentation
Q-linea invites investors, analysts and the media to an audiocast and teleconference (in English) today, 14 April 2025, at 1:00 to 2:00 p.m. (CEST). CEO Stuart Gander and CFO Christer Samuelsson will present Q-linea, comment on the interim report for the January to March 2025 period and respond to questions.
To participate via webcast, please visit the following link: https://q-linea.events.inderes.com/q1-report-2025
There will be an opportunity to ask questions in writing at the webcast.
If you would like to ask questions verbally via conference call, please register at the following link: https://events.inderes.com/q-linea/q1-report-2025/dial-in
You will receive a telephone number and a meeting ID to log into the conference call after registering. There will be an opportunity to ask questions verbally during the conference call.
Consolidated statement of profit and loss
| 2025 | 2024 | 2024 | ||
|---|---|---|---|---|
| Amounts in SEK thousand | Note | Jan–Mar | Jan–Mar | Jan–Dec |
| Net sales | 2 | 3,681 | 1,476 | 2,362 |
| Other operating income | 2,381 | 1,436 | 3,423 | |
| Changes in inventories of products in progress, semi-finished goods and finished goods Raw materials and consumables, and goods for resale |
-1,470 -1,562 |
-1,578 -366 |
-9,431 -4,044 |
|
| Other external costs | -13,879 | -15,568 | -49,985 | |
| Personnel costs | 4 | -27,847 | -36,325 | -136,593 |
| Depreciation/amortisation of tangible and intangible assets |
-4,189 | -4,807 | -17,763 | |
| Other operating expenses | -1,724 | -178 | -1,610 | |
| Operating result | -44,608 | -55,909 | -213,641 | |
| Financial income | 7 | 6 | 476 | |
| Financial expenses | -631 | -73 | -3,706 | |
| Result from financial items | -624 | -67 | -3,230 | |
| Result before tax | -45,232 | -55,976 | -216,871 | |
| Income tax | - | - | - | |
| Result for the period | -45,232 | -55,976 | -216 871 | |
| Result attributable to: | ||||
| Parent Company shareholders | -45,232 | -55,976 | -216,871 | |
| Non-controlling interests | - | - | - | |
| Earnings per share before and after dilution | 7 | -0,02 | -0,48 | -1,86 |
Consolidated statement of comprehensive income
| Amounts in SEK thousand | 2025 | 2024 | 2024 | |
|---|---|---|---|---|
| Note | Jan–Mar | Jan–Mar | Jan–Dec | |
| Result for the period | -45,232 | -55,976 | -216,871 | |
| Other comprehensive income, net after tax | - | |||
| Items that may be subsequently reversed in profit or loss | ||||
| Change in fair value of financial instruments | - | - | ||
| Translation differences | -3,583 | 172 | 1,312 | |
| Total comprehensive income | -48,815 | -55,804 | -215,559 | |
| Comprehensive income attributable to: | ||||
| Parent Company shareholders | -48,815 | -55,804 | -215,559 | |
| Non-controlling interests | - | - | - |
Consolidated statement of financial position
| Amounts in SEK thousand | Note | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Tangible assets | 26,614 | 34,101 | 29,149 | |
| Right-of-use assets | 11,931 | 17,518 | 12,831 | |
| Goodwill | 4,889 | 4,617 | 4,889 | |
| Other intangible assets | 21 | 105 | 42 | |
| Financial assets | 6 | 4,197 | 4,199 | 4,202 |
| Total non-current assets | 47,651 | 60,541 | 51,113 | |
| Current assets | ||||
| Inventories | 5 | 32,862 | 43,519 | 33,191 |
| Accounts receivable | 3,985 | 2,000 | 627 | |
| Other receivables | 36,789 | 34,488 | 34,423 | |
| Prepaid expenses and accrued income | 4,589 | 4,163 | 2,972 | |
| Short-term investments | - | - | ||
| Cash and cash equivalents | 68,026 | 29,369 | 25,664 | |
| Total current assets | 146,250 | 113,538 | 96,877 | |
| TOTAL ASSETS | 193,902 | 174,079 | 147,990 |
Consolidated statement of financial position
| Amounts in SEK thousand | Note | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|---|
| EQUITY AND LIABILITIES | ||||
| Equity attributable to Parent Company shareholders | ||||
| Share capital | 222,414 | 5,858 | 5,858 | |
| Reserves | -3 583 | 145 | 1,312 | |
| Other contributed capital | 1,459,065 | 1,483,364 | 1,482,783 | |
| Retained earnings, including result for the year | -1,557,887 | -1,355,536 | -1,517,409 | |
| Total equity attributable to Parent Company share holders |
120,010 | 133,832 | -27,456 | |
| Equity attributable to non-controlling | ||||
| interests | - | - | - | |
| Total equity | 120,010 | 133,832 | -27,456 | |
| Liabilities | ||||
| Non-current liabilities | ||||
| Non-current lease liabilities | 4,352 | 9,612 | 5,568 | |
| Loan from principal owner | 3 | 40,500 | - | 40,500 |
| Total non-current liabilities | 44,852 | 9,612 | 46,068 | |
| Current liabilities | ||||
| Loans from credit institutions | - | - | 99,000 | |
| Loan from principal owner | 3 | 5,680 | 5,610 | 3,702 |
| Accounts payable | 6,237 | 6,691 | 6,137 | |
| Current lease liabilities | - | - | - | |
| Current tax liabilities | 1,821 | 4,046 | 3,063 | |
| Other liabilities | 15,303 | 14,287 | 17,476 | |
| Accrued expenses and deferred income | 29,040 | 30,635 | 129,378 | |
| Total current liabilities | ||||
| 73,892 | 40,247 | 175,446 | ||
| Total liabilities | ||||
| 193,902 | 174,079 | 147,990 |
Consolidated statement of changes in equity
| Equity attributable to Parent Company shareholders 1) | ||||||
|---|---|---|---|---|---|---|
| Amounts in SEK thousand | Note | Share capital | Other contrib uted capital |
Reserves | Retained earn ings, including result for the year |
Total equity |
| Opening balance, 1 Jan 2024 | 5,858 | 1,483,364 | -745 | -1,298,842 | 189,636 | |
| Result for the period | - | - | - | -55,976 | -55,976 | |
| Other comprehensive income | - | - | 891 | -719 | 172 | |
| Comprehensive income for the pe riod |
0 | 0 | 891 | -56,694 | -55,804 | |
| - | - | - | - | 0 | ||
| Share-based remuneration pro grammes |
4 | 0 | 0 | 0 | 0 | 0 |
| Transactions with shareholders | 5,858 | 1,483,364 | 145 | -1,355,536 | 133,832 | |
| Closing balance, 31 March 2024 | ||||||
| 5,858 | 1,483,364 | -745 | -1,298,842 | 189,636 | ||
| Opening balance, 1 Jan 2024 | - | - | - | -216,871 | -216,871 | |
| Result for the period | - | - | 2,057 | -2,006 | 51 | |
| Other comprehensive income | 0 | 0 | 2,057 | -218,877 | -216,820 | |
| Comprehensive income for the pe riod |
- | - | - | - | 0 | |
| New share issue | - | -582 | - | - | -582 | |
| Issue costs | - | - | - | 309 | 309 | |
| Share-based remuneration pro grammes Transactions with shareholders |
4 | 0 5,858 |
-528 1,482,783 |
0 1,312 |
309 -1,517,409 |
-272 -27,456 |
| Closing balance, 31 Dec 2024 | ||||||
| 5,858 | 1,482,783 | 1,312 | -1,517,409 | -27,456 | ||
| Opening balance, 1 Jan 2025 | - | - | - | -45,232 | -45,232 | |
| Result for the period | - | - | -4,894 | 4,531 | -364 | |
| Other comprehensive income | 0 | 0 | -4,894 | -40,702 | -45,596 | |
| Comprehensive income for the pe riod |
216,556 | - | - | - | 216,556 | |
| Share-based remuneration pro grammes |
4 | 0 | -23,718 | - | - | -23,718 |
| Transactions with shareholders | - | - | - | 224 | 224 | |
| Closing balance, 31 Mar 2025 | 216,556 | -23,718 | - | 224 | 193,062 |
1) There are no non-controlling interests.
Consolidated statement of cash flows
| Amounts in SEK thousand | 2025 | 2024 | 2024 |
|---|---|---|---|
| Jan–Mar | Jan–Mar | Jan–Dec | |
| Cash flow from operating activities | |||
| Operating result | -44,608 | -55,909 | -213,641 |
| Adjustments for non-cash items | 3,748 | 4,797 | 17,956 |
| Interest received | 7 | 7 | 476 |
| Interest paid | -864 | -38 | -3,398 |
| Tax paid | - | - | - |
| Cash flow from operating activities before changes in working capital |
-41,717 | -51,143 | -198,607 |
| Changes in working capital | |||
| Change in inventories | 14 | 3,045 | 13,527 |
| Change in accounts receivable | -3,409 | -1,940 | -572 |
| Change in other current receivables | -3,887 | 103 | 1,109 |
| Change in other current liabilities | -3,122 | 1,681 | 3,687 |
| Change in accounts payable | 2,027 | 285 | -1,639 |
| Changes in working capital | -8,377 | 3,173 | 16,112 |
| Cash flow from operating activities | -50,094 | -47,970 | -182,495 |
| Cash flow from investing activities | |||
| Investments in tangible assets | -195 | -2,447 | -4,991 |
| Short-term investments | 948 | - | - |
| Divestment of short-term investments | - | - | - |
| Investments in financial assets | - | -52 | -52 |
| Divestment of financial assets | - | - | - |
| Cash flow from investing activities | -753 | -2,499 | -5,043 |
| Cash flow from financing activities | |||
| New share issue | 216,556 | - | - |
| Issue costs | -23,718 | - | -582 |
| Loans raised from principal owner | - | - | 139,500 |
| Repayment of lease liabilities | -2,010 | -2,171 | -7,645 |
| Repayment of loans | -99,000 | - | - |
| Cash flow from financing activities | 91,828 | -2,171 | 131,273 |
| Cash flow for the period | 42,487 | -52,640 | -56,265 |
| Cash and cash equivalents at the beginning of the period | 25,664 | 81,895 | 81,895 |
| Exchange rate difference in cash and cash equivalents | -124 | 114 | 34 |
| Cash and cash equivalents at the end of the period | 68,026 | 29,369 | 25,664 |
Parent Company income statement
| Amounts in SEK thousand | Note | 2025 | 2024 | 2024 |
|---|---|---|---|---|
| Jan–Mar | Jan–Mar | Jan–Dec | ||
| Net sales External | 2 | 1,449 | 2,033 | 2,007 |
| Net sales Internal | 240 | 3,340 | 15,503 | |
| Other operating income | 2,221 | 879 | 3,423 | |
| Changes in inventories of products in progress, | 14 | -4,916 | -19,376 | |
| semi-finished goods and finished goods | ||||
| Raw materials and consumables, and goods for resale | -1,562 | -360 | -4,038 | |
| Other external costs | -12,386 | -16,056 | -53,065 | |
| Personnel costs | 4 | -20,882 | -30,599 | -109,230 |
| Depreciation/amortisation of tangible and intangible | ||||
| Non-current assets | -2,361 | -2,658 | -10,472 | |
| Other operating expenses | -1,702 | -164 | -1,488 | |
| Operating result | -34,968 | -48 501 | -176,737 | |
| Revenue from holdings of listed corporate | ||||
| bonds that are non-current assets | - | - | -14,414 | |
| Other interest income and similar profit items | 271 | 20 | 959 | |
| Interest expenses and similar loss items | -1,315 | -1 | -3,105 | |
| Result from financial items | -1,045 | 20 | -16,561 | |
| Result before tax | -36 013 | -48 482 | -193 297 | |
| Tax on result for the period | - | - | - | |
| Result for the period | -36 013 | -48 482 | -193 297 |
Parent Company statement of comprehensive income
| Amounts in SEK thousand | Note | 2025 | 2024 | 2024 |
|---|---|---|---|---|
| Jan–Mar | Jan–Mar | Jan–Dec | ||
| Result for the period | -36,013 | -48,482 | -193,297 | |
| Other comprehensive income, net after tax | ||||
| Items that may be subsequently reversed in profit or loss | ||||
| Changes in fair value of financial instruments | - | - | 70,000 | |
| Total comprehensive income | -36,013 | -48,482 | -123,297 |
Parent Company balance sheet
| Amounts in SEK thousand | Note | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|---|
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | ||||
| Licences | - | - | - | |
| Technology and customer relationships | 21 | 105 | 42 | |
| Goodwill | 272 | 1,358 | 543 | |
| Total intangible assets | 293 | 1,463 | 585 | |
| Tangible assets | ||||
| Equipment, tools, fixtures and fittings | 20,662 | 29,473 | 22,536 | |
| Total tangible assets | 20,662 | 29,473 | 22,536 | |
| Financial assets | ||||
| Participations in Group companies | 117,259 | 21,428 | 101,873 | |
| Other securities held as non-current assets | 6 | 17,345 | 4,095 | 15,790 |
| Other non-current receivables | 52 | 51 | 52 | |
| Total financial assets | 13,250 | - | 11,695 | |
| Total non-current assets | 134,655 | 25,574 | 117,715 | |
| Current assets | ||||
| Inventories | 5 | 30,670 | 42,417 | 28,806 |
| Current receivables | ||||
| Accounts receivable | 1,692 | 5,164 | 481 | |
| Accounts receivable group companies | 22 | - | 3,513 | |
| Other receivables | 36,220 | 35,466 | 33,937 | |
| Other receivables group companies | - | - | - | |
| Prepaid expenses and accrued income | 4,145 | 5,407 | 3,740 | |
| Total current receivables | 42,079 | 46,037 | 41,672 | |
| Cash and bank balances | 66,599 | 26,489 | 20,553 | |
| Total current assets | 139,349 | 114,943 | 91,031 | |
| TOTAL ASSETS | 294,959 | 171,453 | 231,868 |
Parent Company balance sheet
| Amounts in SEK thousand | 31 Mar 2025 | 31 Mar 2024 | 31 Dec 2024 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Restricted equity | |||
| Share capital | 222,414 | 5,858 | 5,858 |
| Revaluation reserve | 70,000 | - | 70,000 |
| Total restricted equity | 292,414 | 5,858 | 75,858 |
| Unrestricted equity | |||
| Share premium reserve | 1,459,065 | 1,483,364 | 1,482,783 |
| Fair value reserve | - | - | - |
| Retained earnings | -1,484,150 | -1,291,386 | -1,291,076 |
| Result for the period | -36,013 | -48,482 | -193,297 |
| Total unrestricted equity | -61,098 | 143,497 | -1,591 |
| Total equity | 231,316 | 149,355 | 74,268 |
| Liabilities | |||
| Non-current liabilities | |||
| Loan from principal owner | 40 500 | - | 40 500 |
| Total Non-current liabilities | 40 500 | 0 | 40 500 |
| Current liabilities | |||
| Loan from principal owner | - | - | 99,000 |
| Accounts payable | 5,183 | 5,371 | 3,023 |
| Accounts payable group companies | 5,016 | 278 | 28 |
| Current tax liabilities | - | - | - |
| Other liabilities | 1,594 | 3,727 | 2,562 |
| Liabilities group companies | 25 | - | 25 |
| Accrued expenses and deferred income | 11,325 | 12,722 | 12,462 |
| Total current liabilities | 23,143 | 22,098 | 117,101 |
| Total liabilities | 63,643 | 22,098 | 157,601 |
| TOTAL LIABILITIES AND EQUITY | 294 959 | 171,453 | 231,868 |
Parent Company statement of changes in equity
| Restr | icted equity | Un | restricted equ | ity | |||
|---|---|---|---|---|---|---|---|
| Amounts in SEK thousand | Note | Share capi- tal |
Revaluation reserve | Share pre- mium re- serve |
Retained earnings |
Result for the period | Total eq- uity |
| Opening balance, 1 Jan 2024 | 5,858 | 0 | 1,483,364 | -1,071,622 | -219,764 | 197,837 | |
| Result for the period | - | - | - | - | -48,482 | -48,482 | |
| Other comprehensive income | - | - | - | - | - | 0 | |
| Appropriation of profits in accordance with AGM decision: | |||||||
| - Carried forward to unrestricted equity | - | - | -219,764 | 219,764 | 0 | ||
| Total comprehensive income | 0 | 0 | 0 | -219,764 | 171,282 | -48,482 | |
| Transactions with shareholders | |||||||
| Share-based remuneration programmes | 4 | - | - | - | - | 0 | |
| Transactions with shareholders | 0 | 0 | 0 | 544 | 0 | 544 | |
| Closing balance, 31 March 2024 | 5,858 | 0 | 1,483,364 | -1,291,386 | -48,482 | 149,355 | |
| Opening balance, 1 Jan 2024 | 5,858 | 0 | 1,483,364 | -1,071,622 | -219,764 | 197,837 | |
| Comprehensive income | |||||||
| Result for the period | - | - | - | - | -193,297 | -193,297 | |
| Other comprehensive income | - | 70,000 | - | - | - | 70,000 | |
| Appropriation of profits in accordance with AGM decision: | |||||||
| - Carried forward to unrestricted equity | - | - | - | -219,764 | 219,764 | 0 | |
| Total comprehensive income | 0 | 70,000 | 0 | 219,764 | 26,464 | -123,297 | |
| Transactions with shareholders | |||||||
| New share issue | - | - | - | - | - | 0 | |
| Issue costs | - | - | -582 | - | - | -582 | |
| Share-based remuneration programmes | 4 | _ | _ | 309 | _ | 309 | |
| Transactions with shareholders | 0 | 0 | -582 | 309 | 0 | -272 | |
| Closing balance, 31 Dec 2024 | 5,858 | 70,000 | 1,482,783 | -1,291,076 | -193,297 | 74,268 | |
| Opening balance, 1 Jan 2025 | 5,858 | 70,000 | 1,482,783 | -1,291,076 | -193,297 | 74,268 | |
| Comprehensive income | |||||||
| Result for the period | - | - | - | - | -36,013 | -36,013 | |
| Other comprehensive income | - | - | - | - | - | 0 | |
| Appropriation of profits in accordance with AGM decision: | |||||||
| - Carried forward to unrestricted equity | - | - | - | -193,297 | 193,297 | 0 | |
| Total comprehensive income | 0 | 0 | 0 | 193,297 | 157,284 | 33,987 | |
| Transactions with shareholders | |||||||
| New share issue | 216,5 | - | - | - | - | 216,556 | |
| Issue costs | - | - | 23,718 | - | - | -23,718 | |
| Share-based remuneration programmes | 4 | - | - | 224 | - | 224 | |
| Transactions with shareholders | 216,5 | 0 | -23718 | 224 | 0 | 193,062 | |
| Closing balance, 31 Mar 2025 | 222,4 | 70,000 | 1,459,065 | -1,484,150 | -36,013 | 231,316 |
Accounting policies and notes
Note 1 Accounting policies
Q-linea has prepared consolidated financial statements in accordance with the IFRS issued by the International Accounting Standards Board (IASB) as adopted by the EU.
The accounting policies applied in this interim report are the same as the policies applied and described in the 2023 Annual Report. Nor have the significant estimates and judgements described in the aforementioned Annual Report changed significantly during the period.
Parent Company accounting policies
The Parent Company's financial statements have been prepared in accordance with the Swedish Annual Accounts Act (1995:1554) and the Swedish Financial Reporting Board's recommendation RFR 2, Accounting for Legal Entities. RFR 2 means that IFRS is applied with certain limitations.
According to RFR 2, a company, as a legal entity, can choose to apply IFRS 9 Financial Instruments, which Q-linea has chosen to do. This primarily means that certain financial instruments, which had previously been measured at cost, will now be measured at fair value.
Note 2 Specification of net sales
Net sales comprise sales of ASTar instruments and associated consumables, and are distributed by geographic markets as follows:
| 2025 | 2024 | 2024 | |
|---|---|---|---|
| SEK thousand | Jan–Mar | Jan–Mar | Jan–Dec |
| United Kingdom | 82 | 57 | 462 |
| France | - | 95 | 183 |
| Finland | 76 | 1,314 | 1,343 |
| Belgium | 1,291 | - | 19 |
| Italy | 220 | - | 355 |
| USA | 2,013 | - | - |
| Total net sales by geographic market | 3,681 | 1,466 | 2,362 |
Note 3 Related-party transactions
Related parties are defined as owners with a significant or controlling influence, senior executives in the Company, meaning directors and members of the management team, and their close family members. Disclosures concerning transactions between the Company and other related parties are presented below. Transactions with related parties are made on market terms. In addition to the groups mentioned above, Q-linea AB's subsidiaries Q-linea Inc., Q-linea S.r.l. and NexttoQ AB are also related parties.
During the first quarter, the parent company made a capital contribution to Q-linea S.r.l. of EUR 200 thousand (200), which was recognised as SEK 2,295 thousand (2 219) in the Parent Company, and a capital contribution to Q-linea Inc of USD 1,200 thousand (600), which was recognised as SEK 13,091 thousand (6,243) in the parent company.
Q-linea AB had a remaining loan facility with its principal owner, Nexttobe, of SEK 40.5 million as of 31 March. The conditions for the loan facility were established at the 2024 Annual General Meeting. Q-linea and its principal owner, Nexttobe, are considered to be related parties, and as a result the rules in Chapter 16a of the Swedish Companies Act on related-party transactions had to be taken into account. The reaming part of the loan facility matures 30 June 2026.
Note 4 Share-based remuneration programmes
The employee stock option program resolved at the Annual General Meeting on June 28, 2024 (LTIP 2024/27) is as of December 31 the only program outstanding. The program was allotted during the month of October in accordance with the decision of the Annual General Meeting. The effect on earnings during the first quarter of 2024 amounts to SEK 224 thousand and consists of IFRS2 costs in full.
Q-LINEA | INTERIM REPORT | Q1 2025
18
As of 31 March 2025, there were employee share options outstanding as follows:
| Programme | Date range for possible exercise |
Number of op tions outstanding |
Total possible number of shares |
Exercise price |
|---|---|---|---|---|
| Employee share option programme 2024/2027 | 1 Sep. – 31 Dec. 2027 | 6,333,000 | 6,333,000 | 4,24 |
| Total possible number of shares | 315,850 |
In the event that share options are exercised, shares will be primarily allotted from treasury shares and secondarily through a new issue.
Note 5 Inventories
At the end of the first quarter of 2025, the Company had an inventory value of SEK 33,936 thousand (33,191).
| SEK thousand | 31 Mar 2025 |
31 Mar 2024 |
31 Dec 2024 |
|---|---|---|---|
| Raw materials and consumables | 6,936 | 8,356 | 5,932 |
| Goods for resale | 22,131 | 25,497 | 22,409 |
| Products in progress | 1,657 | 5,152 | 1,782 |
| Semi-finished goods | 2,845 | 3,971 | 1,556 |
| Finished goods | 367 | 543 | 1,511 |
| Total inventories | 33,936 | 43,519 | 33,191 |
Note 6 Financial instruments
Cash and cash equivalents not used in daily operations are invested in low-risk listed corporate bonds as well as in fixed-income funds that invest in low-risk interest-bearing securities and other interest-rate instruments.
Since most of the securities in these fixed-income funds have a remaining term of more than three months, they have been recognised as short-term investments rather than cash and cash equivalents. The fixed-income funds are measured at fair value. Changes in fair value are recognised in profit or loss. They are traded in an active market with quoted market prices comprising their fair value. The Company had no holdings in fixed-income funds 31 March 2025.
The corporate bonds in which Q-linea invests some of its positive cash flow, are also traded in an active market with quoted market prices, which comprise their fair value, which is also the amount at which they are measured. Changes in the bonds' fair value are recognised in other comprehensive income. The Company had no holdings in bonds 31 March 2025.
Note 7 Earnings per share
Earnings per share are calculated by dividing the result for the period by a weighted average of the number of ordinary shares outstanding, excluding holdings of treasury shares, during the period:
| SEK thousand (unless otherwise stated) | 2025 | 2024 | 2024 |
|---|---|---|---|
| Jan–Mar | Jan–Mar | Jan–Dec | |
| Result for the period | -45,232 | -55,976 | -216 871 |
| Weighted average number of shares outstanding | 2,251,798,066 | 117,166,372 | 117,166,372 |
| - Less average holding of treasury shares | -328,472 | -328,472 | -328,472 |
| Earnings per share before and after dilution (SEK) | -0.02 | -0.48 | -1.86 |
Note 8 Risk management
The Company is exposed to various types of risks during the course of its operations. By creating an awareness of the risks associated with the operations, such risks can be limited, controlled and managed while allowing business opportunities to be utilised in order to increase the Company's earnings.
Material risks associated with Q-linea's operations are presented in the Annual Report for the 1 January to 31 December 2023 financial year.
Note 9 Future financing
The company does not yet generate its own positive cash flow and is therefore continuously working on other financing alternatives. This work includes the company conducting discussions with potential partners regarding out-licensing of distribution and sales rights, negotiations with new and existing investors, financiers and lenders.
Q-linea's available cash and cash equivalents as of March 31, 2025 amounted to SEK 68.0 million, which includes all transactions in the rights issue and directed share issue completed during Q1.
In the month of April, during the period 14 to 29 April, the subscription price for the upcoming issue of shares linked to the holding of warrants (TO1) will be determined. Subscription of shares will take place during the period 5 to 19 May and the subscription price will be 70 per cent of the volume-weighted average price during the period 14 to 29 April. There has been a great deal of interest in the warrants (TO1), but it is not possible to say in advance how large the issue will be.
Cash and cash equivalents, together with known and secured future financing, do not cover the Company's needs to conduct the planned operations for the next 12 months.
In light of the ongoing work on possible financing alternatives, including non-dilutive alternatives, the Board of Directors assesses that the prospects are good for financing Q-linea's operations until break-even. If the work to obtain the necessary financing is not successful, it may affect the Group's ability to implement the current business plan and also constitute a significant uncertainty factor regarding the Group's continued operations.
Note 10 Significant events after the end of the period
The company announces that the first clinical evaluation in the Gulf Cooperation Council region of ASTar has been initiated at Sheikh Khalifa Medical City, Abu Dhabi (UAE).
Q-linea publishes a communiqué from the Extraordinary General Meeting on April 3 where a decision was made to reduce the Company's share capital with the primary purpose of enabling a discount in the future exercise of warrants of series TO1.