I-Tech AB
STO:ITECH
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I-Tech AB
I-Tech AB manufactures marine coatings and anti-fouling products. The company is headquartered in Moelndal, Vastra Gotalands and currently employs 9 full-time employees. The company went IPO on 2018-05-28. The firm offers antifouling agents and binding technologies, such as metallic and organic binding/carrier/release systems for medetomidine through which the substance can be released in a low and constant concentration from the paint formulation. The firm is developing Selektope- marine biocide to be used in marine paint prohibiting growth on ship and boat hulls. The product has received regulatory approvals in Japan and Korea and is under registration in Europe and China.
I-Tech AB manufactures marine coatings and anti-fouling products. The company is headquartered in Moelndal, Vastra Gotalands and currently employs 9 full-time employees. The company went IPO on 2018-05-28. The firm offers antifouling agents and binding technologies, such as metallic and organic binding/carrier/release systems for medetomidine through which the substance can be released in a low and constant concentration from the paint formulation. The firm is developing Selektope- marine biocide to be used in marine paint prohibiting growth on ship and boat hulls. The product has received regulatory approvals in Japan and Korea and is under registration in Europe and China.
Sales Growth: I-Tech reported 10% organic sales growth in Q3 compared to a strong Q3 last year, and a 0.5% increase in net sales on a reported basis.
Market Conditions: Overall market conditions for shipping remain favorable, with improved charter rates and steady demand for both new builds and ship maintenance.
Gross Margin: Gross margin remained strong and stable, with potential for further improvement as recent actions are fully implemented.
Cash Flow: Operating cash flow reached SEK 23 million in the quarter, up 121% from the previous year, marking one of the company's best quarters for cash conversion.
Customer Impact: Growth was held back by lower volumes from a significant customer facing financial constraints; this was the main reason for weaker organic growth this quarter.
Geographic Shift: Sales increased in China and Japan, offsetting declines in Korea, making China an increasingly important market.
Regulatory Update: The EU reapproval process for Selektope is ongoing, with clarity expected before the end of the year; approval currently runs until June 2026.
Product Development: Several new partnerships and product launches are in the pipeline, with announcements expected in Q4.
