Heliospectra : Quarter Report Jan – Mar 2024

Heliospectra AB (Publ)

Quarter Report 1

Jan-Mar 2024

Gothenburg 03-05-24

CEO LETTER	FINANCIAL SUMMARY & COMMENT	ABOUT HELIOSPECTRA	EVENTS	CALENDAR	OWNERS & THE SHARE	FINANCIAL NUMBERS	WARRANTS	POLICIES; RISKS & NOTES	SUSTAINABILITY

CEO Letter

Quarter 1: January-March

• We can now provide grow- ers with market-leading quality and control against a very competitive cost per mmol. All while saving them up to 35% on their energy consumption, a sig- nificant step towards sus- tainable crop production!

Throughout 2023, our focus remained steadfast on developing sustainable, innovative, and customer-centric solutions that could handle our customers' diverse needs. The result was a fully modular platform that allowed us to cater to diverse environments and crops. We also updated our control system helioCORE, improving reliability and accuracy by integrating real weather forecasts, energy prices, and LED light efficacy into the algorithm, as well as additional sensors. We can now provide growers with market-leading quality and control against a very competitive cost per mmol. All while saving them up to 35% on their energy consumption, compared to traditional on and off control, a significant step towards sustainable crop production.

This quarter's record-breaking order intake of 26,828 TSEK, almost equal to the total order intake for 2023, confirmed that we had made the right choices and delivered a unique, value-driven solution for our customers. A big contributor to the increase in order intake is a positive trend of bigger orders from the Canadi- an market, as press released in March. We also see an increase in the total order value from our Agtech customers as a result of the segmentation of our market with now a special team on our Agtech segment. This is a strong indication that sales are moving in the right direction.

HELIOSPECTRA QUARTER REPORT JAN-MAR 2024 2

CEO LETTER	FINANCIAL SUMMARY & COMMENT	ABOUT HELIOSPECTRA	EVENTS	CALENDAR	OWNERS & THE SHARE	FINANCIAL NUMBERS	WARRANTS	POLICIES; RISKS & NOTES	SUSTAINABILITY

Our net sales are on par with the same period in 2023, at however, with the increased order intake in Q1 we expect an increase in Q2 and an even bigger increase in Q3 when most of our commercial projects are to be delivered.

To solidify our presence in key markets and foster meaningful connections with industry stakeholders. Our sales and marketing team has been busy in Q1 networking and building new partnerships; this included attending multiple events in Eu- rope and North America. We also established our new Dutch office to be close to the biggest market in Europe.

Heliospectra has always had a strong brand within the Agtech and research market. To ensure a continued strong position, we finalized the development for our new fully controllable ELIXIA and DYNA platforms in Q1. Not only does it allow us to maintain our relevancy as a leading and innovative brand, but its technical updates also allow us to better cater to the needs of larger Agtech companies such as seed producers and larger research greenhouses.

As flagged this week, in connection with the compilation of the financial report, we had reason to suspect that the com- pany's equity was low and less than half of the company's registered share capital. A control balance sheet is therefore being prepared. With the increased order intake, and our 80-100 percent prepayment conditions, we will see a positive cash flow in coming period.

We look forward to the coming year with confidence and are excited about the opportunities and challenges it will bring.

I am deeply grateful for your unwavering support and trust in Heliospectra, especially our three main shareholders, Weland Stål AB, Agartha AB, and Corespring New Technology AB. Together, we are ready to continue bringing sustainable and innovative solutions to the market while capitalizing on emerging opportunities and propelling our company to new heights of success.

Bonny Heeren

VD

"This quarter's record-breaking order intake of 26,829 TSEK, almost equal to the total order intake for 2023, confirmed that we had made the right choices and delivered a unique, value-driven solution for our customers.

HELIOSPECTRA QUARTER REPORT JAN-MAR 2024 3

CEO LETTER

FINANCIAL SUMMARY & COMMENT

ABOUT HELIOSPECTRA

EVENTS

CALENDAR

OWNERS & THE SHARE

FINANCIAL NUMBERS

WARRANTS

POLICIES; RISKS & NOTES

SUSTAINABILITY

Q1 2024 in Brief

		Jan - Mar
(KSEK unless otherwise stated)	2024	2023
Order Intake	26,828	1,649	Order Intake
Net Sales	7,198	7,033
EBITDA	-5,903	-5,704	26 828
Operational Profit	-6,559	-6,474
Operating Cash Flow	-3,520	-6,625	TSEK
Cash at the end of the period	4,655	5,584
Equity	4,984	8,302
Solidity, %	11	23
Cash liquidity %	55	77
Nr. Shares in Thousands	122,038	106,549

Financial Summary

Sales and Financial

Performance

Jan - Mar 2024

Order intake during the period January to March amounted to SEK 26,828 (1,649) thousand. Net sales during the period January to March amounted to SEK 7,198 (7,033) thousand and operating profit amounted to SEK -6,559(-6,474) thousand. Results before tax amounted to SEK -6,557(-6,474) thousand.

Cash Flow

Jan - Mar 2024

Operating cash flow was SEK -3,520(-6,625) thousand. Total cash flow was SEK -3,837(-7,901) thousand. Cash equiva-

		Order Intake
	Q1	Q2	Q3	Q4	Acc. Total
2024	26,828				26,828
2023	1,649	8,823	7,527	9,377	28,056
2022	2,041	9,262	9,262	12,677	34,423

Sales

Q1	Q2	Q3	Q4	Acc. Total
7,198				7.198
7,033	8,276	8,276	9,908	35,311
5,562	6,819	6,819	9,998	25,728

lents at the end of the period were SEK 4,655 (5,584) thou- sand.

HELIOSPECTRA QUARTER REPORT JAN-MAR 2024 4

CEO LETTER

FINANCIAL SUMMARY & COMMENT

ABOUT HELIOSPECTRA

EVENTS

CALENDAR

OWNERS & THE SHARE

FINANCIAL NUMBERS

WARRANTS

POLICIES; RISKS & NOTES

SUSTAINABILITY

Financial Comment

In Q1 2024, we have witnessed a substantial surge in our order intake, from 1,649 TSEK in the first quarter of 2023 to an impressive 26,828 TSEK in 2024. This is almost equal to the total order intake for 2023. A big contributor to this is a positive trend of bigger orders from the Canadian. We also see an increase in the total value of our Agtech orders. The orders continue to be balanced between Agtech and the greenhouse segment.

Net sales were 7,198 (7,033) TSEK, on par with the same period as last year, the same for operating results, which total -6,559(-6,474) TSEK. With the increased order intake of Q1, we expect to see an increase in sales for Q2 and Q3.

We have an increase in employee costs -3,705(-2,127) TSEK, and a reduction in other external costs TSEK -5,756(-7,219) compared to the same period last year; the biggest reason for this was our decision to minimize the use of external consultants and focus on internal resources instead. We

have, therefore, employed some of our key consultants in 2023. Other external costs are a bit higher in Q1 as we relocated our of- fice, leading to double rent in March as well as costs related to the move.

After the Auditor's review of the 2023 numbers, adjustments to the fiscal year's figures compared to what was released in the year-end release has been made. This change mainly encompasses equity capital for USA Inc., CA Inc., and the Japan entity.

At the end of March, we had a cash position of 4,655 TSEK. Due to the increased order intake and our 80-100 percent prepayment conditions, the company has already received some down payments in April and will continue to see an increase in cash flow in the coming period, strengthening the company's liquidity. With the positive trend, the board is evaluating complementary alternative financing possibilities for strategic investments.

HELIOSPECTRA QUARTER REPORT JAN-MAR 2024 5

CEO LETTER	FINANCIAL SUMMARY & COMMENT	ABOUT HELIOSPECTRA	EVENTS	CALENDAR	OWNERS & THE SHARE	FINANCIAL NUMBERS	WARRANTS	POLICIES; RISKS & NOTES	SUSTAINABILITY

Redefining Nature's Potential

18 Years of Optimizing Plant Growth

Heliospectra AB (publ) (FIRST NORTH: HELIO) is a global leader in smart LED light technology and light control systems for greenhouse and controlled plant growth environments. Founded in 2006 by plant specialists and biologists committed to making commercial crop production more sustainable by making it more connected and resource-efficient. Heliospectra breaks new ground in what's achievable, empowering growers with flexibility and control to tailor lighting strategies, based on their surroundings and crop needs, no matter the season.

We combine durable and efficient LED lights with customized spectral strate- gies, real-time response, and artificial intelligence to deliver predictable and

reliable high-quality harvest results while minimizing energy consumption and costs.

At Heliospectra, our mission is to empower researchers, growers, and commercial producers to optimize their resources and output. We achieve this by consistently increasing yields and producing crops with quality appearan- ce, superior nutritional value, and longer shelf life, harvest after harvest. Our commitment to quality and innovation ensures that our customers can rely on us to deliver the best results.

Heliospectra has received multiple international awards and recognitions. For more information, visit its website, www. heliospectra.com.

HELIOSPECTRA QUARTER REPORT JAN-MAR 2024 6

Up to 35%

energy

savings

Energy Efficiency,

Reliability, Yield

Heliospectra's helioCORE and DLI Management Systems revolutionize greenhouse cultivation with its unparalleled precision and innovation. It offers growers precise control over light inten- sity, optimizing growth while minimizing energy costs.

The advanced algorithm integrates real-time data from local wireless PAR sensors and weather forecasts, enhancing forecasting accuracy and produc- tion stability. It also adapts to electricity prices, 3rd party screen protocols, and fixture efficacy to further improve accuracy and minimize costs, allowing our customers to decrease energy

consumption by up to 35% in addition to their LED savings. The system incorporates the latest technologies and pushes the boundaries of what's possible in greenhouse production, making it

a leader in smart lighting systems for modern horticulture.

CEO LETTER

FINANCIAL SUMMARY & COMMENT

ABOUT HELIOSPECTRA

EVENTS

CALENDAR

OWNERS & THE SHARE

FINANCIAL NUMBERS

WARRANTS

POLICIES; RISKS & NOTES

SUSTAINABILITY

Significant Events During the Period

Canadian Greenhouse Propagator Chooses Heliospectra LED Lighting Solutions for Efficiency and Quality in New Greenhouse Construction

Heliospectra announced a new order from a leading greenhouse grower in Ontario, Canada. The new order includes Heliospectra´s fully modular MITRA X LED light and helioCORE™ system solution and is spread out over 4 deliveries in 2024 and 2025. The total order value is 8,3 million SEK. The grower, located in Ontario, Canada, is a leading greenhouse propagator. Heliospectra's cutting-edge technologies are set to improve the custom- er's cultivation practices further, driving sustainability, efficiency, and yield optimization.

Canadian Herb Grower Chooses Helio- spectra LED Lighting Solutions for Efficiency and Energy Savings

Heliospectra announced a new order from a leading greenhouse grower and supplier of herbs in Ontario, Can- ada. The new order includes Heliospectra´s fully modular MITRA X LED light and helioCORE™ system solution and is spread out over 2 deliveries in 2024 and 2025. The total order value is 7.2 million SEK.

The grower, located in Ontario, Canada, is a leading greenhouse grower of high-quality herbs for the North American market. Heliospectra's cutting-edge technologies will further improve the customer's cultivation prac- tices, driving sustainability, efficiency, and yield optimization.

HELIOSPECTRA QUARTER REPORT JAN-MAR 2024 8

CEO LETTER

FINANCIAL SUMMARY & COMMENT

ABOUT HELIOSPECTRA

EVENTS

CALENDAR

OWNERS & THE SHARE

FINANCIAL NUMBERS

WARRANTS

POLICIES; RISKS & NOTES

SUSTAINABILITY

Significant Events After the Period

Heliospectra AB Prepares a Control Balance Sheet

In connection with the compilation of the financial report for the first quarter of 2024, the board of Heliospectra has reason to suspect that the company's equity is less than half of the company's registered share capital. Due to this, the board, in accordance with Chapter 25 § 13 of the Swedish Companies Act, has initiated the process of producing a control balance sheet to be reviewed by the company's auditor. Immediately after the control balance sheet has been drawn up and reviewed by the company's auditor, the board will publish the outcome and, if applicable, be dealt with at the ordinary general meeting on June 5th. The work will be undertaken immediately, and the board intends to present this control balance sheet in time for the general meeting.

HELIOSPECTRA QUARTER REPORT JAN-MAR 2024 9

CEO LETTER

FINANCIAL SUMMARY & COMMENT

ABOUT HELIOSPECTRA

EVENTS

CALENDAR

OWNERS & THE SHARE

FINANCIAL NUMBERS

WARRANTS

POLICIES; RISKS & NOTES

SUSTAINABILITY

Other Events During the Period

Heliospectra opens new Dutch office in Breda, Netherlands

Dutch office located at Neerloopweg 38 in Breda, Netherlands. Strategically located in an area close to the greenhouse market and the horticulture industry.

"The Netherlands is an important market for Heliospectra where the local presence is very important. With the opening of this office, Heliospectra has taken the first major step towards serving the Dutch market," says Bonny Heeren, CEO of Heliospectra.

Heliospectra launches New Fully Modular 1,500W MITRA X LED Light

Heliospectra announced the new 1500W MITRA X LED light. With a higher output of 5700µmol, wide beam optics, and 3.7 efficacy, the new MITRA X requires only 2 LED lights to cover a standard 8m trellis, decreasing investment costs while providing vegetable growers with a high output and uniformity to maximize taste and yield. The extended MITRA X platform focuses on modularity and versatility and caters to a wide range of environments and crops to meet the diverse needs of modern growers.

HELIOSPECTRA QUARTER REPORT JAN-MAR 2024 10