Third quarter report 2023


  • Net sales amounted to KSEK 13 593 (3 125), an increase of 335%.
  • EBITDA amounted to KSEK -329 (-2 957), corresponding to an EBITDA margin of -2%.
  • EBIT amounted to KSEK -3 333 (-4 637), corresponding to an EBIT margin of -25%.
  • Cash flow from operating activities amounted to KSEK 12 719 (1 574).
  • Earnings per share amounted to SEK -0.02 (-0.06).
  • Earnings per average number of shares amounted to SEK -0.02 (-0.06).


  • Net sales amounted to KSEK 58 704 (13 624), an increase of 331%.
  • EBITDA amounted to KSEK 17 146 (-8 061), corresponding to an EBITDA margin of 29%.
  • EBIT amounted to KSEK 8 215 (-13 099), corresponding to an EBIT margin of 14%.
  • Cash flow from operating activities amounted to KSEK 2 964 (-11 767).
  • Earnings per share amounted to SEK 0.04 (-0.16).
  • Earnings per average number of shares amounted to SEK 0.05 (-0.16).

Comments from the CEO

Net sales grew by 335% in the third quarter and the operational cashflow was positive by 2.9 MSEK for the nine-month period. Given the high EBITDA result from the first nine months, we expect that we will be EBITDA positive for the full year 2023, for the first time ever. The strong sales are driven by both the war in Ukraine and the increasing demand for narcotics identification within law enforcement. We expect the high demand to remain for at least the next few years.

Most of our sales so far this year have come from three large orders, but we also see a strong increase in the run-rate business, i.e. the many small orders that we receive from our partners without our direct involvement. The high number of smaller orders are both proof that our partner network is performing well and that the demand is not limited to a few geographical markets. As our partner network evolves and becomes more capable, our direct involvement in each business opportunity decreases, allowing our sales team to focus on the larger opportunities and business development.

The two orders we received from our partner Kaiser in Singapore were significant not only for their size. The July order was the first time we receive a second larger order from the same end-customer, who has indicated that we should continue to expect repeat orders over the coming years. The end-user is within narcotics law enforcement, which remains our largest customer segment and for which our Serstech Arx and Serstech ChemDash are perfectly suited.

For more than a year, our R&D team has been fully occupied with the electronics and software upgrade of our Serstech Arx product. The work is going according to plan, and we expect the project to be completed during the fourth quarter. After the upgrade, Serstech Arx will be built with only components that are readily available, which will allow us to scale up production as needed. So far in 2023, we have managed to deliver our products either on time or before the requested delivery date in all cases. Our delivery precision has been made possible thanks to the build-up of inventory and other preparations we did in 2022 and early 2023. With the soon finished electronics upgrade, we expect deliveries to go smoothly also in the coming year.

The outlook for the coming years remains positive, both due to our strong technical and sales capabilities and to the high demand in the market. As always, we will continue to see a large variation between individual quarters, but we remain confident in our longer-term growth target of 50% per year on average.

For further information, please contact:

Stefan Sandor,
CEO, Serstech AB Phone: +46 739 606 067
Thomas Pileby,
Chairman of the Board, Serstech AB Phone: +46 702 072 643
or visit:
This is information that Serstech 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 at 08:47 CET on September 9, 2023.
Certified advisor to Serstech is Svensk Kapitalmarknadsgranskning AB (SKMG).
About Serstech
Serstech delivers solutions for chemical identification and has customers around the world, mainly in the safety and security industry. Typical customers are customs, police authorities, security organizations and first responders. The solutions and technology are however not limited to security applications and potentially any industry using chemicals of some kind could be addressed by Serstech’s solution. Serstech’s head office is in Sweden and all production is done in Sweden.
Serstech is traded at Nasdaq First North Growth Market and more information about the company can be found at