Annual
Report
FOM Technologies A/S
Bryggergaarden 2
2770 Kastrup
CVR No. 34715726
20252025
îž±e Annual General Meeting adopted
the Annual Report on:
Chairman of the general meeting:
CONTENT
COMPANY DETAILS 3
MANAGEMENT STATEMENT 4
INDEPENDENT AUDITOR'S REPORT 5
MANAGEMENT COMMENTARY 8
GROUP FINANCIAL HIGHLIGHTS 8
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 15
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 16
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 18
CONSOLIDATED CASHFLOW STATEMENT 19
NOTES 20
PARENT INCOME STATEMENT 58
PARENT STATEMENT OF FINANCIAL POSITION 59
PARENT STATEMENT OF CHANGES IN EQUITY 61
PARENT CASHFLOW STATEMENT 62
PARENT NOTES 63
Page 3 of 75
COMPANY DETAILS
COMPANY
Central Business Registration no. 34 71 57 26
Registred in: Copenhagen , Denmark
Listed at Nasdaq First North Denmark
Ticker code: FOM
BOARD OF EXECUTIVES
Michael Henrik Stadi
BOARD OF DIRECTORS
Peter Andreas Nielsen, chairperson
Karina Rothoff Brix
Birthe Tofting
Birger Elmgaard S0rensen
COMPANY AUDITORS
BDO Statsautoriseret revisionspartnerselskab
Havneholmen 2, 6
DK-1561 K0benhavn V
Central Business Registration no. 45 71 93 75
GENERAL MEETING
The Annual General Meeting is held on the 22 April 2026.
Page 4 of 75
BOARD OF EXECUTIVES:
BOARD OF DIRECTORS:
INDEPENDENT AUDITORS REPORT
Page 5 of 75
INDEPENDENT AUDITORS REPORT
CONTINUED
Page 6 of 75
INDEPENDENT AUDITORS REPORT
CONTINUED
Page 7 of 75
Central Business Registration no. 45 71 93 75
MNE no. mne44386
MANAGEMENT
COMMENTARY
Page 8 of 75
GROUP
FINANCIAL
HIGHLIGHTS
tDKK
2025
2024
2023
2022
2021
Revenue from operating activities
39.141
44.207
78.189
53.862
24.220
Revenue from grant projects
2.470
7.393
2.323
628
250
Total income
41.610
51.600
80.512
54.490
24.470
Costs of goods sold
-14.807
-18.559
-36.867
-27.199
-10.483
Costs of goods sold %
38%
42%
47%
50%
43%
Gross profit/loss
2.556
9.141
25.515
18.401
11.051
Profit/loss before dep., int. and tax (EBITDA*)
-24.968
-14.580
3.539
3.456
791
Operating
profit/loss
-28.893
-17.613
1.326
3.073
601
Net financials
-1.765
677
-446
-289
61
Profit/loss for the year
-30.658
-14.032
370
2.651
660
Balance sheet total
76.692
89.975
99.915
53.266
18.315
Investments in property, plant and equipment
3.252
476
1.797
74
58
Equity
52.841
62.959
73.147
30.680
14.087
Equity ratio
68,9%
70,0%
73,2%
57,6%
76,9%
* EBITDA is defined as Earnings before Interest Depreciation and Amortization
Financial highlights are defined and calculated in accordance the current version of "Recommendations & Ratios"
issued b the CFA Society Denmark.
Equity
ratio
Equity x 100 / Balance sheet total
Costs of goods sold
%
Costs of goods sold x 100 / Revenue from operating activities
MANAGEMENT
COMMENTARY
Page 9 of 75
PRIMARY ACTIVITIES, PRODUCTS AND MARKETS
The primary activities of FOM Technologies A/Sare design, development and sale of advanced machinery
and equipment for material production and research. The company is a leading global supplier of lab- and
pilot-scale slot-die coating tools for advanced material R&D and the upscaling of technologies to commercial
production.
FOM Technologies provides precise, flexible, and user-friendly equipment to some of the world's largest com-
panies as well as some of the most prestigious universities and research institutions. Its solutions are widely
used in Energy Storage (batteries and fuel cells), Energy Harvesting (solar cells) and other Smart Surface
technologies. New application fields include Defence, MedTech & Pharma, Electrolyzers and Carbon Capture.
FOM Technologies' products are sold worldwide and are renowned for their precision and accuracy. The
company relies on high-value and rare automation components, as well as products with extremely low
tolerances. During 2025, the company expanded its supply chain, improved procurement processes, and
strengthened its Scandinavian and European supplier network to ensure shorter lead times for its global
customer base. The company's mission is to collaborate closely with customers to deliver high-quality, inno-
vative solutions enabling material science.
While FOM Technologies designs and develops its own products, we do not engage in direct manufacturing;
instead, we perform final assembly followed by rigorous testing and quality assurance. All technical and
mechanical solutions are produced by a network of external sub-suppliers. Most of these partners are
located within one to two hours of Copenhagen, across Scandinavia and Northern Europe, ensuring a highly
responsive and localized supply chain.
The company's primary markets include North America (U.S. and Canada), the EU, and Asia, with the United
States representing the largest share of revenue among these regions.
FOM Technologies has been a publicly traded company since June 2020, listed on the Nasdaq First North
Growth Market under the ticker "FOM".
FINANCIAL DEVELOPMENT FOR THE YEAR
The 2025 financial year was characterized by strong and enduring headwinds, as the company faced a con-
tinued stagnation in order intake across the photovoltaic and energy storage segments. This resulted in
growth rates remaining well below the historical levels seen in the years 2022 and 2023.
Performance was largely driven by a volatile geopolitical landscape and the introduction of new, restrictive
trade tariffs in the United States, which created significant uncertainty for our North American customer
base. Furthermore, global market instability has led to increased capital caution among research institutions
and commercial partners alike. For FOM Technologies, these external pressures translated into a persistent
reduction in order flow volume and a further extension of sales cycles, as potential clients delayed investment
decisions in response to the shifting global trade environment.
In response to the contraction in revenue levels observed throughout H1 2025, the Company in Q2 2025
suspended its guidance for 2025 and implemented a comprehensive cost-reduction program to safeguard
long-term financial stability. A central component of this initiative included a 25% downsizing of the organi-
zation and a strategic reduction in management compensation, reflecting the Board and Executive Team's
commitment to shared fiscal responsibility. All operational expenditures were systematically reviewed to
identify efficiencies that allowed the Company to maintain core research and development capabilities while
lowering the overall break-even point. These measures were designed to preserve cash reserves and to
ensure the organization remained lean and agile during a period of significant market volatility. Throughout
MANAGEMENT COMMENTARY
CONTINUED
Page 10 of 75
the period, Management remained dedicated to disciplined spending, matching the cost structure with rea-
lized income. With the current cost level the company should be able to scale efficiently if and when market
conditions stabilize.
During the fourth quarter of 2025, the Company successfully completed a capital increase through the issu-
ance of new shares to both existing and new shareholders. This strategic move strengthened our capital base
and provided the company with a robust liquidity position to navigate the current macroeconomic challenges.
The capital raise was met with support from our long-term investors, while also welcoming new shareholders
who share our vision and have expressed great confidence in the company and its products. These proceeds
received by the company provide the financial runway to chase and expand new application areas like Defence
and as well as new geographic regions during a period of global volatility. The strengthened balance sheet al-
llows Management to focus on operational execution and strategic realignment, and we remain committed to
a disciplined and conservative capital structure. The company see the completed funding round as a testament
to investor confidence in FOM Technologies and our long-term potential.
For the financial year 2025, FOM Technologies publishes the following figures:
•
Total income
EBITDA
FTEs (year-end)
mDKK 41,6
mDKK-24,9
34
The results for 2025 are in line with the adjusted Guidance announced on 14. August 2025.
Original guidance from AR.24:
Total income
EBITDA
In the range from mDKK 40 to mDKK 60
in the range from mDKK -15 to mDKK -5
New guidance as per. 14 august 2025:
Total income
EBITDA
In the range from mDKK 40 to mDKK 50
in the range from mDKK -25 to mDKK -15
STRATEGIC INVESTMENTS & MARKET TRENDS
Despite the lower order inflow in 2025, the company has continued the investment in innovation, development
of new products, establishment of strategic partnerships and building a global distribution network. Among the
positive elements in 2025 is the awarding of contracts from the Defence industry, including some of the world's
most prestigious universities and research institutions. The company continues to see a trend towards new
application fields and new industries who would like to use our technology for material science .
IMPLEMENTATION OF ARTIFICIAL INTELLIGENCE AND DIGITAL TRANSFORMATION
In 2025, we continued our focus on identifying Artificial Intelligence (Al) as a cornerstone of our future business
development and successfully initiated a strategic integration of AI across both our product portfolio and mar-
keting operations. Within our products, we started development of AI-driven solutions to optimize processes,
enhance user experiences, and deliver higher precision through advanced data analysis and machine learning
automation. The aim is to provide our customers with valuable, data-centric solutions, a trend we will continue
to accelerate.
MANAGEMENT COMMENTARY
CONTINUED
Page 11 of 75
On the commercial front, we will leverage AI to refine our customer communication and optimize marketing
campaigns through predictive analytics. This data-driven approach will allow for more precise messaging and a
deeper understanding of market dynamics. As we move forward, the Company remains committed to an ethical
and responsible AI implementation, prioritizing transparency, data security, and regulatory compliance. We
view AI as an essential driver of long-term competitiveness and will continue to evaluate emerging technological
advancements to create sustained value for the Company and our stakeholders.
R&D AND RESEARCH COLLABORATIONS
From a research perspective, 2025 was an extraordinary year. FOM Technologies is increasingly being invited to
participate in prominent European research consortia alongside leading academic institutions from both Euro-
pe and the United States. These collaborations focus on critical energy storage sectors, specifically battery and
fuel-cell technology.
At present, FOM Technologies is engaged in five major R&D projects with external funding allocated to global
initiatives. These projects have an average duration of two to three years and provide significant value to the
Company through two primary dimensions:
Network Expansion: We continue to build and strengthen vital relationships within academia and among stra-
tegic consortium partners.
Innovation Co-funding: These collaborations provide essential co-funding for innovation and technological
advancements that would otherwise require internal investment.
SCIENCE & LEARNING - ADVANCING KNOWLEDGE AND CUSTOMER CONFIDENCE
FOM Technologies has established a world-class science team, led by PhD-level specialists, to serve as the cor-
nerstone of our success. This expertise enables agility, drives innovation, and secures a competitive advantage
in a rapidly evolving business landscape. Our Science & Learning division plays a pivotal role in supporting our
global customer base by providing expert training, in-depth technical knowledge, and commissioned research.
With our unique team of specialists, we are committed to equipping customers with the insights and expertise
required to maximize the value of our technology. Through laboratories in Copenhagen and Seattle, we offer
comprehensive technology programs tailored to specific research requirements. Beyond training, the division
provides commissioned research services, delivering customized studies and analyses that help customers op-
timize processes, validate methodologies, and explore new applications for our technology. This collaborative
approach reinforces our commitment to scientific excellence and strengthens our long-term partnerships.
The Science & Learning team provides rigorous training for all newly commissioned equipment. These sessions
are conducted either on-site or via our digital platforms, ensuring global accessibility and flexibility. By combining
theoretical foundations with hands-on experience, we empower our customers to confidently integrate and
utilize our solutions within their own operations.
By offering the most comprehensive value proposition in the industry, we ensure that our customers have the
requisite knowledge and confidence prior to investing in our technology. Our objective extends beyond equip-
ment sales; we aim to build enduring relationships founded on trust, expertise, and continuous support. As we
expand our Science & Learning initiatives, we remain dedicated to setting new standards for customer educati-
on and scientific collaboration, further reinforcing our position as a trusted global partner.
MANAGEMENT COMMENTARY
CONTINUED
Page 12 of 75
RESEARCH,
DEVELOPMENT
AND
THE
FORMATION
OF
"TECHNICAL
&
INNOVATION"
In alignment with our stated strategy, the Company maintained its commitment to Research and Development
(R&D) throughout 2025 as the primary engine for product and technological advancement. A key milestone
during the year was the consolidation of all R&D competencies into a newly established division: Technical &
Innovation. Led by a dedicated team of experts, this division is tasked with exploring emerging technologies,
methodologies, and market trends to ensure the Company remains at the forefront of the industry.
Our R&D efforts are twofold: optimizing our existing product portfolio and identifying new avenues for market
differentiation. Through rigorous experimentation, prototyping, and testing, we ensure that only the most
viable innovations proceed to full-scale implementation. This ecosystem is further enriched by our active colla-
boration with academic institutions and industry leaders, providing us with specialized knowledge and diverse
perspectives.
Sustainability and ethical considerations remain central to our R&D philosophy, as we seek solutions that drive
commercial success while contributing positively to the broader environment. By fostering a culture of continu-
ous learning and adaptation, we can respond effectively to market shifts and emerging challenges. Ultimately,
our R&D activities serve as a catalyst for long-term value creation, reinforcing our competitive edge in an ever-
evolving global landscape.
SERVICE
LIFECYCLE
MANAGEMENT-
DRIVING
CUSTOMER
SATISFACTION
AND
RECURRING
REVENUE
Throughout 2025, the Company continued to develop its Service Lifecycle Management (SLM) division as a cor-
nerstone of enhanced customer satisfaction and initial steps to create recurring revenues through service
agreements. This division provides comprehensive after-sales support, maintenance, and lifecycle services,
ensuring that our customers extract maximum utility from our technology and equipment. By dedicated tech-
nical support, we enable our customers to maximize uptime, optimize performance, and extend the operational
lifespan of their investments. This approach not only strengthens our long-term customer relationships but
also reinforces our commitment to delivering sustained value far beyond the initial purchase.
Despite its recent formation, the SLM division have started to establish a robust operational platform during
2025. As we continue to refine our service offerings, we identify significant potential for further expansion, dri-
ving both enhanced customer loyalty. Moving forward, our focus remains on advancing our digital service capa-
bilities, deploying predictive maintenance solutions, and strengthening our global service network. Through
these initiatives, we aim to provide best-in-class support while securing sustainable, recurring revenue streams
for the years ahead.
FOM
TECHNOLOGIES
INC. - CONTINUED
PRESSENCE
IN
NORTH
AMERICA
In Q4 2024 Martin Kiener, the founder of FOM Technologies A/S, relocated to Seattle, USA, to spearhead the de-
velopment of our sales organization in North America. This strategic move reflected our commitment to accele-
rating growth and capitalizing on the vast market potential in the United States and beyond.
Despite a significantly more negative and uncertain macroeconomic outlook and persistent market headwinds
encountered throughout 2025, the Company remains committed to maintaining its presence in North America.
Our established sales and science organization provides a vital foothold, allowing us to preserve key partner-
ships and service our core customer base during these volatile times. While the immediate growth trajectory
has been tempered by external conditions, we continue to leverage our Scandinavian foundation of quality and
innovation to navigate the current climate.
MANAGEMENT COMMENTARY
CONTINUED
Page 13 of 75
Under Martin Kiener's leadership, our focus has shifted toward operational resilience and protecting the strate-
gic progress made to date. We view our continued activity in the US not merely as a growth initiative, but as a
long-term investment in our global leadership position. By maintaining this presence, we ensure the Company
is well-positioned to capitalize on a recovery when market conditions stabilize. We remain disciplined in our ap-
proach, prioritizing stability while staying ready for the journey ahead.
SUBSIDIARIES
FOM Technologies A/S owns shares in the following companies:
Company name:
Ownership:
Home place:
FOM Technologies Inc.
100,00%
Palo Alto, California, USA
FOM Technologies AB
100,00%
Helsingborg, Sweden
MLMC Therapeutics ApS
51,00%
Kastrup, Denmark
REALIGNMENT OF SUSTAINABILITY FOCUS AND ESG REPORTING
In light of shifting global market dynamics and the evolving priorities of our stakeholders, the Company has de-
cided to realign its strategic focus. While we remain committed to responsible business practices, we are current-
ly streamlining our ESG initiatives to better reflect the prevailing economic landscape and market demand.
This adjustment allows us to reallocate resources toward our core operational strengths and long-term financial
stability. By narrowing our ESG scope, we aim to ensure that our sustainability efforts are pragmatic, cost-effec-
tive, and strictly aligned with the current interests of the industry. We will continue to monitor the global envi-
ronment to ensure our corporate strategy remains responsive to the practical realities of the markets in which
we operate.
Despite the above geopolitical trend and adjusted ESG scope, FOM Technologies will also this year publish the
company's fourth ESG report. The ESG Report is a continuation of our first three ESG reports.
The Company is not subject to the statutory sustainability reporting requirements under the Danish Financial Sta-
tements Act. The Company's ESG report is published separately and does not form part of this annual report. Accor-
dingly, it does not constitute reporting in accordance with the requirements set out in Arsregnskabsloven
§
99 a.
CHANGES AFTER THE BALANCE SHEET DATE
On Friday, February 20, 2026, the U.S. Supreme Court issued a landmark 6-3 ruling declaring that the US
administration's use of emergency powers to impose sweeping import tariffs was unconstitutional. The Court
held that the authority to levy such duties rests solely with Congress, effectively striking down the 15% tariff
framework previously applied to EU goods, including pharmaceuticals and semiconductors. While the ruling
creates a path for the recovery of past duties and offers temporary relief, the U.S. administration immediately
announced intent to pursue alternative legal avenues to maintain trade barriers. Given that the U.S. remains
a vital market for FOM, the legal stability of trade costs and the potential for tariff refunds are still critical fac-
tors for the company's commercial outlook.
CONCLUSION
Given the low total revenue and EBITDA realized in 2025, Management considers the year's financial performan-
ce to be unsatisfactory.
MANAGEMENT COMMENTARY
CONTINUED
Page 14 of 75
EXPECTATIONS TO 2026
The expected future development
In response to sustained and continuing market challenges across the US and Europe, the Company remains
committed to the following strategic initiatives:
Growth: Expanding sales into new customer segments and new diversified application areas.
Market Expansion: Entering new geographic markets and implementing global distribution models.
Cost reduction: Implementing further cost-reduction measures throughout the organization.
Operational Synergies: Relocating production from Helsingborg to Malmo to optimize site integration and re-
duce overhead.
•
Strategic Consolidation: Evaluating potential consolidation opportunities within the industry.
FINANCIAL GUIDANCE 2026
Our financial guidance for the 2026 fiscal year has been prepared based on current best estimates, accounting
for known risks, uncertainties and broader macroeconomic factors.
Total income
EBITDA
In the range of mDKK 40 to mDKK 50
In the range of mDKK -20 to mDKK -1O
Additional information
2025 2024
Total shares issued 13.828.971 9.504.952
CONSOLIDATED STATEMENT OF COMPERHENSIVE INCOME
Page 15 of 75
Note
2025
tDKK
2024
tDKK
4
Revenue from operating activities
5
Revenue from grant projects
TOTAL INCOME
Costs of goods sold
-14.807
-18.559
Cost for grant projects
-6.120
-7.837
Marketing
-6.356
-5.907
Other external expenses
-11.771
-10.156
GROSS PROFIT
6-7
Staff costs
-27.523
-23.721
PROFIT/LOSS BEFORE INTEREST, DEPRECIATIONS AND TAX
-
-
8
Amortisation, depreciation and impairment
-3.925
-3.033
OPERATING PROFIT
-
-
9
Financial income
10
Financial expenses
-1.977
-1.074
PROFIT/LOSS BEFORE TAX
-
-
11
Tax on profit/loss for the year
-213
11
Deferred tax
PROFIT/LOSS FOR THE PERIOD
-
-
OTHER COMPREHENSIVE INCOME
2025
2024
Items that may be reclalssified to profit or loss:
tDKK
tDKK
Exchange differences on translation of foreign operations
-49
Total comprehensive income, net of tax
-
-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
2025
2024
ATTRIBUTABLE TO
tDKK
tDKK
Owners of FOM Technologies A/S
-30.633
-13.925
Non-controlling interests
-74
-65
-
-
EARNINGS PER SHARE FOR PROFIT ATTRIBUTABLE TO THE
2025
2024
ORDINARY EQUITY OWNERS OF FOM TECHNOLOGIES
tDKK
tDKK
Outstanding shares
16
Basic earnings per share
-2,22
-1,48
1 E+06
Diluted earnings per share
-2,18
-1,48
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Page 16 of 75
Note
BALANCE
AS
PER
31.12.2025
tDKK
31.12.2024
tDKK
Software licenses
Patents
Development projects completed
Development projects in progress
Goodwill
12
INTANGIBLE ASSETS
Equipment
Other fixtures and leasehold improvements
13
FIXED ASSETS
Land and buildings
14
RIGHT OF USE ASSETS
Deposits
15
FINANCIAL ASSETS
11
Deferred income tax asset
TOTAL NON-CURRENT ASSETS
Raw materials
Work-in-progress
Finished goods
INVENTORIES
15
Trade receivables
4
Contract work in progress
Other receivables
Prepayments
Cash
TOTAL CURRENT ASSETS
TOTAL ASSETS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
continued
Page 17 of 75
BALANCE
AS PER
31.12.2025
31.12.2024
Note
tDKK
tDKK
16
Share capital
Retained earnings
Other capital reserve
Non-controlling interests
-240
-166
EQUITY
Other payables
17,20
Other provisions
20
Deferred income
14
Lease debt
NON-CURRENT
LIABILITIES
18
Other credit institutions
Trade payables
Tax payables
Other payables
Other provisions
14
Lease debt
20
Deferred income
4
Contract work in progress
Prepayments
CURRENT
LIABILITIES
LIABILITIES
TOTAL
EQUITY AND
LIABILITIES
Page 18 of 75
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
tDKK
EQUITY AS PER 1 JANUARY 2025
Profit for the year
Other comprehensive income
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS OWNERS
Capital increase
Transfers
Cost related to equity transactions
Share-based payments
(Warrant expired)
Share-based payments
EQUITY AS PER 31 DECEMBER 2025
tDKK
EQUITY AS PER 1 JANUARY 2024
Profit for the year
Other comprehensive income
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD
TRANSACTIONS WITH OWNERS
IN THEIR CAPACITY AS OWNERS
Capital increase
Transfers
Share-based payments
(Warrant exercised)
Transfers
Share-based payments
Correction adjustment
EQUITY AS PER 31 DECEMBER 2024
Share
Capital
Share
Premium
Retained
earnings
Other
capital
reserve
Total
Non-
controlling
interest
Total
Equity
-166
-30.584
-30.584
-74
-30.658
-49
-49
-49
0
-
-
-
-21.063
-1.199
-1.199
-1.199
0
-2.562
-240
Share
Capital
Share
Premium
Retained
earnings
Other
capital
reserve
Total
Non-
controlling
interest
Total
Equity
-100
-13.965
-13.965
-66
-14.031
0
-
-
-
-2.569
-796
-166
CONSOLIDATED STATEMENT OF CASHFLOW
Page 19 of 75
Note
2025
tDKK
2024
tDKK
Profit/loss before financial items and tax (EBIT)
-28.893
-17.613
Depreciation and amortization
Share-based payments
Change in inventories
-2.339
Change in receivables
-4.430
Change in trade payables
CASH FLOWS FROM PRIMARY ACTIVITIES
-20.094
-8.299
Financial income received
Financial costs paid
-1.977
-1.074
Income taxes paid/received
-619
CASH FLOW FROM OPERATION ACTIVITIES
-21.860
-8.241
12
Acquisition of intangible assets
-2.429
-1.349
13
Acquisition of property, plant and equipment
-3.300
-447
22
Business combinations (net of cash aquired)
-1.775
Deposits
-6
CASH FLOW FROM INVESTING ACTIVITIES
-5.729
-3.577
Proceeds from capital increase
Proceeds from capital increase from business combinations
Costs incurred during changes of contributed capital
-1.199
21
Other credit institutions
21
Repayment on leases
-2.354
-1.596
CASH FLOW FROM FINANCING ACTIVITIES
Currency adjustments
-14
NET CASH FLOW FOR THE PERIOD
-9.296
-9.971
2025
2024
tDKK
tDKK
Cash and cash quivalents beginning of the year
Net cash flow for the period
-9.296
-9.971
TOTAL CASH AND CASH EQUIVALENTS BY END OF PERIOD
CONSOLIDATED NOTES
Page 20 of 75
1
Accounting policies
1.1
Basis of preparation
1.2
Basis of consolidation
1.3
Business combinations
1.4
New standards and interpretations not yet adopted
1.5
Summary of material accounting policy information
2
Significant judgements and estimates
3
Operation segments
4
Revenue from operating activities
5
Revenue from grant activities
6
Staff costs
7
Share-based payments
8
Amortisation, depreciation and impairment
9
Financial income
10
Financial expenses
11
Tax for the year
12
Intangible Assets
13
Property, Plant and Equipment
14
Right-of-use assets
15
Financial assets and liabilities
16
Share capital and earnings per share
17
Other Provisions
18
Credit institutions
19
Capital management
20
Financial risk management
21
Changes in liabilities from financing activities
22
Business combinations
23
Related parties
24
Events after the reporting date
25
Assets charged as security
Page 21 of 75
NOTE 1. ACCOUNTING POLICIES
This note provides a list of the significant accounting policies adopted in the preparation of these consoli-
dated financial statements to the extent they have not already been disclosed in the other notes above.
These policies have been consistently applied to all the years presented, unless otherwise stated. The fi-
nancial statements are for the Group consisting of FOM Technologies A/Sand its subsidiaries.
NOTE 1.1 BASIS OF PREPARATION
The Group's consolidated financial statements have been prepared in accordance with IFRS Accounting
Standards as adopted by the EU and additional Danish disclosure requirements for the financial statements
of reporting class B enterprises in accordance with the Danish Financial Statements Act. The Group has
furthermore, voluntarily opted for an additional selection according to accounting class C.
The financial statements are presented in Danish kroner (DKK), which is FOM Technologies A/S' (the Parent
company) functional currency. Unless otherwise stated, the amounts presented in the financial statements
are rounded to thousands. The financial statements have been prepared on a going concern basis and in
accordance with the historical cost convention, except where IFRS explicitly requires use of other values.
NOTE 1.2 BASIS OF CONSOLIDATION
Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group
is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolida-
ted from the date on which control is transferred to the Group. They are deconsolidated from the date that
control ceases. The acquisition method of accounting is used to account for business combinations by the
Group.
lntercompany transactions, balances and unrealised gains on transactions between group companies are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impair-
ment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to
ensure consistency with the policies adopted by the group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated
statement of profit or loss, statement of comprehensive income, statement of changes in equity and balan-
ce sheet respectively.
NOTE 1.3 BUSINESS COMBINATIONS
The aquisition method of accounting is used to account for all business combinations, regardsless of whe-
ther equity instruments or other assets are aquired. The consideration transferred for the aquisition of a
subsidiary comprises the:
fair value of the assets transferred
liabilities incurred to the former owners of the acquired business
equity interests issued by the Group
fair value of any asset or liability resulting from a contingent consideration arrangement, and
fair value of any pre-existing equity interest in the subsidiary
Page 22 of 75
NOTE 1.3 BUSINESS COMBINATIONS
continued
Identifiable assets aquired and liabilities and contingent liabilities assumed in a business combination are,
with limited exeptions, measured initially at their fair values at the aquisition date.
The Group recognises any non-controlling interest in the aquired entity on an acquisition-by-acquisition basis
either at fair value or the non-controlling interest's proportionate share of the aquired entity's net identifi-
able assets. Aquisition-related costs are expensed as incurred.
The exess of the:
consideration transferred
amount of any non-controlling interest in the acquired entity
acquisition-date fair value of any previous equity interest in the aquired entity
over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less
than the fair value of the net identifiable assets of the business acquired, the difference is recognised direct-
ly in profit or loss as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are dis-
counted to their present value as at the date of exchange. The discount rate used is the entity's incremen-
tal borrowing rate, being the rate at which a similar borrowing could be obtained from an independent fi-
nancier under comparable terms and conditions.
Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial
liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previ-
ously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or los-
ses arising from such remeasurement are recognised in profit or loss.
NOTE 1.4 NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTED
There are a number of standards, amendments to standards and interpretations issued by the IASB that are
effective for future accounting periods and which the Group has not adopted early.
The following amendment is effective for annual reporting periods beginning on or after 1 January 2027:
IFRS 18 Presentation and Disclosure in Financial Statements
The Group is currently assessing the impact of this new standard.
IFRS 18 Presentation and Disclosure in Financial Statements, issued by the IASB in April 2024, replaces IAS 1
Presentation of Financial Statements and introduces consequential amendments to other IFRS Accounting
Standards, including IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.
While IFRS 18 does not affect recognition or measurement in the consolidated financial statements, it is ex-
pected to significantly affect presentation and disclosure requirements. These changes primarily relate to:
new categories and subtotals in the statement of profit or loss
enhanced principles for aggregation and disaggregation of information
clearer labelling requirements
disclosure of management-defined performance measures
Page 23 of 75
NOTE 1.5 SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
The following are the material accounting policies applied by the Group in preparing its consolidated finan-
cial statements.
FOREIGN
CURRENCY
TRANSLATION
The functional currency is DKK and transactions denominated in currencies other than the functional cur-
rency are considered transactions in foreign currency. On initial recognition, transactions denominated in
foreign currencies are translated to the functional currency at the exchange rates at the transaction date.
Foreign exchange rate adjustments arising between the transaction date and at the date of payment are
recognized in the income statement under financial income or financial expenses. Monetary assets and
liabilities denominated in foreign currencies are translated to the year-end exchange rates on the reporting
date. The difference between the exchange rates at the reporting date and at the date of transaction or the
exchange rate in the latest financial statements is recognized in the income statement under financial in-
come or financial expenses.
The results and financial position of foreign operations that have a functional currency different from the pre-
sentation currency are translated into the presentation currency as follows:
assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balan-
ce sheet
income and expenses for each statement of profit or loss and statement of comprehensive income are transla-
ted at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the
rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the
transactions), and
all resulting exchange differences are recognized in other comprehensive income
SEGMENT
REPORTING
The Group serves one segments, comprising of the parent company FOM Technologies A/S, and the two wholly-
owned subsidiaries FOM Technologies Inc. and FOM Technologies
AB.
The main nature of the business is sale of machinery and equipment for material for material research and
production worldwide.
The segments performance is evaluated by the Chief Operating Decision Maker (CODM) monthly based on
profit or loss for the single entities and is measured consistently with profit or loss in the financial statement
of the Group.
Profit or loss of the parent reporting segment (FOM Technologies A/S) are shown below:
tDKK 2025
tDKK
2024
tDKK
Profit/loss before tax -22.041 -13.772
Executive Management is the (CODM). Executive Management, which is made up of the senior leadership
across the respective segments, are responsible for the strategic decision making and for the monitoring
NOTE 1.5 SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
continued
Page 24 of 75
of the operating results of the single operating segment for the purpose of performance assessment.
The CODM furthermore monitors revenue based on product lines. Refer to note 4 for a disaggregation of
revenue on this basis. The Group has not reported revenue attributed to foreign countries as the costs to
develop this information would be excessive.
Non-current operating assets are all geographically located in Denmark and Sweden.
CASHFLOW
STATEMENT
The cash flow statement is presented using the indirect method and shows cash flows from operating, in-
vestment, and financing activities for the year as well as cash and cash equivalents at the beginning and
end of the financial year.
Cash flows from operating activities are calculated based on operating profit/loss, adjusted for the cash-flow
effect of non-cash operating items, working capital changes, financial expenses paid and income tax paid.
Cash flows from investment activities comprise payments in connection with the acquisition and sale of non-
current intangible assets, property, plant, and equipment as well as financial assets. Cash flows from financing
activities comprise payments arising from changes in the size or composition of the share capital.
INCOME STATEMENT, REVENUE FROM OPERATING ACTIVITIES
Sale of standardized machinery and equipment
Revenue related to the sale of standardized machinery and equipment is recognized at a point in time. This
is usually when the customer has received the machinery. However, if a contract includes a customer ac-
ceptance clause, revenue is not recognized before the customer acceptance is received. Payments follow
a payment schedule, for which a portion is paid upfront.
Sale of customized machinery and equipment
Revenue related to the sale of customized machinery is recognized over time using a cost-to-cost measure.
Revenue is recognized over time because the machinery being transferred is highly specialized to the cu-
stomer's specifications (that is, the machinery has no alternative use). For contracts for customized ma-
chinery, the Group always has an enforceable right to payment for performance completed to date. The
consideration is paid in accordance with a contract specific payment schedule, for which a portion is paid
upfront.
If the goods and services rendered by the Group exceed the payment, a contract asset is recognised. If the
payments exceed the goods and services rendered, a contract liability is recognised.
Payment terms differ based on customers but usually lies in the range of 0-60 days.
Refer to note 4 on elaboration of the accounting policies related to the recognition of revenue from contracts
with customers.
INCOME
STATEMENT,
REVENUE
FROM
GRANT
PROJECTS
Other operating income includes items of a secondary nature in relation to the primary activity of the com-
pany, including profit on sale of fixed assets and public grants and other grants for research and develop-
ment projects. Income from grants is recognised at fair value when there is a reasonable assurance that
NOTE 1.5 SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
continued
Page 25 of 75
the grant will be received, and the Group will comply with all attached conditions. It is recognised on a sy-
stematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.
INCOME
STATEMENT,
COST
OF GOODS
SOLD
Cost of goods sold comprises goods consumed in the financial year measured at cost, adjusted for ordinary
inventory write downs and costs incurred to achieve the years revenue.
INCOME
STATEMENT,
EXTERNAL
EXPENSES
External expenses comprise selling costs of goods sold, cost for grant project, marketing and other exter-
nal expenses.
INCOME
STATEMENT,
STAFF
COSTS
Staff costs include wages and salaries including holiday pay and pensions and other social security costs
etc. to the Group's employees. Staff costs are reduced with payments received from public authorities. Staff
costs include sharebased payments. Executive management and key employees have been granted war-
rants. The warrants are measured at fair value at the grant date and are recognised as an expense in staff
costs over the vesting period. Expenses are set off against equity. The fair value of the warrants is measured
using the Black Scholes valuation method. The calculation considers the terms and conditions under which
the warrants are granted. Fair value is not subsequently remeasured. If subsequent modifications to a war-
rant program increase the value of the warrants granted, measured before and after modification, the in-
crease is recognised as an expense. If modification occurs before the vesting period, the increase in value
is recognised as an expense over the period for services to be received. If modification occurs after the
vesting date, the increased value is recognised as an expense immediately. Consideration received for war-
rants sold are recognised directly in equity.
INCOME
STATEMENT,
FINANCIAL
INCOME
AND
COSTS
Financial income and expenses is recognised with amounts concerning the financial year. Financial items
comprise interest, realised and unrealised exchange gains and losses as well as interest surcharge and
interest reimbursements under the Danish Tax Prepayment Scheme.
INCOME
STATEMENT,
INCOME
TAX
ON
PROFIT
OR
LOSS
FOR
THE
VEAR
Tax on profit or loss for the year represents 22% of the booked profit or loss adjusted for non-taxable and
non-deductible items.
Tax on profit or loss for the year consists of the anticipated tax portion of the taxable income for the year
adjusted for the changes for the year in deferred tax. Changes in deferred taxes, due to adjustments of tax
rates are recognised in the income statement. Corporation tax relating to the financial year which has not
been settled at the balance sheet date is to be classified as corporation tax in receivables or liabilities other
than provisions.
The Group is subject to the Danish Tax Prepayment Scheme. Interest reimbursement and interest surcharge
have been recognised in financial income and expenses.
NOTE 1.5 SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
continued
Page 26 of 75
BALANCE
SHEET,
INTANGIBLE
ASSETS
Intangible assets are measured at cost less accumulate amortisation. Cost comprises the acquisition price
as well as costs directly related to the acquisition until the time when the asset is ready to be put into opera-
tion. Assets are amortised on a straight-line basis over their estimated useful lives:
Software licenses
Patents
Software
Development projects
Goodwill
5 years
5 years
3-5 years
3-5 years
Indefinite
Development projects that are not completed are measured at cost with zero amortisation. Development
projects in progress consist of the development of new machines. The development projects in progress
essentially consists of costs in the form of external costs directly attributable to the development project.
During the period of development, development projects that are not completed are tested for impairment
annually.
Completed development projects consist of both new developed machines and upgraded versions of exis-
ting machine lines. The development projects completed essentially consists of costs in the form of external
costs directly attributable to the development project.
In the case of sale, the profit/loss is included in the income statement under other operating income and
other operating expenses.
BALANCE
SHEET,
PROPERTY,
PLANT
ANO
EQUIPMENT
Property, plant, and equipment are measured at cost less accumulate amortisation and depreciation.
The basis of amortisation and depreciation is cost less estimated residual value after the end of useful life.
Cost comprises the acquisition price as well as costs directly related to the acquisition until the time when
the asset is ready to be put into operation. The cost price for an asset is divided into separate components,
that are depreciated separately, if the useful life of the individual components is significantly different.
Depreciation is initiated when the assets are ready to be taken into operation. Assets are depreciated on a
straight-line basis over their estimated useful lives with following residual values:
Other
fixtures
Leasehold improvements
Plant and Equipment
3-5 years
3-5 years
3-5 years
The residual value is zero unless otherwise stated. Minor purchases with useful lives below one year have
been recognised as an expense in the income statement in external expenses.
Estimated useful lives and residual values are reassessed annually. In the case of sale, the profit/loss is
included in the income statement under other operating income and other operating expenses.
NOTE 1.5 SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
continued
Page 27 of 75
BALANCE
SHEET,
IMPAIRMENT
OF
INTANGIBLE
ASSETS,
PROPERTY,
PLANT
AND
EQUIPMENT
The carrying amount of intangible assets and property, plant and equipment is reviewed annually for indi-
cation of impairment for loss, apart from what is expressed by usual amortisation and depreciation. If this
applies, impairment for loss is made of each asset or group of assets, respectively, to lower recoverable
amount.
As recoverable amount, the higher of expected net selling price and net present value is applied. The net
present value is calculated as the present value of the anticipated cash flows from the use of the asset or
the group of assets.
Impairment for loss for the year is recognised in the income statement as amortisation, depreciation and
impairment for intangible assets and property, plant, and equipment.
Goodwill, development projects in progress and other intangible assets with indefinite useful lives are not
subject to amortisation and are tested annually for impairment, or more frequently if events or changes in
circumstances indicate that they might be impaired. Goodwill is attributed to cash-generating units on ac-
quisition and impaired before other assets.
BALANCE
SHEET,
RIGHT-OF-USE
ASSETS
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities
include the net present value of the following lease payments:
fixed payments (including in-substance fixed payments), less any lease incentives receivable
variable lease payments that are based on an index or a rate, initially measured using the index or rate as
at the commencement date
amounts expected to be payable by the group under residual value guarantees
the exercise price of a purchase option if the group is reasonably certain to exercise that option
payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measure-
ment of the liability.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or
loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the
liability for each period.
The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the under-
lying asset is available for use). Right-of-use assets are measured at cost, less any accumulated deprecia-
tion and impairment losses, and adjusted for any remeasurement of lease liabilities.
Right-of-use assets are measured at cost comprising the following:
the amount of the initial measurement of lease liability
any lease payments made at or before the commencement date less any lease incentives received
any initial direct costs
restoration costs
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the esti-
mated useful lives of the assets.
NOTE 1.5 SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
continued
Page 28 of 75
BALANCE
SHEET,
OTHER
RECEIVABLES
Other receivables recognised under fixed assets comprise loans and rental deposits measured at amorti-
sed cost, which usually corresponds to nominal amount. In events when the carrying amount exceeds the
recoverable amount, impairment for loss is made to such lower value. Impairment for loss for the year is
recognised in the income statement as impairment for loss of financial assets.
BALANCE
SHEET,
INVENTORIES
Inventories are measured at cost according to the FIFO method. In the event of cost exceeding net realisa-
ble value, write-down is made to this lower value.
Cost of goods for resale, finished goods, work-in-progress as well as raw materials and consumables com-
prises purchase price plus landing costs.
The net realisable value of inventories is calculated at the amount expected to be generated by sale in the
process of normal operations with deduction of selling expenses and costs of completion. The net realisa-
ble value is determined allowing for marketability, obsolescence, and development in expected sales sum.
BALANCE
SHEET,
RECEIVABLES
Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they
contain significant financing components when they are recognised at fair value. They are subsequently
measured at amortised cost less loss allowance. The Group applies the IFRS 9 simplified approach to mea-
suring expected credit losses which uses a lifetime expected loss.
BALANCE
SHEET, CASH
ANO
CASH
EQUIVALENTS
Cash comprises of bank deposits.
BALANCE
SHEET, CONTRACT
WORK
IN PROGRESS
Contract work in progress has been recognised according to a cost-to-cost method (percentage-of-com-
pletion Method), solely for customer contracts that are of a custom nature and according to which work in
progress is measured at the market value of the work performed. The market value is measured based on
the degree of completion at the balance sheet date and the total anticipated income from each work in
progress. Completion is calculated as the proportion of the costs incurred in relation to the expected total
costs of the individual work in progress.
When the market value of the individual work in progress cannot be measured reliably, the market value is
recognized at cost or net realizable value, if this value is lower.
Each work in progress is recognised in the balance sheet in receivables or liabilities other than provisions
depending on the net value of the selling price less on account invoicing and prepayments
Costs in connection with sales work and contracting are recognised in the income statement as incurred.
Any finance costs of financing of work in progress are included in financial expenses.
BALANCE
SHEET,
PREPAYMENTS
Prepayments comprise costs incurred relating to subsequent financial years.
NOTE 1.5 SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
continued
BALANCE
SHEET,
EQUITY
Management's proposed dividends for the financial year is disclosed as a separate item in equity. Warrants
are recognized in the financial statements under staff costs and settled directly in equity as other capital
reserve
Other capital reserve comprises solely the share-based payments (warrants programme).
BALANCE
SHEET,
PROVISION
FOR
DEFERRED
TAX
Deferred tax is measured according to the liability method. Provision has been made for deferred tax by
22% on all temporary differences between carrying amount and tax-based value of assets and liabilities.
Deferred tax is also measured with respect of the planned use of the asset and the settlement of the lia-
lity.
The tax-based values of tax losses carried forward are included in the statement of deferred tax if it is pro-
bable that the losses can be utilised.
BALANCE
SHEET, FINANCIAL
LIABILITIES
Financial liabilities are recognized when raising the loan at the proceeds received after deduction of bor-
rowing costs, directly addressed by the loan. In subsequent periods, financial liabilities are measured at
amortized cost equal to the capitalized value using the effective interest rate, so the difference between
the proceeds and the nominal value are recognized in the income statement over the loan period.
Other liabilities other than provisions have been measured at amortised cost which corresponds to nomi-
nal value.
BALANCE
SHEET,
OTHER
PROVISIONS
Provisions are recognized for warranty costs on products sold at the time of sale. The provision rate reflects
the actual historical cost level and is calculated at 0.75% of total revenue. In light of lower revenue during the
period, management has adjusted the rate from 1.4% previously to 0.75% of total revenue for current sales.
The standard warranty period is 12 months. This change in accounting estimate is considered immaterial.
Besides the normal provision, the company have decided to make an additional reserve oftDKK 750 to the
Novo Energy (now Volvo Technologies) case, which is still pending.
BALANCE
SHEET, DEFERRED
INCOME
Deferred income comprises income received relating to subsequent years. It is recognized if a payment
is received, or a payment is due (whichever is earlier) from a customer before the Group transfers the
related deliverables. Deferred income is recognised as revenue when the Group performs under the con-
tract (i.e., transfers control of the related performance obligation to the customer).
During the year, the Group recognized laboratory equipment acquired under a grant-funded project as
property, plant and equipment at a value of mDKK 3.3.
A corresponding portion of the grant, amounting to mDKK 2 was recognized as deferred income and will
be released as profit systematically over the useful life of the asset in line with depreciation.
The equipment is on loan to the Consortium for a period of one year. Following this period, the Group in-
tends to sell the equipment; if no sale is realized, the asset will be depreciated over an estimated useful
life of three years.
Page 29 of 75
NOTE 1.5 SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
continued
Page 30 of 75
RELATED PARTY TRANSACTIONS
Intercompany transactions between the group affiliated companies are on terms equivalent to those that
prevails in arm's length transactions. The nature of transactions between the parent and its subsidiaries
includes purchase of sales of goods and transfers under finance arrangements.
NOTE 2. SIGNIFICANT JUDGMENTS AND ESTIMATES
As part of the preparation of the financial statements, Management makes a number of accounting estima-
tes and assumptions as a basis for recognizing and measuring the Group's assets, liabilities, income, and
expenses as well as judgements made in applying the Group's accounting policies. The estimates, judge-
ments and assumptions made are based on experience gained and other factors that are considered sen-
sible by Management in the circumstances, but which are inherently subject to uncertainty and volatility.
The assumptions are always made with a conservative approach to ensure that the level of uncertainty is
at a minimum. Unforeseen events or circumstances may occur, for which reason the actual results may
differ from the estimates and judgements made.
Management considers the following accounting estimates and judgements to be significant in the prepa-
ration of the financial statements.
DEVELOPMENT
COSTS
The Group capitalizes costs for development projects. Initial capitalization of costs is based on manage-
ment's judgement that technological and economic feasibility is confirmed, usually when a product devel-
opment project has reached a defined milestone according to an established project management model.
In determining the amounts to be capitalized, Management makes assumptions regarding the expected
future cash generation of the project and the expected period of benefits.
IMPAIMENT
OF
NON-FINANCIAL
ASSETS
Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable
amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less
costs of disposal calculation is based on available data from binding sales transactions, conducted at arm's
length, for similar assets or observable market prices less incremental costs of disposing of the asset. The
assumptions are always made with a conservative approach to ensure that the level of uncertainty is at a
minimum. Unforeseen events or circumstances may occur, for which reason the actual results may differ
from the estimates and judgements made.
GOODWILL
The unallocated purchase price (positive amount) is recognised in the statement of financial position as
goodwill, which is allocated to the Group's cash-generating units. Management determines the acquired
cash-generating units, the cash-generating units that already existed in the Group and the allocation of
goodwill. The allocation of goodwill is based on the expected future cash flows for the business.
Management's assessment of indication of impairment is based on the cash-generating units (CGUs). If
there are indications that the carrying amount of assets exceeds the value of future cash flows from the
assets (recoverable amount), an impairment test must be carried out.
The recoverable value is calculated as the highest value of the net selling price (fair value less selling costs)
and the value in use at continued use.
NOTE 2. SIGNIFICANT JUDGMENTS
continued
Page 31 of 75
The impairment test is carried out within the Group's CGUs. The impairment test is done by estimating the
recoverable amount at value in use calculated as the present value of the total expected cash flows within
the CGU. If the value in use is lower than the carrying amounts of the assets in the CGU, the assets are
written down by first reducing the value of any goodwill allocated to the CGU and then pro rata reducing the
value of the other assets of the CGU on the basis of the carrying amount of each asset. The assets are not
written down to a lower amount than the individual assets net selling price.
The present value of expected future cash flows (value in use) is based on budgets and business plans. Key
parameters are annual growth rate in the first five years, EBIT-margin and growth expectations beyond the
next five years, including the estimation ofWACC.
RECOGNITION
OF
REVENUE
RELATED
TO
CUSTOMIZED
MACHINERY
AND
EQUIPMENT
The Group sells highly specialized machinery and equipment that is customized to the specific customer's
request for which revenue is recognized over time.
In determining that revenue should be recognized over time, Management has assessed that the customi-
zed machinery has no alternative use (i.e., the customized machines cannot be readily redirected to another
customer).
SHARE-BASED
PAYMENTS
Estimating fair value for share-based payment programmes requires determination of the most appropri-
ate valuation model, which depends on the terms and conditions of the grant.
The chosen valuation model requires determination of appropriate inputs to the valuation model including
duration of the share option, volatility, exercise price and risk-free interest rate.
The selection of models and use of appropriate inputs determine the calculation of the fair value for share-
based payment transactions which are disclosed in note 7.
RIGHT-OF-USE
ASSETS
The determination of the lease term may differ from the contractual lease term and thus affects the amount
recorded for the entity's lease obligation and related right-of-use asset. If the determined lease term is lon-
ger than the contractual lease term, the larger the lease liability and related right-of-use asset. In determi-
ning the lease term, management considers all facts and circumstances that create an economic incentive
to exercise an extension option, or not to exercise a termination option. Extension options (or periods after
the termination options) are only included in the lease term if the lease is reasonably certain to be exten-
ded (or not terminated).The Group has determined the lease term as the non-cancellable term of the lease,
together with any periods covered by an option to extend the lease if it is reasonably certain to be exerci-
sed, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exerci-
sed. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to
renew or terminate the lease.
NOTE 2. SIGNIFICANT JUDGMENTS
continued
Page 32 of 75
OEFFERRED
TAX
ASSET
The net deferred tax asset of m.DKK 2,4 includes an amount of approx. m.DKK 3 carried-forward tax loss from
the year 2024. The Group has incurred the loss following heavy investments in the organisation and the
acquisition of the manufacturing operations in Sweden (FOM Technologies AB). The Group has concluded
that the deferred tax assets will be recoverable using the estimated future taxable income based on the
budgets and forecasts for the Group. The loss can be carried forward indefinitely and have no expiry date.
NOTE 3. OPERATING SEGMENTS
The Group serves one segment, comprising the entire company FOM Technologies A/S, which is inherent
to how the Executive Management considers and operates the Group. The main nature of the business is
development and production of machinery equipment for material research entities worldwide.
The results of the single reporting segment are shown in the statements of comprehensive income of the
Parent company.
Executive Management is the Chief Operating Decision Maker (CODM). Executive Management, which is
made up of the senior leadership across the respective divisions, are responsible for the strategic decision
making and for the monitoring of the operating results of the single operating segment for the purpose of
performance assessment.
The segment performance is evaluated by the CODM monthly based on profit or loss for the single seg-
ment and is measured consistently with profit or loss in the financial statements of the Group.
The CODM furthermore monitors revenue based on product lines. Refer to note 4 for a disaggregation of
revenue on this basis. The Group has not reported revenue attributed to foreign countries as the costs to
develop this information would be excessive.
Non-current operating assets are all geographically located in Denmark and Sweden.
NOTE 4. REVENUE FROM OPERATING ACTIVITIES
Page 33 of 75
The Group derives revenue from the transfer of goods and services over time and at a point in time in
the following revenue categories:
2025
tDKK
2024
tDKK
Revenue recognized
Machines
25.486
20.956
at a point in time:
Machine options
9.036
14.616
Additional products
1.600
1.848
TOTAL
36.123
37.420
Revenue recognized
Machines
0
3.009
overtime
Services & other
3.018
3.778
TOTAL
3.018
6.787
TOTAL REVENUE
39.141
44.207
SALE OF STANDARDIZED MACHINERY AND EQUIPMENT
Revenue related to the sale of standardized machinery and equipment is recognized at a point in time.
This is usually when the company have shipped the machinery. However, if a contract includes a customer
acceptance clause, revenue is not recognized before the customer acceptance is received.
Payments follow a payment schedule, for which a portion is paid upfront.
SALE OF CUSTOMIZED MACHINERY AND EQUIPMENT
Revenue related to the sale of customized machinery is recognized over time using the cost-to-cost method.
This is because the machinery being delivered is highly customized to the customer's specifications and
therefore has no alternative use.
For such contracts, the Group has an enforceable right to payment for performance completed to date.
Consideration is received according to a contract-specific payment schedule, with a portion typically paid
upfront.
SALE OF SERVICES & OTHER
The category comprises of installation services, support and service-type warranties.
Revenue related to services is recognized over time. This is because the customer simultaneously receives
and consumes the benefits provided by the Group as the Group performs. In recognizing revenue, Manage-
ment applies an input method such as cost incurred, or labour hours expended. Management has determi-
ned that these methods of measuring progress most appropriately reflect the Group's transfer of control of
the promised services to the customer. Revenue related to service-type warranties are recognized over the
warranty period on a straight-line basis.
NOTE 4. REVENUE FROM OPERATING ACTIVITIES
CONTINUED
Page 34 of 75
For the purposes of recognizing revenue related to machinery and equipment, the Group separates its cus-
tomer contracts into two categories:
• Sale of standardized machinery and equipment
• Sale of customized machinery and equipment
During 2025, revenue recognized relating to the contract work in progress liability balance at the beginning
of the period amounted to tDKK 864 (2024: tDKK 1,304). All of the Group's customer contracts are short-term,
with durations of one year or less. In accordance with IFRS 15, paragraph 121, the transaction price alloca-
ted to unsatisfied contracts is not disclosed, as the effect of doing so would be immaterial given the short
duration of the contracts.
2025
tDKK
2024
tDKK
Contract work in progress
0
6.895
On account payment
0
-5.067
TOTAL
0
1.828
Contract work in progress classification in the annual report
2025
tDKK
2024
tDKK
Contract work in progress
0
2.692
On account payment
0
-864
TOTAL
0
1.828
The decrease in contract work in progress is mainly due to the completion of two projects from previous year.
NOTE 5. REVENUE FROM GRANT ACTIVITIES
2025
2024
tDKK
tDKK
Revenue from grant projects
2.470
7.393
TOTAL
2.470
7.393
NOTE 6. STAFF COSTS
Page 35 of 75
STAFF
COSTS
2025 2024
tDKK
tDKK
Wages and salaries
-23.026
-19.013
Share-based payments
-292
-420
Pensions
-2.218
-2.700
Social security costs
-1.453
-598
Other staff costs
-534
-990
TOTAL STAFF COSTS
-27.523
-23.721
AVERAGE NUMBER OF EMPLOYEES
34
37
KEY
MANAGEMENT
REMUNERATION*
2025
2024
tDKK
tDKK
Wages and salaries
-6.952
-7.243
Share-based payments
-240
-419
Pensions
-359
-578
Social security costs
-20
-161
TOTAL STAFF COSTS
-7.571
-8.401
AVERAGE NUMBER OF EMPLOYEES
10
10
*Comprises of the Board of Directors, Executive Board and Senior Management
BOARD OF DIRECTORS
AND EXECUTIVE BOARD
REMUNERATION
2025
tDKK
2024
tDKK
Wages and salaries
-1.170
-3.483
Share-based payments
-140
-170
Pensions
-114
-240
Social security costs
-4
-5
TOTAL STAFF COSTS
-1.429
-3.898
AVERAGE NUMBER OF EMPLOYEES
5
6
NOTE 7. SHARE-BASED PAYMENTS
Page 36 of 75
2025 2024
tDKK
tDKK
Costs of share-based payments related to 2022 grant
Costs of share-based payments related to 2023 grant
Costs of share-based payments related to 2024 grant
Costs of share-based payments related to 2025 grant
TOTAL
0 0
0 -8
0
-412
-292 0
-292 -420
Costs of share-based payments are recognised in profit or loss as staff costs with a corresponding entry
in the equity.
WARRANT PROGRAMME
FOM Technologies A/S has an incentive programme under which warrants are awarded to key employees of
FOM Technologies A/S. After the completion of the public listing in June 2020, employees were offered to par-
cipate in the company's first Employee Share Scheme (i.e., the warrant programme). FOM Technologies A/S
has granted warrants to key employees during the years 2020-2025. Warrants are granted once annually.
The main terms of the warrant programs are laid out in the company's Articles of Association, which can be
found on the company's website by following this link.
Link to Articles of Association
The warrants programmes are granted with the intention to be a combined incentive and retention tool.
If
the employee leaves the company prior to exercising the warrants, the warrants are lost, and the shares can-
celled from the warrant programme. The warrants can only be exercised after a 12-month period and only
during exercise windows (expected to be approx. 18-24 months after the grant date).
For the warrants programme 2020 and 2021 the exercise window is a 3-week period after the publication of
the annual reports in respectively 2023 and 2024. For the 2022-2025 warrants programme, the annual
frequency for exercising warrants, was increased from one time per year to twice a year and the length of the
exercise window was decreased from three-weeks to a 5-days period after the publishing of annual or half-
annual reports in 2025-2027. There is no cash alternative, and the arrangement is classified as equity settled.
NOTE 7. SHARE-BASED PAYMENTS CONTINUED
Page 37 of 75
SPECIFICATION
OF
OURSTANDING
WARRANTS
Numer of warrants:
Weighted avg.
exercise price
Key manage-
ment personel
Employees
TOTAL
Outstanding 1. January 2021
33,75
78.000
30.000
108.000
Granted 2021
20,00
60.000
65.000
125.000
*Cancellation of warrants
N/A
0
-27.500
-27.500
Outstanding 31. December 2021
26,19
138.000
67.500
205.500
Granted 2022
31,00
100.000
50.000
150.000
*Cancellation of warrants
N/A
0
-14.000
-14.000
Outstanding 31. December 2022
28,21
238.000
103.500
341.500
Granted 2022
37,00
65.000
60.000
125.000
Expired warrants
N/A
-93.000
0
-93.000
Exercised warrants
20,00
0
-20.000
-20.000
*Cancellation of warrants
N/A
0
-18.000
-18.000
Outstanding 31. December 2023
29,86
210.000
125.500
335.500
Granted 2024
** 26,20
125.000
0
125.000
Expired warrants
N/A
-36.500
-5.000
-41.500
Exercised warrants
***
20,00
-30.000
-10.000
-40.000
*Cancellation of warrants
N/A
-110.000
0
-110.000
Outstanding 31. December 2024
31,11
158.500
110.500
269.000
Granted 2025
8,24
125.000
0
125.000
Expired warrants
N/A
-72.000
0
-72.000
Exercised warrants
N/A
0
0
0
*Cancellation of warrants
N/A
-57.000
0
-57.000
Outstanding 31. December 2025
19,97
154.500
110.500
265.000
*Cancelled warrants are the result of employees leaving their position before exercising their warrants regarding all warrant
programmes for the year ended.
**Exercise price of warrants granted in 2024 is based on the official FOM Technologies Nasdaq FN closing price on the 30th
of December 2023 (DKK 26,20).
Theoretical market value of warrants granted: DKK 4,50 calculated using the Black Scholes model.
***Exercised warrants were exercised at price DKK 20,00 on the 27/3 2024 and 2/4 2024. The official closing price those 2
trading days was: DKK 22,90 and 24,50 respectively.
NOTE 7. SHARE-BASED PAYMENTS
continued
Page 38 of 75
VESTING
AND
EXERCISE
PERIODS
OF
THE
3
WARRANTS
PROGRAMMES
Warrants programs:
Vesting period Exercise period I Exercise period II
MM.VY-MM.VY
MM.VY-MM.VY
MM.VY-MM.VY 2025
2020 Warrants programme
11.20-10.21
*03.22-03.22
*03.23-03.23
Expired
2021 Warrants programme
06.21-05-22
*03.23-03.23
*03.24-03.24
Expired
*3-week period after publishing of Annual Report
2022 Warrants programme
01.22-12-22
*03.24-03.24
*08.25-08-25
Expired
2023 Warrants programme
02.23-01-24
*03.25-03.25
*08.25-08-25
*03.26-03-26
*08.26-08.26
55.000
2024 Warrants programme
01.24-01.25
*03.26-03.26
*08.26-08-26
*03.27-03.27
*08.27-08.27
85.000
2025 Warrants programme
02.25-01.26
*03.27-03.27
*08.27-08.27
*03.28-03.28
*08.28-08.28
125.000
* 5-day period after publishing of Annual Report & Half Year Report
Outstanding at 31 December 2025 265.000
THEORETICAL
MARKET
VALUE
The fair value of the warrants issued, are measured as a calculated market price at the grant date, based on
the Black-Scholes option pricing model. The calculation is based on the following assumptions at the grant date
Warranty programme
Black-Scholes parameters:
2025
2024
2023
Granting date
02.01.2025
26.01.24
01.02.2023
Initial issued warrants
125.000
125.000
125.000
Market share price (DKK)
8,24
26,2
42
Exercise price (DKK)
8,24
26,2
37
Theoretical market value (DKK)
2,4
4,5
9,49
Vesting period (No. of months)
12
12
12
Approx. duration (Years [Y]and
Months
[Ml)
3Y
2Y
2Y2M
Volatility rate(% p.a.)
40,00%
30,00%
25,00%
Risk free interest rate(% p.a.)
1,79%
3,30%
2,55%
*Volatility rate applied is based on the annualised volatility on peer groups derived from the standard deviation of daily ob-
servations over 12 months ending when the programme is granted.
NOTE 8. AMORTIZATION, DEPRECIATION AND IMPAIRMENT
Page 39 of 75
2025
tDKK
2024
tDKK
Depreciation on Right-of-use assets
-2.380
-1.845
Depreciation on Intangible rights
-997
-622
Depreciation on Property, Plant & Equipment
-548
-566
TOTAL DEPRECIATION
-3.925
-3.033
NOTE 9. FINANCIAL INCOME
2025
2024
tDKK
tDKK
Interest income
199
754
Other financial income
3
9
Exchange rate adjustments
10
988
TOTAL FINANCIAL INCOME
212
1.751
NOTE 10. FINANCIAL EXPENSES
2025
2024
tDKK
tDKK
Interest expenses
-604
-491
Other financial expenses
0
-422
Exchange rate adjustments
-1.373
-161
TOTAL FINANCIAL EXPENSES
-1.977
-1.074
NOTE 11. TAX FOR THE VEAR
Page 40 of 75
This note provides an analysis of the group's income tax expense and shows what amounts are recognized
directly in equity and how the tax expense is affected by non-assessable and non-deductible items. It also ex-
plains significant estimates made in relation to the group's tax position.
TAX FOR THE VEAR
2025
tDKK
2024
tDKK
Tax on the profit for the year
0
-213
Adjustment of tax in previous years
0
0
Adjustment of deferred tax
0
3.117
TOTAL
0
2.904
CALCULATION
OF EFFECTIVE
TAX
RATE
2025
2024
tDKK
tDKK
Profit before tax
-30.658
-16.936
Tax using the Danish tax rate 22 %
6.745
3.726
Effect of tax rates in foreign jurisdictions
-38
-21
Non tax-deductible expenses
-182
-128
Tax-exempt income and tax incentives
41
30
Adjustment of tax in previous years
2
-341
Non recognized tax losses
-6.568
-361
Total income tax recognized in income statement
0
2.905
EFFECTIVE
TAX
RATE
0%
-
17%
NOTE 11. TAX FOR THE VEAR
CONTINUED
Page 41 of 75
DEFERRED TAX
2025 2024
tDKK
tDKK
Operation equipment
-1.826
-1.442
Software
-16
-41
Acquired
trademarks
-4
-6
Leasehold improvements
-105
-6
Development projects
-687
-395
Current assets
0
-2.726
Untaxed prior years profit, Sweden
0
-315
Liabilities
1.715
1.540
Tax losses, carried forward
2.934
5.402
TOTAL DEFERRED TAX
2.011
2.011
*
The net deferred tax asset of 2m.DKK includes an amount of approx. 3m.DKK carried-forward tax loss from the year 2024.
The Group has incurred the loss following heavy investments in the organisation and the acquisition of the manufacturing
operations in Sweden (FOM Technologies AB). The Group has concluded that the deferred tax assets will be recoverable using
the estimated future taxable income based on the budgets and forecasts for the Group. The loss can be carried forward inde-
finitely and have no expiry date.
NOTE 12. INTANGIBLE ASSETS
Page 42 of 75
DEVELOPMENT PROJECTS
A fundamental and critical component of the Group's business model is to continuously develop new, and impro-
ving existing, product designs that are utilized by the Group in its offerings to customers. Eligible costs related
to these development projects are capitalized. Any costs related to research activities are expensed as incurred.
Research costs of tDKK 286 are included in the external expenses for 2025. For 2024 the amount was tDKK 838.
Development costs that are directly attributable to the design and testing of identifiable products controlled by
the Group are recognized as intangible assets where the following criteria are met
•
it is technically feasible to complete the project so that it will be available for use
•
Management intends to complete the project and use or sell it
•
there is an ability to use or sell the outcome of the project
•
it can be demonstrated how the project will generate probable future economic benefits
•
adequate technical, financial, and other resources to complete the development and to use or sell the project
are available, and
•
the expenditure attributable to the project during its development can be reliably measured
Directly attributable costs that are capitalized as part of the project comprise directly attributable costs that can
be measured reliably. Capitalized development costs are recorded as intangible assets and are amortized from
the point at which the asset is ready for use. Development projects in progress are not amortised. Rather, they
are tested annually for impairment.
The intangible assets held by the Group increased primarily because of an increase in development projects in
progress.
Software
tDKK licenses
Patents
Development
projects
completed
Development
projects
in progress
Goodwill
Total
1. January 2025
706
658
1.653
1.126
321
4.464
Additions in the period
0
102
1.614
713
2.429
Transfer
1.057
-1.057
0
Disposals in the period
-284
-284
31. December 2025
706
760
4.324
498
321
6.609
Amortisations and impairment
1. January 2025
413
354
985
0
0
1.752
Amortisations in the period
145
136
716
997
Disposals in the period
0
Amortisations and impairment
31. December 2025
558
490
1.701
0
0
2.749
Carrying amount 31. December 2025
148
270
2.623
498
321
3.860
NOTE 12. INTANGIBLE ASSETS
CONTINUED
Page 43 of 75
Development Development
Software
tDKK licenses
Patents
projects
completed
projects
in progress
Goodwill
Total
1. January 2024
546
584
1.380
284
0
2.794
Additions in the period
160
74
273
842
1.349
Business combinations
321
321
Disposals in the period
0
31. December 2024
706
658
1.653
1.126
321
4.464
Amortisations and impairment
1. January 2024
265
228
637
0
0
1.130
Amortisations in the period
148
126
348
622
Disposals in the period
0
Amortisations and impairment
31. December 2024
413
354
985
0
0
1.752
Carrying amount 31. December 2024
293
304
668
1.126
321
2.712
GOODWILL
ON
CASH
GENERATING
UNITS
Goodwill has been tested on Group level, which represents lowest level of CGU at which management monitors
goodwill for internal purposes:
2025
2024
tDKK
tDKK
FOM Technologies A/S
321
321
Carrying amount at 31. December
321
321
NOTE 12. INTANGIBLE ASSETS
CONTINUED
Page 44 of 75
IMPAIRMENT TEST
Goodwill is monitored by management at Group level.
The Group tests whether goodwill has suffered any impairment on an annual basis. The recoverable amount of
a cash generating unit (CGU) is determined based on value-in-use calculations.
For the value-in-use calculation the cash flow projections are based on financial budgets and forecasts approved
by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using the
estimated growth rates stated below. These growth rates are consistent with forecasts included in industry re-
ports specific to the industry in which each CGU operates.
FOM Technologies
2025
2024
Growth rate in budget period
avg.
11,0%
9,8%
EBIT Margin %
avg
5,5%
0,8%
Terminal period growth rate
2,0%
2,0%
Discount rate (WACC)
12,0%
12,0%
Management must determine the values assigned to each of the above key assumptions as follows:
GROWTH RATE IN BUDGET PERIOD
This is the average growth rate used to determine revenue in the budget period. This key figure is based on past
performance and management's expectations.
EBITMARGIN
This is the average EBIT-margin in the budget period defined as EBIT divided by revenue. This key figure is based
on past performance and management's expectations to the future.
TERMINAL RATE GROWTH RATE
This is the growth rate used to extrapolate cash flows beyond the budget period. The rates are consistent with
forecasts included in industry reports.
DISCOUNT RATE
The discount rate is the weighted average cost of capital (WACC) that reflects the risk-free interest rate, the mar-
ket risk premium and the risk premium associated with the particular cash generating unit.
During the impairment tests management has concluded that there were no impairment losses for 2025.
Management finds that no reasonable change in key assumptions upon which a recoverable amount is based
would lead to an impairment loss.
NOTE 13. PROPERTY, PLANT AND EQUIPMENT
Page 45 of 75
Leasehold
improve-
tDKK ments
Other
fixtures
Plant and
equipment
Total
1. January 2025
221
1.783
437
2.441
Additions in the period
3.300
3.300
Transfer
1.006
-912
-94
0
Disposals in the period
-48
-48
31. December 2025
1.227
823
3.643
5.693
Depreciations and impairment 1. January 2025
62
819
89
970
Depreciations in the period
249
214
85
548
Transfer
351
-329
-22
0
Disposals in the period
-47
-47
December 2025
662
657
152
1.471
Carrying amount 31. December 2025
565
166
3.491
4.222
Leasehold
improve-
Other
Plant and
tDKK ments
fixtures
equipment
Total
1. January 2024
221
1.743
0
1.964
Additions in the period
10
437
447
Additions for the period from aqusition of business combinations
30
30
31. December 2024
221
1.783
437
2.441
Depreciations and impairment 1. January 2024
18
386
0
404
Depreciations in the period
44
433
89
566
Disposals in the period
0
Depreciations and impairment 31. December 2024
62
819
89
970
Carrying amount 31. December 2024
159
964
348
1.471
NOTE 14 RIGHT-OF-USE ASSETS
Page 46 of 75
LAND AND BUILDINGS
2025
tDKK
2024
tDKK
1. January 2025
11.091
9.560
Additions in the period
0
1.925
Remeasurement
112
-394
Disposals in the period
0
0
31. December
11.203
11.091
Amortisations and impairment 1. January
-3.149
-1.304
Amortisations in the period
-2.380
-1.845
Disposals in the period
0
Amortisations and impairment 31. December
-5.529
-3.149
Carrying amount 31. December
5.674
7.942
Amounts recognised in the statement of financial position:
Current lease liabilities
1.946
2.217
Non-current lease liabilities
3.949
6.216
31. December
5.895
8.433
Amounts recognised in the statement of profit or loss:
Depreciation right-of-use assets
-2.380
-1.845
Total depreciation charge of right-to-use assets
-2.380
-1.845
Interest expense (included in financial expenses)
-468
-496
Repayments to lease liabilities
-2.333
-1.890
Expenses related to short term leases
-496
-315
Total cash outflow related to leases
-3.296
-2.701
THE GROUPS LEASING ACTIVITIES AND HOW THEY ARE ACCOUNTED FOR:
During the first half of 2023, the Company entered into two lease agreements in Denmark, involving leasing
of office premises and parking spots. The lease maturity is 4.5 years.
Furthermore, one lease agreement in Sweden was recognised as part of the business acquisition completed
in spring 2024. The maturity is 3 years.
The lease payments are discounted using the interest rate implicit in the lease.
If
that rate cannot be readily
determined, which is generally the case for leases in the Group, the lessee's incremental borrowing rate is
used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain
an asset of similar value to the rightof-use asset in a similar economic environment with similar terms, security,
and conditions.
NOTE 14 RIGHT-OF-USE ASSETS
Page 47 of 75
If
a readily observable amortising loan rate is available to the individual lessee (through recent financing or
market data) which has a similar payment profile to the lease, then the Group uses that rate as a starting
point to determine the incremental borrowing rate.
The Company is exposed to potential future increases in variable lease payments based on an index or rate,
which are not included in the lease liability until they take effect. When adjustments to lease payment based
on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets
are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a
lease term of 12 months or less.
The group has a short-term lease agreement for parking spots that are adjacent to the leasehold property
and external storage.
NOTE 15. FINANCIAL ASSETS AND LIABILITIES
FINANCIAL ASSETS AT AMORTIZED COST
2025
tDKK
2024
tDKK
Trade receivables*
11.767
8.152
Other receivables
773
5.409
Deposits
1.003
990
Cash and cash equivalents
28.771
38.067
TOTAL
42.314
52.618
FINANCIAL LIABILITIES AT AMORTIZED COST
Trade payables
4.957
3.800
Debt to credit institutions
321
379
Lease liabilities
5.895
8.433
Other payables
1.965
5.255
TOTAL
13.138
17.867
*The carrying amounts are assessed as equivalent to the fair value of the assets and liabilities.
The Groups exposure to various risks associated with the financial instruments is described in note 20.
TRADE RECEIVABLES
2025
tDKK
2024
tDKK
Trade receivables*
15.767
8.152
Write downs
-4.000
0
TOTAL
11.767
8.152
*The carrying amounts are equivalent to the fair value of the assets and liabilities.
NOTE 15. FINANCIAL ASSETS AND LIABILITIES
Page 48 of 75
TRADE RECEIVABLES AGED LIST
31.12.25
Settled in
tDKK
2026
Not due
4.028
2.349
58%
Overdue by 0-30 days
4.330
5.191
120%
Overdue by 31-60 days
3.151
2.225
71%
Overdue by 61 -> days*
282
193
68%
TOTAL**
11.791
9.958
84%
*The total carrying amount has been settled by 84% by the reporting date in 2026.
ALLOWANCE FOR EXPECTED CREDIT LOSSES
2025
2024
tDKK
tDKK
Allowance 1. January
0
0
Provision during the year
-4.000
0
Allowance 31. December
-4.000
0
NOTE 16. SHARE CAPITAL AND EARNINGS PER SHARE
Page 49 of 75
2025
2024
THE SHARE CAPITAL COMPRISES
Number of
Nominal
Number of
Nominal
shares
value
shares
value
Ordinary shares (fully paid) 13.828.971
1.382.897
9.504.952
950.495
CHANGES
IN SHARE
CAPITAL
2025
2024
Opening balance
950.495
935.470
Capital increase
432.402
15.025
TOTAL
1.382.897
950.495
All shares are fully paid, and no shares carry any special rights.
DIVIDEND
2025
2024
Total dividend paid out for the year
0
0
Total dividend proposed for the year
0
0
TOTAL
0
0
EARNINGS PER SHARE
2025
2024
Basic earnings per share
Basic earnings per share attributable to
the ordinary equity holders
-2,22
-1,48
Diluted earnings per share
Diluted earnings per share attributable to
the ordinary equity holders
-2,18
-1,48
Reconciliation of earnings used in calculating
earnings per share
Profit for the year as presented in the income
statement
-30.658
-14.032
Weighted average number of ordinary shares used as
the denominator in calculating basis earnings per share
13.828.971
9.504.952
Weighted average number of ordinary shares used as
the denominator in calculating diluted earnings per share
14.093.971
9.773.952
NOTE 17. OTHER PROVISION
Page 50 of 75
2025
2024
tDKK
tDKK
Warranty obligation*
1.050
583
Expected loss on contract asset
0
274
TOTAL
1.050
857
*Provisions are recognized for warranty costs on products sold at the time of sale. The provision rate reflects
the actual historical cost level and is calculated at 0.75% of total revenue. In light of lower revenue during the
period, management has adjusted the rate from 1.4% previously year to 0.75% of total revenue for current
sales, amounting to tDKK 300.
Besides the normal provision, the company have decided to make an additional reserve of tDKK 750 to the
Novo Energy (now Volvo Technologies) case, which is still pending.
NOTE 18. CREDIT INSTITUTIONS
2025
tDKK
2024
tDKK
Debt to credit institutions
321
379
TOTAL 321 379
The carrying amount is equivalent to the fair value of the liabilities.
NOTE 19. CAPITAL MANAGEMENT
The Group manages its capital with the aim to ensure that it will be able to continue as a going concern and
continue to fund its growth and development, while maximizing the return to shareholders through respon-
sible optimization of the capital structure. A solid capital base from cash injection in late Q4 2025, allows the
Group to continue the strategic focus on offering and selling our products and technology on a global scale
combined with planned investments in the growth of the Group.
NOTE 20. FINANCIAL RISK MANAGEMENT
As a result of its operations, financing and investments, the group is exposed to financial risks, including cur-
rency-/ interest-/ raw material-/ liquidity-/ credit risks as well as the risk of financial instruments, which can af-
fect the group's results, assets, liabilities, and equity. The following describes these risks, how they arise, the
group's policy for managing the risks and the potential consequences for the Group. The group's risks are
managed centrally in the group's finance function. The financial management thus focuses solely on mana-
ging the financial risks that are a direct consequence of the group's operations and financing.
NOTE 20. FINANCIAL RISK MANAGEMENT
CONTINUED
Page 51 of 75
MARKET RISK
FOREIGN EXCHANGE RISK
Being a global company with revenue streams on all 6 continents and subsidiaries in US, Sweden and a head-
quarter base in Denmark, foreign exchange risk in an inevitable part of our business.
The Group's foreign exchange risk is a result of fluctuations in exchange prices between invoiced currencies
of income combined with the currencies of raw materials, components, production materials and personnel
cost. The group primarily invoices in EUR and in USD and in very rare occasions we have invoiced customers
in North America in CAD. Binding prices on machines, equipment or services in EUR, USD and CAD are hedged
by added premiums based on historical volatility calculations.
Based in Denmark, most fixed costs are settled in DKK, which is why DKK has been chosen as the Group's pri-
mary functional currency. For our Swedish subsidiary fixed costs are settled in SEK, and for our US subsidiary
fixed costs are settled in USD.
As the majority of the variable production cost is invoiced in EUR and USD, which matches our inflow in same
currencies, the major part of the foreign exchange risk is settled towards revenue stream. The Group's primary
exposure is therefore the fluctuations in EUR vs. DKK and in USD vs. DKK. Due to the fixed DKK/EUR exchange
rate policy, the exposure to EUR is therefore considered immaterial. The foreign exchange risk of DKK vs. USD
is hedged by calculated premiums embedded in quoted prices and offers and is accordingly offset by currency
trading in currency risk management systems, executed through the company's financial partners.
Any variable cost in GBP is minimal, and if it occurs - it is hedged accordingly.
The company has internal expert competences in currency-/ trading, -hedge and currency risk management,
and have very advanced IT systems to execute, hedge and minimise foreign exchange risk in-house.
The group does not make speculative currency trading and does not have lines for leveraged currency trading.
INTEREST RATES
The Group has neither short-term nor long-term debt and therefore has no interest-bearing debt. Thus, it is
only the derived effect on society and the desire to invest globally where changed interest levels have a ma-
croeconomic impact on the Group's sales. As the Group does not incur debt, there is no hedging of interest
rate risk apart from normal liquidity netting of operating flow.
CREDIT RISK
As a result of the Group's operations and credit granted to customers, the Group is exposed to credit risk. The
Group's policy for assuming credit risks means that all major customers and other business partners are credit
rated prior to contract and thereafter on an ongoing basis. The Group utilizes credit insurance through one
of the world's largest credit insurers to mitigate potential losses on individual customers or business partners.
A specific allowance was recognized this year due to the unique financial difficulties of a single debtor. This ex-
ceptional case does not reflect the Group's broader trade receivable base or historical loss patterns. Excluding
this instance, expected credit losses remain immaterial and consistent with prior years.
In addition, the credit risk on bank deposits is considered low, as the Group's counterparties are banks with high
credit ratings (minimum A-grade). It is the Group's policy only to invest its cash deposits with such highly rated
financial institutions.
NOTE 20. FINANCIAL RISK MANAGEMENT
CONTINUED
Page 52 of 75
LIQUIDITY RISK
It is the Group's policy to maintain a sound capital structure that supports long-term profitable growth. In the be-
ginning of 2026 the Group's previously unutilized credit facility was replaced by a prepayment guarantee facility.
This transition reflects the Group's operational focus on securing large-scale contracts where customers provide
prepayments. The guarantee facility serves as a commercial tool to support these activities rather than a liquidity
reserve. Consequently, the Group's primary liquidity now comprises cash and cash equivalents.
CONTRACTIAL
MATURITIES
OF
FINANCIAL
LIABILITIES
2025
tDKK
<
1 year
1-5 years
> 5 years
Total
contractual
cashflow
Carrying
amount
Other payables*
1.965
0
261
2.225
2.225
Trade Payables
4.957
0
4.957
4.957
Lease liabilities
1.946
3.949
5.895
5.895
Credit institutions
321
0
321
321
TOTAL
9.189
3.949
261
13.398
13.398
*The amount tDKK 261 consists of frozen holiday pay including interest.
Total
2024
tDKK
<
1 year
1-5 years
> 5 years
contractual
cashflow
Carrying
amount
Other payables*
4.965
0
290
5.255
5.255
Trade Payables
3.800
0
3.800
3.800
Lease liabilities
2.217
7.127
9.344
9.344
Credit institutions
379
0
379
379
TOTAL
11.361
7.127
290
18.778
18.778
*The amount 290.116 DKK consists of frozen holiday pay including interest.
Page 53 of 75
NOTE 21. CHANGES IN LIABILITIES FROM FINANCING ACTIVITIES
2025
tDKK
Credit
institutions
Lease
liabilities
Total
Debt 1. January 2025
379
8.432
8.811
Proceeds
-58
0
-58
Repayment
0
-2.354
-2.354
Cash flows
-58
-2.354
-2.412
New leases
0
0
0
Remeasurement on lease
0
-183
-183
Non cash flows
0
-183
-183
DEBT 31. DECEMBER 2025
321
5.895
6.216
2024
Credit
Lease
tDKK
institutions
liabilities
Total
Debt 1. January 2024
302
8.498
8.800
Proceeds
77
0
77
Repayment
0
-1.597
-1.597
Cash flows
77
-1.597
-1.520
New leases
0
1.925
1.925
Remeasurement on lease
0
-394
-394
Non cash flows
0
1.531
1.531
DEBT 31. DECEMBER 2024
379
8.432
8.811
Page 54 of 75
NOTE 22. BUSINESS COMBINATIONS
SUMMARY OF ACQUISITION
On 6 May 2024, the Group acquired 100% of the voting shares in Industrikonsult Skane AB. The Group is acqui-
ring the Swedish production company Industrikonsult, to ensure better control over the Group's supply chain
as Industrikonsult was one of the Group's most important sub-suppliers. The company was shortly after the
acquisition renamed to FOM Technologies AB.
Details of the purchase consideration, the net assets acquired, and goodwill are as follows:
Purchase consideration:
Cash paid
Equity issue
Settlement of pre-existing relationship
Total purchase consideration
Net outflow of cash - investing activities
Cash paid
Less cash acquired
Settlement due to acquisition
Net inflow of cash - investing activities
The assets and liabilities recognised as a result of the acquisition are as follows:
Tdkk
1.192
2.580
-124
3.648
-1.192
1.701
509
92
Property, plant and equipment
Inventories
Work in progress
Trade receivables
Other assets
Cash and cash equivalents
Deferred tax liabilities
Trade payables
Income tax liabilities
Prepayments
Other liabilities
30
712
2.402
251
239
1.701
-470
-82
-365
-612
-479
Net identifiable assets acquired 3.327
Goodwill arising from the acquisition 321
Net assets acquired 3.648
The goodwill is attributable to the knowhow of the workforce and synergies between the Group and the acquired.
It will not be deductible for tax purposes.
NOTE 22. BUSINESS COMBINATIONS
CONTINUED
Page 55 of 75
SETTLEMENT OF PRE-EXISTING RELATIONSHIP
Industrikonsult has a trade receivable with a carrying amount of DKK 124,1 thousands related to FOM. This is
regarded as a pre-existing relationship that is effectively settled at the acquisition date and which reduces the
consideration paid. Both the recorded payable and the corresponding receivable approximates fair value, hence
no gain or loss is attributed to the settlement.
AQUIRED RECEIVABLES
The fair value of the acquired trade receivables, after settlement of pre-existing relationship, is tDKK 127. The
carrying amount of the trade receivables corresponds to the fair value.
REVENUE AND PROFIT CONTRIBUTION
The acquired business contributed revenues of DKK 634 thousands and net loss of tDKK 6.751 to the Group for
the period from 6 May 2024 to 31 December 2024.
If
the acquisition had occurred on 1 January 2024, consolida-
ted pro-forma revenue and net loss for the period ended 31 December 2024 would have been tDKK 3.468 and
tDKK 5.490 respectively.
SIGNIFICANT NON-CASH ACTIVITIES
During the period, a non-cash capital increase occurred due to the acquisition of Industrikonsult AB. The capital
increase had a value of tDKK 2.580 in total, with tDKK 11 recognized as share capital and tDKK 2.569 recognized
as share premium.
NOTE 23. RELATED PARTIES
Page 56 of 75
The following table sets out the group's principal subsidiaries at year end. Unless otherwise stated, they have
share capital solely of ordinary shares that are held directly by the group, and the proportion of ownership
interests held equals the voting rights held by the group. The country of incorporation or registration is also
their principal place of business.
2025
2024
2025
2024
Place of
Ownership interest held
Ownership interest held
Pricipal
Name of entity
business
by the group
by non controlling interest
activities
FOM Technologies AB
Sweden
100%
100%
0%
0%
Same as parent
FOM Technologies Inc.
USA
100%
100%
0%
0%
Same as parent
MLMC Therapeutics ApS
Denmark
51%
51%
49%
49%
Biotechnology R/D
The group is controlled by the following entities with ownership of more than 5%:
2025
2024
Place of
Ownership interest held
Ownership interest held
Name of entity
Type
business
by non controlling interest
by non controlling interest
FOMT Holding ApS
Ultimate
Denmark
15,51%
21,86%
Parent
company
Arbejdsmarkedets
Pricipal
Denmark
14,90%
13,74%
Till�gspension
shareholder
Holdingselskabet af 29/6 201O
Pricipal
shareholder
Denmark
11,24%
0,00%
Graham Bryce
Pricipal
Great Britain
8,14%
11,84%
shareholder
Coridats Capital ApS
Pricipal
Denmark
7,93%
10,84%
shareholder
NOTE 23. RELATED PARTIES
CONTINUED
Page 57 of 75
TRADING TRANSACTIONS
During the year, Group companies entered into the following transactions with related parties
Sale of goods Purchase of goods
Amounts owed by
related parties
Amounts owed to
related parties
NOTE 24. EVENTS AFTER THE REPORTING DATE
On Friday, February 20, 2026, the U.S. Supreme Court issued a landmark 6-3 ruling declaring that the US
administration's use of emergency powers to impose sweeping import tariffs was unconstitutional. The Court
held that the authority to levy such duties rests solely with Congress, effectively striking down the 15% tariff
framework previously applied to EU goods, including pharmaceuticals and semiconductors. While the ruling
creates a path for the recovery of past duties and offers temporary relief, the U.S. administration immediately
announced intent to pursue alternative legal avenues to maintain trade barriers. Given that the U.S. remains
a vital market for FOM, the legal stability of trade costs and the potential for tariff refunds are still critical fac-
tors for the company's commercial outlook.
NOTE 25. ASSETS CHARGED AS SECURITY
Group pledge: tDKK 1.000 in the Group inventory, debtors, intangible assets has been deposited as security
for account with credit institution. The value of the assets charged as per 31 December is mDKK 33.
2025
2024
2025
2024
2025
2024
2025
2024
FOM Technologies A/S
8.849
4.321
6.483
3.849
11.203
5.383
235
471
FOM Technologies AB
6.483
3.849
0
471
1.088
FOM Technologies Inc.
8.849
4.321
9.753
5.042
MLMC Therapeutics ApS
362
341
Page 58 of 75
PARENT INCOME STATEMENT
Note
2025
tDKK
2024
tDKK
4
Revenue from operating activities
34.052
42.579
5
Revenue from grant projects
2.470
7.393
TOTAL INCOME
36.522
49.972
Costs of goods sold
-13.657
-19.230
Cost for grant projects
-6.027
-9.417
Marketing
-5.814
-4.922
Other external expenses
-10.176
-8.275
GROSS PROFIT
848
8.128
6-7
Staff costs
-18.502
-20.119
PROFIT/LOSS BEFORE INTEREST, DEPRECIATIONS AND TAX
-17.653
-11.991
8
Amortisation, depreciation and impairment
-3.162
-2.822
OPERATING PROFIT
-20.815
-14.813
9
Financial income
427
1.809
10
Financial expenses
-1.654
-768
PROFIT/LOSS BEFORE TAX
-22.041
-13.772
11
Tax on profit/loss for the year
0
0
11
Deferred tax
0
2.963
PROFIT/LOSS FOR THE PERIOD
-22.041
-10.809
DISTRIBUTION OF PROFIT/LOSS
2025
2024
tDKK
tDKK
Proposed dividends for the financial year
0
0
Retained earning
-22.041
-10.809
TOTAL
-22.041
-10.809
PARENT STATEMENT OF FINANCIAL POSITION
Page 59 of 75
BALANCE
AS
PER
31.12.2025
31.12.2024
Note
tDKK
tDKK
Software licenses
148
293
Patents
187
148
Development projects completed
2.623
668
Development projects in progress
498
1.127
12
INTANGIBLE ASSETS
3.456
2.236
Equipment
3.491
348
Other fixtures and leasehold improvements
731
1.123
13
MATERIAL ASSETS
4.222
1.471
Land and buildings
4.498
6.124
14
RIGHT OF USE ASSETS
4.498
6.124
Investment in group entreprises
4.243
4.243
Deposits
1.003
990
15
FINANCIAL ASSETS
5.246
5.233
11
Deferred income tax asset
2.327
2.327
TOTAL NON-CURRENT ASSETS
19.749
17.391
Raw
materials
4.075
7.029
Work-in-progress
0
506
Finished goods
12.948
10.885
INVENTORIES
17.022
18.420
15
Trade receivables
8.189
5.419
Trade receivables from group enterprises
9.026
4.384
Other receivables from group enterprises
2.177
2.292
4
Contract work in progress
0
3.009
Other receivables
948
3.845
Prepayments
502
1.226
Cash
24.022
34.201
TOTAL CURRENT ASSETS
61.886
72.796
TOTAL ASSETS
81.635
90.187
PARENT STATEMENT OF FINANCIAL POSITION
continued
Page 60 of 75
BALANCE
AS PER
31.12.2025
31.12.2024
Note
tDKK
tDKK
16
Share capital
1.383
950
Retained earnings
59.590
60.240
Other capital reserve
1.808
4.078
Reserve for development projects
2.434
1.400
EQUITY
65.215
66.668
Other payables
261
290
17,20
Other provisions
1.050
583
20
Deferred income
1.403
14
Lease debt
3.368
4.985
NON-CURRENT
LIABILITIES
6.082
5.858
18
Other credit institutions
128
236
Trade payables
4.019
3.315
Other payables to group enterprises
0
496
Other payables
909
4.371
Other provisions
0
274
14
Lease debt
1.297
1.619
20
Deferred income
2.224
2.434
Prepayments
1.761
4.916
CURRENT
LIABILITIES
10.338
17.661
LIABILITIES
16.420
23.519
TOTAL
EQUITY AND
LIABILITIES
81.635
90.187
PARENT STATEMENT OF CHANGES IN EQUITY
Page 61 of 75
Share
tDKK
Capital
Share
Premium
Retained
earnings
Reserve
for develop-
ment costs
Other
capital
reserve
Total
Equity
EQUITY AS PER 1 JANUARY 2025
950
0
60.240
1.400
4.078
66.668
Capital increase
433
21.063
21.496
Transfers
-21.063
21.063
0
Costs related to equit transactions
-1.199
-1.199
Share-based payments
292
292
Share-based payments
0
(Warrant expired)
2.562
-2.562
0
Development costs
-1.034
1.034
0
Transferred from distribution
0
of profit/loss
-22.041
-22.041
Correction adjustment
0
EQUITY AS PER 31 DECEMBER 2025
1.383
0
59.590
2.434
1.808
65.215
Reserve
Other
Share
Share
Retained
for develop-
capital
Total
tDKK
Capital
Premium
earnings
ment costs
reserve
Equity
EQUITY AS PER 1 JANUARY 2024
935
68.282
801
3.658
73.676
Capital increase
11
2.569
2.580
Transfers
-2.569
2.569
0
Costs related to equit transactions
0
0
Share-based payments
420
420
Share-based payments
0
(Warrant exercised)
4
796
800
Transfers
-796
796
Share-based payments
0
(Warrant expired)
0
0
Development costs
-599
599
0
Transferred from distribution
0
of profit/loss
-10.809
-10.809
Correction adjustment
EQUITY AS PER 31 DECEMBER 2024
950
0
60.240
1.400
4.078
66.668
PARENT STATEMENT OF CASHFLOW
Page 62 of 75
Note
2025
tDKK
2024
tDKK
Profit/loss before financial items and tax (EBIT)
-20.815
-14.814
Depreciation and amortization
3.162
2.822
Sharebased payments
292
420
Change in inventories
1.398
-1.794
Change in receivables
-666
3.983
Change in trade payables
-5.534
-693
CASH
FLOWS
FROM
PRIMARY
ACTIVITIES
-22.164
-10.076
Financial income
427
1.810
Financial expenses
-1.654
-768
Income taxes paid/received
0
0
CASH
FLOW
FROM
OPERATION
ACTIVITIES
-23.390
-9.034
12
Acquisition of intangible assets
-2.429
-1.334
13
Acquisition of property, plant and equipment
-3.300
-447
22
Acqusition of fixed asset investments
0
-4.202
Acqusition of foreign subsidiary net of cash acquired
0
-6
CASH
FLOW
FROM
INVESTING
ACTIVITIES
-5.729
-5.989
Proceeds from capital increase
21.788
800
Proceeds from capital increase from business combinations
0
2.746
Costs incurred during changes of contributed capital
-1.199
-166
21
Other credit institutions
108
22
21
Repayment on leases
-1.756
-1.500
CASH
FLOW
FROM
FINANCING
ACTIVITIES
18.940
1.902
Currency adjustments
0
0
NET
CASH
FLOW
FOR
THE
PERIOD
-10.179
-13.121
2025
2024
tDKK
tDKK
Cash and cash quivalents beginning of the year
34.201
47.322
Net cash flow for the period
-10.179
-13.121
TOTAL CASH
AND CASH
EQUIVALENTS
BY END OF
PERIOD
24.022
34.201
PARENT NOTES
Page 63 of 75
1
Accounting policies in the Parent's Seperate Financial Statement
2
Investments in subsidiaries
3
Contingent liabilities and other contractual obligations
4
Revenue from operating activities
5
Revenue from Grant projects (Please refer to Group Note 5)
6
Staff costs
7
Share-based payments (Please refer to Group Note 7)
8
Amortisation, depreciation and impairment
9
Financial income
10
Financial expenses
11
Tax for the year
12
Intangible Assets
13
Property, Plant and Equipment
14
Right-of-use assets
15
Financial assets and liabilities
16
Share capital & Earnings per share (Please refer to Group Note 16
17
Other Provisions
18
Credit institutions
19
Capital management (Please refer to Group Note 19)
20
Financial risk management (Please refer to Group Note 20)
21
Changes in liabilities arising from financing activities
22
Security
23
Related parties (Please refer to Group Note 23)
24
Events after the reporting date (Please refer to Group Note 24)
Page 64 of 75
NOTE 1. ACCOUNTING POLICIES IN THE PARENT'S SEPARATE FINANCIAL STATEMENTS
The accounting policies for the Parent are the same as for the Group in the consolidated financial
statements with the following exception:
Investments in subsidiaries
Dividends on investments in subsidiaries
Investments in subsidiaries are measured at cost. Cost is the value of the costs incurred in acquiring
or creating the asset, comprising the consideration paid to acquire or create the asset plus transaction
costs. Investments accounted for at cost are not subsequently remeasured. Such investments are
measured in the separate financial statements at the original cost of the investment until the invest-
ment is de-recognised or impaired. Indications of impairment of investments in subsidiaries are asses-
sed annually by Management. Dividends on investments in subsidiaries are recognised in the income
statement of the Parent in the financial year in which the dividend is declared.
EQUITY
Reserve for development costs
The reserve for development costs comprises recognised development costs less related deferred tax
tax liabilities. The reserve cannot be used as dividend or for covering losses. The reserve is reduced or
dissolved if the recognised development costs are amortised or abandoned. This is done by direct
transfer to the distributable reserves of the equity.
NOTE 2. INVESTMENTS IN SUBSIDIARIES
2025
tDKK
2024
tDKK
1. January
4.243
41
Additions
0
4.202
Disposals
0
0
31. December
4.243
4.243
It is Management's assessment that no indications of impairment existed at 31 December 2025.
Impairment tests have therefore not been carried out for subsidiaries.
NOTE 3. CONTINGENT LIABILITIES AND OTHER CONTRACTUAL OBLIGATIONS
FOM Technologies A/S is the administration company and subject to the Danish rules on mandatory
joint taxation of the Group. FOM Technologies A/S accordingly pays all income taxes to the tax autho-
rities under the joint taxation scheme. Danish subsidiaries are included in the joint taxation from the
date when they are included in the consolidated financial statements and up to the date when they
are excluded from the consolidation. The jointly taxed Danish companies are taxed under the on-ac-
count tax scheme.
Page 65 of 75
NOTE 3. CONTINGENT LIABILITIES AND OTHER CONTRACTUAL OBLIGATIONS CONTINUED
On payment of joint taxation contributions, the current Danish income tax is allocated between the
Danish jointly taxed companies in proportion to their taxable income.
In addition, tax on profit/loss and deferred tax are calculated and recognised as described in note 11
in the consolidated financial statements.
NOTE 4. REVENUE FROM OPERATING ACTIVITIES
The Group derives revenue from the transfer of goods and services over time and at a point in time
in the following revenue categories:
2025
tDKK
2024
tDKK
Revenue
recognized
Machines
22.202
21.676
at a point in time:
Machine options
8.318
14.044
Additional
products
1.525
695
TOTAL
32.044
36.415
Revenue
recognized
Machines
0
3.009
over
time
Services & other
2.008
3.155
TOTAL
2.008
6.164
TOTAL REVENUE
34.052
42.579
The revenue category Machines comprise the sales of machinery and equipment which is the main
part of the Company's business. The category Additional products comprise the sales of additional products
and components as well as optional solutions for the machinery and equipment sold. The category
Services
&
other comprise installation services, support, and service-type warranties.
The Company's customer contracts may comprise multiple deliverables such as machinery, equipment,
support, training, installation services and service-type warranties. These deliverables represent se-
parate performance obligations and are accounted as such. The transaction price is always fixed and
comprise no variable consideration. The transaction price is allocated between the performance
obligations based on their standalone selling prices.
NOTE 4. REVENUE FROM OPERATING ACTIVITIES
CONTINUED
Page 66 of 75
Revenue related to services is recognized over time. This is because the customer simultaneously
receives and consumes the benefits provided by the Company as the Company performs. In recog-
nizing revenue, Management applies an input method such as cost incurred, or labour hours expen-
ded. Management has determined that these methods of measuring progress most appropriately
reflect the Company's transfer of control of the promised services to the customer. Revenue related
to service-type warranties are recognized over the warranty period on a straight-line basis.
For the purposes of recognizing revenue related to machinery and equipment, the Company separa-
tes its customer contracts into two categories:
Sale of standardized machinery and equipment
Sale of customized machinery and equipment
During 2025, revenue recognized relating to the contract work in progress liability balance at the beginning
of the period amounted to tDKK 684 (2024: tDKK 1,304). All of the Group's customer contracts are short-term,
with durations of one year or less. In accordance with IFRS 15, paragraph 121, the transaction price alloca-
ted to unsatisfied contracts is not disclosed, as the effect of doing so would be immaterial given the short
duration of the contracts.
2025
tDKK
2024
tDKK
Contract work in progress
0
3.009
On account payment
0
0
TOTAL
0
3.009
Contract work in progress classification in the annual report
2025
tDKK
2024
tDKK
Contract assets (Work in progress)
0
3.009
Contract liabilities (Current liability)
0
0
TOTAL
0
3.009
The decrease in contract work in progress is mainly due to the completion of two projects from previous year.
NOTE 5. REVENUE FROM GRANT PROJECTS
Please refer to Group Note 5
NOTE 6. STAFF COSTS
STAFF COSTS
2025
tDKK
2024
tDKK
Page 67 of 75
Wages and salaries
-15.578
-16.058
Share-based payments
-292
-420
Pensions
-2.111
-2.478
Social security costs
-137
-262
Other staff costs
-383
-901
TOTAL STAFF COSTS
-18.502
-20.119
AVERAGE NUMBER OF EMPLOYEES
KEY MANAGEMENT REMUNERATION*
2025
2024
tDKK
tDKK
Wages and salaries
-4.704
-6.876
Share-based payments
240
-419
Pensions
-359
-481
Social security costs
-20
-14
TOTAL STAFF COSTS
-4.844
-7.790
AVERAGE NUMBER OF EMPLOYEES
9
9
*Comprises of the Board of Directors, Executive Board and Senior Management
BOARD OF DIRECTORS AND EXECUTIVE BOARD
2025
2024
REMUNERATION
tDKK
tDKK
Wages and salaries
-1.170
-3.483
Share-based payments
140
-170
Pensions
-114
-240
Social security costs
-4
-5
TOTAL STAFF COSTS
-1.148
-3.898
AVERAGE NUMBER OF EMPLOYEES
5
6
NOTE 7. SHARE-BASED PAYMENTS
Please refer to Group Note 7
NOTE 8. AMORTISATION, DEPRECIATION AND IMPAIRMENT
2025
tDKK
2024
tDKK
Page 68 of 75
Depreciation on right of use assets
-1.738
-1.738
Amortisation on Intangible assets
-923
-547
Depreciation on Other fixtures
-501
-537
TOTAL AMORTISATION, DEPRECIATION AND IMPAIRMENT
-3.162
-
2.822
NOTE 9. FINANCIAL INCOME
2025
2024
tDKK
tDKK
Interest income
322
813
Other financial income
0
9
Exchange rate adjustments
106
988
TOTAL FINANCIAL INCOME
427
1.810
NOTE 10. FINANCIAL EXPENSES
2025
2024
tDKK
tDKK
Interest expenses
-475
-482
Other financial expenses
0
-211
Net Exchange rate adjustments
-1.179
-75
TOTAL FINANCIAL EXPENSES
-1.654
-768
NOTE 11. TAX FOR THE YEAR
2025
tDKK
2024
tDKK
Page 69 of 75
Adjustment of tax in previous years
Adjustment of deferred tax
TOTALTAXFORTHEYEAR
0 0
0 2.963
0 2.963
CALCULATION OF EFFECTIVE TAX RATE
2025
2024
tDKK
tDKK
Profit before tax
-22.041
-13.772
Tax using the Danish tax rate 22
%
4.904
3.030
Non tax-deductible expenses
-68
-97
Tax-exempt income and tax incentives
41
30
Not recognized tax losses
Utilization of tax losses, not previously recognized
-4.877
Total income tax recognized in income statement
0
2.963
EFFECTIVE TAX RATE
0%
-
22%
DEFERRED TAX
2025 2024
tDKK
tDKK
Operation equipment
-1.583
-1.442
Software
-16
-41
Acquired trademarks
-4
-6
Leasehold improvements
-105
-6
Development projects
-687
-395
Current assets
-2.726
Liabilities
1.462
1.540
Tax losses, carried forward
3.259
5.402
TOTAL DEFERRED TAX
2.326
2.326
NOTE 12. INTANGIBLE ASSETS
Page 70 of 75
Software
tDKK licenses
Patents
Development
projects
completed
Development
projects
in progress
Total
1. January 2025
706
276
1.653
1.126
3.761
Additions in the period
0
102
1.614
713
2.429
Transfers
1.057
-1.057
0
Disposals in the period
-284
-284
31. December 2025
706
378
4.324
498
5.906
Amortisations and impairment
1. January 2025
413
129
985
0
1.527
Amortisations in the period
145
62
716
0
923
Disposals in the period
0
0
0
0
Amortisations and impairment
31. December 2025
558
191
1.701
0
2.450
Carrying
amount
31. December 2025
148
187
2.623
498
3.456
Development
Development
Software
projects
projects
tDKK licenses
Patents
completed
in progress
Total
1. January 2024
546
217
1.380
284
2.427
Additions in the period
160
59
273
842
1.334
Transfers
0
Disposals in the period
0
31. December 2024
706
276
1.653
1.126
3.761
Amortisations and impairment
1. January 2024
265
76
637
0
978
Amortisations in the period
148
52
348
0
548
Disposals in the period
0
0
0
0
0
Amortisations and impairment
31. December 2024
413
128
985
0
1.526
Carrying
amount
31. December 2024
293
148
668
1.126
2.235
NOTE 13. PROPERTY, PLANT AND EQUIPMENT
Page 71 of 75
Leasehold
improve- Other
tDKK ments fixtures Equipment Total
1. January 2025
221
1.753
437
2.411
Additions in the period
3.300
3.300
Transfers
1.006
-912
-94
0
Disposals in the period
-47
-47
31. December 2025
1.227
794
3.643
5.664
Amortisations and impairment
1. January 2025
62
790
89
941
Amortisations in the period
249
214
85
548
Transfers
351
-329
-22
0
Disposals in the period
-47
-47
Amortisations and impairment
31. December 2025
662
628
152
1.442
Carrying amount
31. December 2025
565
166
3.491
4.222
Leasehold
improve-
Other
Plant and
tDKK ments
fixtures
equipment
Total
1. January 2024
221
1.743
0
1.964
Additions in the period
0
10
437
447
Disposals in the period
0
31. December 2024
221
1.753
437
2.411
Amortisations and impairment
1. January 2024
18
386
0
404
Amortisations in the period
44
404
89
537
Disposals in the period
0
0
0
0
Amortisations and impairment
31. December 2024
62
790
89
941
Carrying amount
31. December 2024
159
963
348
1.470
NOTE 14. RIGHT-OF-USE ASSETS
Page 72 of 75
2025 2024
LAND AND BUILDINGS
tDKK tDKK
1. January 2025
9.166
9.560
Additions in the period
0
0
Remeasurement
112
-394
Disposals in the period
0
0
31. December
9.278
9.166
Amortisations and impairment 1. January
-3.042
-1.304
Amortisations in the period
-1.738
-1.738
Disposals in the period
0
0
Amortisations and impairment 31. December
-4.780
-3.042
Carrying amount 31. December
4.498
6.124
Amounts recognised in the statement of financial position:
Current lease liabilities
1.297
1.619
Non-current lease liabilities
3.368
4.985
31. December
4.665
6.604
Amounts recognised in the statement of profit or loss:
Depreciation right-of-use assets
-1.738
-1.738
Total depreciation charge of right-of-use assets
-1.738
-1.738
Interest expense (included in financial expenses)
-384
-477
Repayment of lease liability
-1.639
-1.500
Expenses related to short term leases
-145
-180
Total cash outflow related to leases
-2.168
-2.157
THE GROUPS LEASING ACTIVITIES AND HOW THEY ARE ACCOUNTED FOR:
During the first half year 2023, the Company entered into two lease agreements, involving leasing of office
premises and parking spots. The average lease maturity is 4.5 years.
The lease payments are discounted using the interest rate implicit in the lease.
If
that rate cannot be readily
determined, which is generally the case for leases in the Company, the lessee's incremental borrowing rate is
used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain
an asset of similar value to the rightof-use asset in a similar economic environment with similar terms, security,
and conditions.
If
a readily observable amortising loan rate is available to the individual lessee (through recent financing or
market data) which has a similar payment profile to the lease, then the Company uses that rate as a starting
point to determine the incremental borrowing rate.
The Company is exposed to potential future increases in variable lease payments based on an index or rate,
which are not included in the lease liability until they take effect. When adjustments to lease payment based
on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
NOTE 14. RIGHT-OF-USE ASSETS
CONTINUED
Page 73 of 75
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets
are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a
lease term of 12 months or less.
The company has a short-term lease agreement for parking spots that are adjacent to the leasehold property
and external storage.
NOTE 15. FINANCIAL ASSETS AND LIABILITIES
FINANCIAL ASSETS AT AMORTIZED COST
Trade receivables
Other receivables*
Deposits
Cash and cash equivalents
TOTAL
FINANCIAL LIABILITIES AT AMORTIZED COST
2025
2024
tDKK
tDKK
8.189 5.419
948
3.845
1.003
990
24.022 34.201
34.163
44.455
Trade payables
Debt to credit institutions
Lease liabilities
Other payables
4.019
128
4.665
909
3.315
236
6.604
4.661
TOTAL
9.721
14.816
*The carrying amounts are assessed as equivalent to the fair value of the assets and liabilities.
TRADE RECEIVABLES
2025
tDKK
2024
tDKK
Trade receivables*
12.189
5.420
Write downs
-4.000
0
TOTAL
8.189
5.420
*The carrying amounts are equivalent to the fair value of the assets.
TRADE RECEIVABLES AGED LIST
31.12.25
tDKK
Settled in
2026
Not due
3.488
2.280
65%
Overdue by 0-30 days
3.815
4.853
127%
Overdue by 31-60 days
712
663
93%
Overdue by 61 -> days*
198
142
72%
TOTAL**
8.213
7.938
97%
*The total carrying amount has been settled by 97% by the reporting date in 2026.
Page 74 of 75
NOTE 15. FINANCIAL ASSETS AND LIABILITIES
CONTINUED
ALLOWANCE
FOR
EXPECTED
CREDIT
LOSSES
2025
2024
tDKK
tDKK
Allowance 1. January
0
0
Provision during the year
-4.000
0
Allowance 31. December
-4.000
0
NOTE 16. SHARE CAPITAL AND EARNINGS PER SHARE
Please refer to Group Note 16
NOTE 17. OTHER PROVISION
Please refer to Group Note 17
NOTE 18. CREDIT INSTITUTIONS
2025
tDKK
2024
tDKK
Debt to credit institutions
128
236
TOTAL
128
236
The debt to credit institutions is tDKK xx higher compared to 2024.
NOTE 19. CAPITAL MANAGEMENT
Please refer to Group Note 19
NOTE 20. FINANCIAL RISI< MANAGEMENT
Please refer to Group Note 20
Page 75 of 75
NOTE 21. CHANGES IN LIABILITIES FROM FINANCING ACTIVITIES
DEBT
Credit
Lease
tDKK
institutions
liabilities
Total
1. January 2025
235
6.604
6.839
Proceeds
-108
-108
Repayment
-1.756
-1.756
Cash flows
-108
-1.756
-1.864
New leases
Remeasurement on lease
0
-183
-183
Non cash flows
0
-183
-183
31. December 2025
127
4.665
4.792
Credit
Lease
tDKK
institutions
liabilities
Total
1. January 2024
213
8.498
8.711
Proceeds
22
22
Repayment
-1.500
-1.500
Cash flows
22
-1.500
-1.478
New leases
0
0
0
Remeasurement on lease
0
-394
-394
Non cash flows
0
-394
-394
31. December 2024
235
6.604
6.839
NOTE 22. SECURITY
The parent company has pledged a guarantee for the credit account of the subsidiary MLMC Therapeutics
ApS for the amount of 200 t.DKK.
NOTE 23. RELATED PARTIES
Please refer to Group Note 23
NOTE 24. EVENTS AFTER THE REPORTING DATE
Please refer to Group Note 24