“The first 3 quarters of 2025 has concluded the strategic execution, where fixed costs have been reduced following the outsourcing of production of key product categories. In addition, we have strengthened the company's structural and commercial foundation to handle future growth in key market segments through improved efficiency and a broader value proposition.

Our sales force was negatively impacted by a resignation and late substitution but now in place for picking up on sales activities. Together with further delays in the opening of public support funds under the 2025 Green and Climate Technology Program for horticulture, the revenue growth has failed to appear in Q3.”

In August, LED iBond succeeded in raising DKK 13 million in new capital to extend the company’s runway towards self-sustained operations, and we are pleased with this trust from our shareholders. After capital increase costs of DKK 656 and repayment of DKK 7,456 to existing shareholders, the net proceeds amount to DKK 4,940.

Financial key figures

Business development

In the third quarter, the production of our three key platforms – TRACY®, GRACY™, and HORTISABER™ – is now carried out by our Danish manufacturing partner with operations in western part of Ukraine. Final product quality control remains in Denmark. We expect the new production setup to contribute to greater scalability, operational flexibility, and long-term cost optimization.

In June, we introduced our new Mini HORTISABER vertical farming light at Greentech Amsterdam, one of the world’s leading horticulture technology events. Designed specifically for space-constrained environments, the Mini HORTISABER delivers premium performance in a compact and energy-efficient format. The product attracted significant interest from both distributors and growers.

During Q3, we have successfully introduced the recently acquired software platform Infogrow - which provides data-driven tools for greenhouse production and light optimization - to a range of Danish horticulture customers leading to a growing interest for our light products. With InfoGrow, we are now able to deliver a fully integrated horticultural solution, combining lighting hardware with software climate and production control.

The pending allocation of public support funds under the 2025 Green and Climate Technology Program for horticulture has still not been released, and many customers are dependent upon this before committing to new light orders. As earlier announced the company has secured a DKK 2+ million customer agreement in Denmark, scheduled for delivery and revenue recognition in H2 2025.

Financial Development

• In Q3 2025, LED iBond generated revenues of TDKK 142, a decrease of TDKK 1,484 (–91%) compared to the same quarter last year. For Q1–Q3 2025, revenue totaled TDKK 3,049, down TDKK 2,000 (–40%) compared to the first nine months of 2024. The decline is primarily driven by continued low activity within horticulture pending public funding allocations.
• Other operating income amounted to TDKK 482 in Q3 2025, unchanged from the same quarter last year. Year-to-date, other operating income increased to TDKK 4,503 (up TDKK 3,059 / +212%), mainly due to the one-off gain from the asset sale in Q2 following the outsourcing.
• EBITDA in Q3 2025 amounted to TDKK –2,128, an improvement of TDKK 1,547 compared to Q3 2024 (–3,675). For Q1–Q3 2025, EBITDA improved to TDKK –4,291 (from –8,556), corresponding to an improvement of TDKK 4,265. The improvement is driven by the Q2 one-off gain and lower fixed costs after outsourcing, although underlying EBITDA remains negatively impacted by low revenue levels.
• EBIT amounted to TDKK –3,543 in Q3 2025, compared to TDKK –5,005 in the same quarter last year. For Q1–Q3 2025, EBIT improved to TDKK –8,553 from TDKK –12,705 in 2024.
• Net profit for Q3 2025 was TDKK –3,936, an improvement of TDKK 1,232 (24%) compared to Q3 2024. Year-to-date, the net loss amounted to TDKK 9,863, corresponding to an improvement of TDKK 2,503 relative to the same period last year.
• Cash flow from operations in Q3 2025 totalled TDKK –3,573, an improvement of TDKK 4,591 compared to Q3 2024 (–8,164). For Q1–Q3, cash flow from operations was TDKK –8,808.
• Cash flow for the period was positive at TDKK 1,084, driven by the net proceeds of TDKK 4,940 from the August capital increase.
• Total assets amounted to TDKK 24,910 at the end of Q3 2025, compared to TDKK 26,920 a year earlier.
• Equity increased to TDKK 2,000 following the capital increase, compared to TDKK –3,134 at the end of Q2 2025 and TDKK 979 at the end of Q3 2024.
• Net working capital improved to TDKK –979, compared to TDKK –5,134 in Q3 2024, mainly due to lower short-term liabilities following the capital increase.
• Net interest-bearing debt amounted to TDKK 7,164, significantly lower than TDKK 14,031 at the same time last year.
• Cash amounted to TDKK 1,764 at the end of Q3 2025, compared to TDKK 543 at end-Q3 2024 and TDKK 680 at the end of Q2 2025.
• The company continues to maintain its deferred tax asset at zero. Tax losses carried forward total DKK 122 million, corresponding to a potential deferred tax asset of DKK 27 million (not recognized).

Patents and IPR update

In August 2025, we received registration of our patent for the EVERLY product from the US Patent Office.

The patent concerns an electrical plug for mounting in a socket on a substrate, specifically a composite board with two electrically conductive layers separated by an insulator. The purpose of the invention is to make the plug easy to mount and to be able to replace the electronic component easily without replacing the entire structure. The system can be used in lighting, e.g. for vertical farm shelves with many replaceable LEDs, or UV disinfection systems, where the plug can contain UV-C LEDs. The plug can have various electronic components such as sensors, cameras, radio transmitters, etc. The product EVERLY is further described on datasheets at our web-site https://ledibond.com/everly/

Number of Shares

On 30 September 2025, the number of outstanding shares in LED iBond International A/S was 256,237,902, an increase of 217,529,887 compared to Q2.

Financial calendar

• Q4 2025 Results and Annual report 2025 26 March 2026
• Annual General Meeting 22 April 2026

Financial outlook 2025

Based on the current orders and pipeline, the board of directors and the executive management maintain the financial outlook as announced in Company Announcement No. 130 of 26 November 2025:

• Revenue of DKK 5 - 6 million for 2025
• EBITDA in the range of minus DKK 4 million to minus DKK 5 million

The interim Q3 report for 2025 is attached to this company announcement and is also available on: https://ledibond.com/financial-reports

# # #

Further Information

Michael Brag, Chairman
Mobile: +45 25 10 12 00
Email: mbr@ledibond.com

Company contact
LED iBond International A/S
Ryttermarken 10, 1.
3520 Farum
Denmark

CVR 36041609

+45 7070 7855
info@ledibond.com
www.ledibond.com

Certified adviser

HC Andersen Capital
Bredgade 23B, 2.
1260 København K

Telephone: +45 30 93 18 87Email: ca@hcandersencapital.dk

About LED iBond International A/S
Founded in 2014, LED iBond offers sustainable, innovative lighting solutions, based on years of development and deep knowledge of modern LED technology combined with advanced packaging and simple assembly technology. 

LED iBond is focusing on three key business lines: Parking Facilities (Parking Houses & Solar Carports), Indoor Farming (Greenhouses & Vertical farms) and Service Stations (Canopies & Car Wash). 

Our technology platforms TRACY®, GRACY™ and HORTISABER™ offer unique value propositions. 

TRACY® and GRACY™ are developed to meet demands for high design flexibility, robustness, easy integration into building construction, less cables and low total costs of ownership due to market leading energy efficiency. 

HORTISABER™ is a new generation of LED grow lights for indoor farming. It’s developed to meet the demands from modern greenhouse productions with outstanding energy efficiency, light uniformity, superior passive cooling design that enhances the lifespan significantly and the unique linear slim-line design ensures minimal daylight shadow.     

LED iBond’s lighting solutions have been installed in many large-scale projects ranging from Parking Houses, Charging Hubs, Solar Carports and Greenhouses to customized illumination projects such as shopping centres, intelligent shelf lighting and elevator ceilings.  

LED iBond is a Danish design and manufacturing company.