Financial instruments (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Notes and other explanatory information [abstract] |
|
|
| Schedule of financial instruments |
Schedule
of financial instruments
| (SEK
in thousand) | |
Fair
value through Consolidated Statements of Loss and Other Comprehensive Loss | | |
Amortized
cost | | |
Fair
value through Consolidated Statements of Loss and Other Comprehensive Loss | | |
Amortized
cost | |
| | |
As
of June 30, 2026 | | |
As
of December 31, 2025 | |
| (SEK
in thousand) | |
Fair
value through Consolidated Statements of Loss and Other Comprehensive Loss | | |
Amortized
cost | | |
Fair
value through Consolidated Statements of Loss and Other Comprehensive Loss | | |
Amortized
cost | |
| Financial
assets | |
| | | |
| | | |
| | | |
| | |
| Deposits | |
| - | | |
| 3,276 | | |
| - | | |
| 2,573 | |
| Trade receivables | |
| - | | |
| 27,680 | | |
| - | | |
| 21,015 | |
| Accrued income | |
| - | | |
| 61,289 | | |
| - | | |
| 29,516 | |
| Other receivables | |
| - | | |
| 28,862 | | |
| - | | |
| 38,499 | |
| Cash | |
| - | | |
| 747,601 | | |
| - | | |
| 278,825 | |
| | |
| | | |
| | | |
| | | |
| | |
| Financial
liabilities | |
| | | |
| | | |
| | | |
| | |
| Loans and borrowings (current
and non-current) | |
| - | | |
| 49,302 | | |
| - | | |
| 16,240 | |
| Convertible debentures | |
| - | | |
| - | | |
| - | | |
| 207,716 | |
| Lease liabilities | |
| - | | |
| 732,794 | | |
| - | | |
| 642,553 | |
| Trade and other payables | |
| - | | |
| 421,318 | | |
| - | | |
| 277,089 | |
| Liabilities associated with
cash advances | |
| - | | |
| 389,423 | | |
| - | | |
| 354,842 | |
| Warrant derivative liabilities | |
| 2,306,914 | | |
| - | | |
| 128,381 | | |
| - | |
| Embedded derivatives in convertible | |
| - | | |
| - | | |
| 4,603 | | |
| - | |
| Other liabilities | |
| - | | |
| 38,530 | | |
| - | | |
| 30,086 | |
| Accrued expenses | |
| - | | |
| 160,747 | | |
| - | | |
| 146,786 | |
|
The
following table provides information on categories of financial instruments based on their characteristics and nature:
Schedule
of financial instruments
| (SEK in thousands) | |
Fair value
through
profit or loss | | |
Amortized
cost | | |
Fair value
through
profit or loss | | |
Amortized
cost | |
| | |
As of
December 31,
2025 | | |
As of
December 31,
2024 | |
| (SEK in thousands) | |
Fair value
through
profit or loss | | |
Amortized
cost | | |
Fair value
through
profit or loss | | |
Amortized
cost | |
| Financial assets | |
| | | |
| | | |
| | | |
| | |
| Deposits | |
| - | | |
| 2,573 | | |
| - | | |
| 12,422 | |
| Trade receivables | |
| - | | |
| 21,015 | | |
| - | | |
| 21,148 | |
| Accrued income | |
| - | | |
| 29,516 | | |
| - | | |
| 34,121 | |
| Other receivables | |
| - | | |
| 38,499 | | |
| - | | |
| 40,263 | |
| Restricted cash | |
| - | | |
| - | | |
| - | | |
| 32,869 | |
| Cash | |
| - | | |
| 278,825 | | |
| - | | |
| 74,165 | |
| | |
| | | |
| | | |
| | | |
| | |
| Financial liabilities | |
| | | |
| | | |
| | | |
| | |
| Loans and borrowings (current and non-current) | |
| - | | |
| 16,240 | | |
| - | | |
| - | |
| Convertible debenture | |
| - | | |
| 207,716 | | |
| - | | |
| 379,795 | |
| Lease liabilities | |
| - | | |
| 642,553 | | |
| - | | |
| 641,507 | |
| Trade and other payables (current and non-current) | |
| - | | |
| 277,089 | | |
| - | | |
| 376,292 | |
| Liabilities associated with cash advances | |
| - | | |
| 354,842 | | |
| - | | |
| 166,216 | |
| Derivative instruments (warrants) | |
| 128,381 | | |
| - | | |
| 1,432 | | |
| - | |
| Embedded derivative (convertible debt) | |
| 4,603 | | |
| - | | |
| | | |
| | |
| Other liabilities | |
| - | | |
| 30,086 | | |
| - | | |
| 20,608 | |
| Accrued expenses | |
| - | | |
| 146,786 | | |
| - | | |
| 84,681 | |
|
| Schedule of loans and borrowings |
|
Schedule
of loans and borrowings
| (SEK in thousands) | |
2025 | | |
2024 | |
| | |
As of
December 31, | |
| (SEK in thousands) | |
2025 | | |
2024 | |
| Borrowings measured at amortized cost | |
| | | |
| | |
| Liabilities to credit institutions | |
| 16,240 | | |
| - | |
| | |
| | | |
| | |
| Classified as: | |
| | | |
| | |
| Long-term | |
| 12,180 | | |
| - | |
| Short-term | |
| 4,060 | | |
| - | |
| Borrowings | |
| 16,240 | | |
| - | |
|
| Schedule of convertible promissory note |
|
Schedule
of convertible promissory note
| (SEK
in thousands) |
|
2025 |
|
|
2024 |
|
| |
|
As
of
December 31, |
|
| (SEK
in thousands) |
|
2025 |
|
|
2024 |
|
| Borrowings
measured at amortized cost |
|
|
|
|
|
|
|
|
| Convertible
debt instrument, host component |
|
|
207,716 |
|
|
|
379,795 |
|
| |
|
|
|
|
|
|
|
|
| Classified
as: |
|
|
|
|
|
|
|
|
| Long-term |
|
|
- |
|
|
|
379,795 |
|
| Short-term |
|
|
207,716 |
|
|
|
- |
|
| Convertible
promissory note |
|
|
207,716 |
|
|
|
379,795 |
|
|
| Schedule of fair value of financial assets and financial liabilities |
Schedule
of fair value of financial assets and liabilities
| Financial liabilities | |
| | |
As
of June 30, | | |
As
of December 31, | |
| (SEK
in thousand) | |
Level | | |
2026 | | |
2025 | |
| Non-current derivative,
warrants to investor | |
| 3 | | |
| 4,432 | | |
| 128,381 | |
| Non-current derivative, warrants
related to the PIPE transactions | |
| 3 | | |
| 605,379 | | |
| - | |
| Non-current
derivative, warrants to customer | |
| 3 | | |
| 669,465 | | |
| - | |
| Non
Current Derivative | |
| | | |
| 1,279,275 | | |
| 128,381 | |
| Current Embedded derivatives | |
| 3 | | |
| - | | |
| 4,603 | |
| Current derivative, warrants
to investor | |
| 3 | | |
| - | | |
| - | |
| Current derivative, warrants
related to the PIPE transactions | |
| 3 | | |
| 225,053 | | |
| - | |
| Current derivative, warrants
to the SPAC transactions | |
| 3 | | |
| 215,310 | | |
| - | |
| Current
derivative, warrants to customer | |
| 3 | | |
| 587,275 | | |
| - | |
| Current
Derivative | |
| | | |
| 1,027,638 | | |
| 4,603 | |
| Derivative
Financial Liabilities | |
| | | |
| 2,306,914 | | |
| 132,984 | |
|
Schedule of fair value of financial assets and financial liabilities
| (SEK in thousands) | |
Level | | |
2025 | | |
2024 | |
| | |
| | |
As of December 31, | |
| (SEK in thousands) | |
Level | | |
2025 | | |
2024 | |
| Financial liabilities | |
| | | |
| | | |
| | |
| Embedded derivative (convertible debentures) | |
| 3 | | |
| 4,603 | | |
| - | |
| Derivative instruments (warrants) | |
| 3 | | |
| 128,381 | | |
| 1,432 | |
| Financial liabilities | |
| | | |
| 132,984 | | |
| 1,432 | |
|
| Schedule of derivative instruments |
|
There
have been no transfers between levels 1, 2, and 3 during the current or previous year.
Schedule
of derivative instruments
| (Amounts in thousands) | |
Derivative
instruments | |
| As of 1 January, 2024 | |
| 45,028 | |
| Profit or loss reported: | |
| | |
| Net gains on financial assets or liabilities measured at fair value through profit or loss | |
| ) |
| Finance costs | |
| 7,719 | |
| As of December 31, 2024 | |
| 1,432 | |
| Profit or loss reported: | |
| | |
| Net losses on financial assets or liabilities measured at fair value through profit or loss | |
| 129,262 | |
| Finance costs | |
| 2,290 | |
| As of December 31, 2025 | |
| 132,984 | |
|
| Schedule of financial assets and liabilities in foreign currencies |
|
Schedule
of financial assets and liabilities in foreign currencies
| | |
As of December 31, | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| (Amounts in thousands) | |
Liabilities | | |
Assets | |
| USD | |
| 594,212 | | |
| 613,061 | | |
| 208,058 | | |
| 56,884 | |
| EUR | |
| 201,799 | | |
| 23,279 | | |
| 69,928 | | |
| 34,690 | |
| NOK | |
| 45,413 | | |
| 2,234 | | |
| 38,251 | | |
| 20,816 | |
| Others | |
| 26,964 | | |
| 4,947 | | |
| 4,757 | | |
| 6,419 | |
|
| Schedule of currency exchange rate sensitivity analysis |
|
Schedule
of currency exchange rate sensitivity analysis
| | |
For the year ended December 31, | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| (Amounts in thousands) | |
Impact USD | | |
Impact EUR | |
| Consolidated Statements of Loss and Other Comprehensive Income/(Loss) | |
| 38,615 | | |
| 55,618 | | |
| 20,806 | | |
| 1,141 | |
| | |
For the year ended December 31, | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| (Amounts in thousands) | |
Impact NOK | | |
Others | |
| Consolidated Statements of Loss and Other Comprehensive Income/(Loss) | |
| 716 | | |
| 1,858 | | |
| 2,221 | | |
| 320 | |
If
on balance sheet date all exchange rates were to change by 10% in an unfavorable direction, the effect on equity would be approximately
SEK 49,845 thousand (2024: SEK 36,478 thousand).
| (SEK in thousands) | |
2025 | | |
2024 | |
| | |
As of
December 31, | |
| (SEK in thousands) | |
2025 | | |
2024 | |
| USD | |
| (48,356 | ) | |
| (27,306 | ) |
| EUR | |
| (679 | ) | |
| (5,738 | ) |
| NOK | |
| (188 | ) | |
| (2,693 | ) |
| Others | |
| (622 | ) | |
| (741 | ) |
| Effect on equity | |
| (49,845 | ) | |
| (36,478 | ) |
|
| Schedule of interest rate risk management |
|
Schedule
of interest rate risk management
| | |
Interest-bearing debt | | |
Effect on earnings of a
100- basis point increase in
interest rates on debt and derivatives | |
| | |
For the
year ended
December 31, | | |
For the
year ended
December 31, | |
| (SEK in thousands) | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| Interest expense on liabilities to credit institutions | |
| 14,289 | | |
| 119,229 | | |
| 143 | | |
| 1,192 | |
| Interest expense on convertible debentures | |
| 445,181 | | |
| 40,648 | | |
| 4,452 | | |
| 406 | |
|
| Schedule of credit risk |
|
Schedule
of credit risk
| (SEK in thousands) | |
2025 | | |
2024 | |
| | |
For the
year ended
December 31, | |
| (SEK in thousands) | |
2025 | | |
2024 | |
| Deposits | |
| 2,573 | | |
| 12,422 | |
| Trade receivables | |
| 21,015 | | |
| 21,148 | |
| Accrued income | |
| 29,516 | | |
| 34,121 | |
| Restricted cash | |
| - | | |
| 32,869 | |
| Cash | |
| 278,825 | | |
| 74,165 | |
| Total | |
| 331,929 | | |
| 174,725 | |
|
| Schedule of trade receivable |
|
Schedule of trade receivable
| (SEK in thousands) | |
Gross | | |
Write off | | |
Gross | | |
Write off | |
| | |
As of December 31, | |
| | |
2025 | | |
2024 | |
| (SEK in thousands) | |
Gross | | |
Write off | | |
Gross | | |
Write off | |
| Receivables not past due | |
| 5,511 | | |
| - | | |
| 9,917 | | |
| - | |
| Receivables past due by | |
| | | |
| | | |
| | | |
| | |
| 0-30 days | |
| 616 | | |
| - | | |
| 6,457 | | |
| (644 | ) |
| 31-90 days | |
| 3,646 | | |
| - | | |
| 3,052 | | |
| (3,151 | ) |
| 91-120 days | |
| 365 | | |
| - | | |
| 5,517 | | |
| - | |
| 120 days or more | |
| 15,578 | | |
| (4,701 | ) | |
| - | | |
| - | |
| |
| 25,716 | | |
| (4,701 | ) | |
| 24,943 | | |
| (3,795 | ) |
|
| Schedule of contractual maturity of financials liabilities |
|
Schedule
of contractual maturity of financials liabilities
| | |
<
1 month | | |
1-3
months | | |
3-12
months | | |
1-2
years | | |
2-5
years | | |
5+
years | | |
Total
contractual
cash flow | | |
Total
carrying
value | |
| | |
TSEK | | |
TSEK | | |
TSEK | | |
TSEK | | |
TSEK | | |
TSEK | | |
TSEK | | |
TSEK | |
| December
31, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Convertible
debenture | |
| - | | |
| - | | |
| - | | |
| - | | |
| 379,795 | | |
| - | | |
| 379,795 | | |
| 379,795 | |
| Lease
liabilities | |
| - | | |
| - | | |
| 76,210 | | |
| 55,079 | | |
| 98,953 | | |
| 411,265 | | |
| 641,507 | | |
| 641,507 | |
| Trade
payables | |
| 376,292 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 376,292 | | |
| 376,292 | |
| Liabilities
associated with cash advances | |
| 10,123 | | |
| 48,024 | | |
| 108,069 | | |
| - | | |
| - | | |
| - | | |
| 166,216 | | |
| 166,216 | |
| Accrued
Expenses | |
| 84,684 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 84,684 | | |
| 84,684 | |
| December 31, 2025 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Convertible debenture | |
| - | | |
| - | | |
| 207,716 | | |
| - | | |
| - | | |
| - | | |
| 207,716 | | |
| 207,716 | |
| Lease liabilities | |
| 6,289 | | |
| 12,578 | | |
| 56,604 | | |
| 105,173 | | |
| 80,400 | | |
| 381,510 | | |
| 642,553 | | |
| 642,553 | |
| Trade payables | |
| 254,348 | | |
| 2,384 | | |
| 8,969 | | |
| 11,388 | | |
| - | | |
| - | | |
| 277,089 | | |
| 277,089 | |
| Liabilities associated with cash advances | |
| - | | |
| 89,503 | | |
| 265,339 | | |
| - | | |
| - | | |
| - | | |
| 354,842 | | |
| 354,953 | |
| Accrued Expenses | |
| 146,786 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 146,786 | | |
| 146,786 | |
|
| Schedule of financials liabilities |
|
Schedule
of financials liabilities
| | |
< 1 month | | |
1-3 months | | |
3-12 months | | |
1-2 years | | |
2-5 years | | |
5+ years | |
| | |
TSEK | | |
TSEK | | |
TSEK | | |
TSEK | | |
TSEK | | |
TSEK | |
| December 31, 2024 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Derivative Instruments (Warrants) | |
| - | | |
| - | | |
| - | | |
| | | |
| 1,432 | | |
| - | |
| December 31, 2025 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Derivative Instruments (Warrants) | |
| - | | |
| - | | |
| - | | |
| 128,381 | | |
| - | | |
| - | |
| Embedded derivative (Convertible debt) | |
| - | | |
| - | | |
| 4,603 | | |
| - | | |
| - | | |
| - | |
|