The Q2 report were in financial terms softer than we had pencilled in, primarily deviation relating to us expecting one more customer evaluation materializing to a production order in the quarter. However, with the current outlook it seems likely to materialize in H2. The company reiterates its goal of SEK100m annual run rate by the end of 2024.

Nanologica has increased production capacity and built inventory, addressing previous supply concerns. The CEO highlighted the importance of reliable production in customer discussions, and that it will allow the company to drive sales more effectively. The company has also received indications that the production-scale evaluation performed by the NLAB Siv customer was successful, although the customer is still completing their internal documentation process.

We slightly trim our near-term sales estimates in combination with some general model fine-tuning. With the cash position only amouting to SEK15.1m at the end of Q2 we update our scenario's to reflect different outcomes in terms of financing. Our updated fair value range remains largely the same and amounts to SEK5.5-16 (5-16), with a base case of SEK11 (11). Based on friday's close Nanologica's share trades at EV/S of 2.0x-1.1x and EV/EBIT 21.5x-5.4x for 2025e-2026e