Interim report
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1 Q2-2026 Interim Report January -June 2026 Highlights during the second quarter • The Company received SEK 9.1 million in proceeds from convertible loan agreements • The AGM resolved to convert the Company into a public company (publ) on June 30, 2026 • The AGM approved a 500:1 share split • The AGM approved a bonus issue Highlights after the end of the period • The Company received SEK 0.2 million in July 2026 under a convertible loan agreement entered in June 2026 • In July 2026, the Board resolved to implement TO 2026/2031:1, KPO 2026/2029:1 and a Call Option program
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2 Comments from Our CEO The world's demand for data transmission is growing rapidly, driven by developments in AI, satellite communications, and 5G and future 6G networks. At the same time, today's semiconductor technologies are approaching their physical limits, making it increasingly difficult to meet future requirements for capacity, performance, and energy efficiency. As a result, the need for new technological solutions is significant. NordAmps has developed a patented semiconductor technology that addresses this challenge. Rooted in research conducted at Lund University, the Company is building a platform for next-generation communication solutions that enable faster data transmission, lower power consumption, and cost-efficient high-volume manufacturing. NordAmps’ commercial ambition is clear: to develop and market integrated circuits for next-generation communication systems. Our patented transistor architecture constitutes the technological platform that enables these products. As the technology gains commercial adoption, NordAmps has the opportunity to establish a position in several large and rapidly growing markets where demand for high-performance communication solutions continues to increase. We believe this development creates substantial opportunities for companies capable of combining high performance, energy efficiency, and scalable production. During the second quarter, we took several important steps toward transforming this potential into commercial reality. We continued to strengthen our technological position, advanced the industrialization of our manufacturing process, deepened discussions with prospective customers, and carried out key preparations for the planned listing on Nasdaq First North Growth Market. Continued Progress in Technology Development During the quarter, we continued the development of our semiconductor technology and completed an additional generation of prototypes with improved performance compared to previous versions. These results reinforce our confidence in the competitiveness of the technology and represent another important milestone on the path toward commercial products. The positive development confirms that our technology has the potential to meet the increasing performance, energy efficiency, and data capacity requirements of future communication systems. Industrialization for Future Volume Manufacturing In parallel with technology development, we continued our collaboration with VTT regarding the industrialization of the manufacturing process. This partnership forms a central part of our strategy to establish a scalable and commercially viable production platform. The ability to combine high technical performance with cost-efficient production at larger volumes is one of the most important drivers of NordAmps’ long-term commercial potential.
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3 During the quarter, we therefore continued to prioritize activities that strengthen the foundation for future manufacturing and delivery capabilities. Commercial Development and Customer Engagement Throughout the quarter, we continued our discussions with potential customers across multiple market segments. Interest in our technology remains strong, and we continue to receive confirmation of the growing demand for solutions that can deliver high performance while keeping power consumption and overall system costs low. Our simulation platform enables customers to evaluate the potential of the technology within their own applications, generating valuable insights and strengthening the prospects for future commercial collaborations. At the same time, we continue to expand our market presence and build relationships with stakeholders in the segments where demand for next-generation semiconductor solutions is expected to be strongest. Preparations for Listing and the Next Phase of Development During the quarter, we also implemented the organizational efficiency measures that were decided earlier this year. The objective is to ensure that the company's resources remain focused on the activities that most effectively accelerate technology development, industrialization, and commercialization. At the same time, significant resources have been dedicated to preparations for the planned listing on Nasdaq First North Growth Market. The planned capital raise is intended to provide NordAmps with the resources required to accelerate commercialization, further develop its product portfolio, strengthen customer engagement efforts, and continue building a scalable manufacturing model together with our industrial partners. Outlook We are now entering a pivotal phase in the company's development. Going forward, our focus will be on continuing the industrialization of the technology, deepening customer engagement, and taking the next steps toward commercial products. Based on the progress achieved during the first half of the year and the market interest we are experiencing, we are confident in our ability to create long-term value for customers, partners, and shareholders. Jan Andersson, CEO of NordAmps AB
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4 Financial Information Key Figures¹ (KSEK) 2026 Q2 2025 Q2 2026 H1 2025 H1 2025 Full year Net sales – – – – 0 EBITDA -2,777 -2,867 -5,846 -5,803 -9,120 Cash and cash equivalents 7,166 3,386 7,166 3,386 3,360 Cash flow 5,868 -1,680 3,807 -5,361 -5,387 Average number of outstanding shares during the period² 6,455,000 5,361,923 6,455,000 5,191,889 5,832,096 Earnings per share (SEK) -0.44 -0,60 -0.93 -1.19 -1.72 ¹Key figure definitions described later in page 17 ²Recalculated in accordance with split 500:1
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5 This is NordAmps High Performance. Built to Scale NordAmps designs, manufactures, and sells the new generation of high-performance circuits. Built to make future communication systems faster, more energy-efficient and more compact than available today. At the core is a patented semiconductor technology that solves a problem the industry has struggled with for years: how to deliver extreme performance and high-volume production at the same time. NordAmps solves this through a unique integration technology – growing nanowires vertically on a silicon wafer, separating the material challenges at the interface from the active part of the component. The result is high-quality III–V material on silicon, without the defects that have historically made this impossible – and circuits manufacturable at the scale the market demands. A New Benchmark for High-Frequency Performance Smaller Antenna Allows for more compact equipment and easier installation and deployment. Lower Power Reduces energy consumption and heat dissipation, lowering operating cost. Higher Data Rates Enables faster transmission of voice, video, and data across communication systems.
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6 Technology the Future Demands The demand for wireless data keeps increasing – approximately 30% per year for mobile communications and 50% per year for satellite. AI is accelerating this further, requiring vast amounts of data to move rapidly across processors, servers, and data centres at a global scale. Meeting these demands means utilizing increasingly higher frequencies — and higher frequencies expose exactly where today's semiconductor technology falls short. Silicon-based technologies are cost-efficient but provide limited performance at high frequencies. Compound semiconductor technologies that utilize III-V materials perform well but can't be produced at scale. For decades, the industry has had to choose one or the other. NordAmps eliminates that trade-off. Our vertical nanowire transistor technology integrates high-performance materials on standard silicon wafers. Combining the performance of compound semiconductor technology with the scalability of silicon. Every circuit is developed closely with the customer, designed to exact specifications and needs, built for seamless integration into their systems.
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7 Satellite Communication Satellite systems are moving to higher frequencies to support increased data rates and capacity. These higher frequencies place strict demands on RF circuit performance – low noise, high gain, and efficiency. NordAmps circuits are well suited to these requirements, operating effectively at elevated frequencies while remaining compatible with scalable production. Defence Systems Radar, electronic warfare, and secure communications require robust, high-frequency RF circuits that operate reliably under demanding conditions. NordAmps transistor technology can meet these stringent requirements, supporting next-generation defence capabilities. Telecom Infrastructure As networks evolve toward 5G and 6G, the need for RF circuits that handle higher frequencies, wider bandwidths, and greater data throughput continues to grow. NordAmps circuits support these needs while enabling the cost-efficient scaling essential for broad deployment. Built for Today, Ready for What Comes Next By combining high-frequency performance with scalability, NordAmps provides a foundation for both current and future demands – across established markets and emerging ones.
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8 Future Markets Quantum Computing Certain quantum devices and their control electronics require semiconductor materials with exceptional properties. NordAmps' ability to integrate high-performance III–V materials on a scalable substrate will provide opportunities in this emerging field. Optical Communication High-speed circuits are critical in optical networks handling increasing data rates – driven by the rapid growth of data centres and the escalating demands of AI infrastructure. NordAmps transistor technology has the potential to support next-generation optical systems built to meet these demanding requirements.
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9 Financial Comments Scope of the Report This interim report presents NordAmps AB's financial performance for the period January 1 – June 30, 2026. Comparative figures in parentheses refer to the corresponding period in 2025. Unless otherwise stated, all amounts are presented in thousands of Swedish kronor (KSEK). Revenue and Earnings NordAmps did not generate any net sales during the second quarter or the first six months of 2026, as the Company remains in the product development and commercialization phase. Capitalized development expenditure amounted to SEK 133K (801K) during the second quarter and SEK 296K (1,640K) for the period January–June. Other operating income amounted to SEK 0 (8K) for the quarter and SEK 7K (21K) for the first six months, primarily relating to foreign exchange effects. Operating expenses amounted to SEK 2,911K (3,676K) during the second quarter and SEK 6,148K (7,464K) for the period January–June. Compared with the corresponding period last year, operating expenses decreased, primarily reflecting lower personnel costs and reduced external expenses. Operating loss amounted to SEK 2,777K (2,867K) for the quarter and SEK 5,846K (5,803K) for the period January–June. Loss before tax amounted to SEK 2,854K (3,221K) for the quarter and SEK 5,999K (6,158K) for the first six months of the year. Investments Investments consisted primarily of capitalized development expenditure related to the Company's patented vertical nanowire transistor technology. During the second quarter, investments in intangible assets amounted to SEK 133K (801K) and SEK 296K (1,640K) for the period January–June. NordAmps applies the capitalization model for internally generated intangible assets in accordance with the K3 accounting framework. Development expenditure is capitalized when the recognition criteria are met and subsequently amortized over the estimated useful life of the asset. As of 30 June 2026, intangible assets amounted to SEK 13,212K (8,539K). Cash Flow Cash flow from operating activities before changes in working capital amounted to SEK - 2,854K (-3,221K) during the second quarter. Total cash flow for the quarter amounted to SEK 5,868K (-1,680K), primarily reflecting proceeds from convertible loan agreements. During the
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10 first half of 2026, the Company raised SEK 10.6 million through convertible loan agreements, of which SEK 9.1 million was received during the second quarter. As of 30 June 2026, total proceeds from convertible loan agreements amounted to SEK 18.7 million. The convertible loan agreements are classified as equity, as the terms include mandatory conversion into shares. Financial Position As of 30 June 2026, equity amounted to SEK 14,843K (6,376K) and the equity ratio was 71% (52%). Cash and cash equivalents amounted to SEK 7,166K (3,386K) at the end of the period. Interest-bearing liabilities amounted to SEK 3,850K (1,974K). The strengthened financial position compared with the corresponding period last year primarily reflects the convertible loan financing completed during the period.
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11 Other Information The Company NordAmps AB is a Swedish public limited company (publ) with corporate registration number 559093-1928. The Company was founded in 2017 and is headquartered in Lund, Sweden. NordAmps develops next-generation semiconductor technology based on patented vertical nanowire transistor technology originating from research at Lund University. Accounting Principles This interim report has been prepared in accordance with the Swedish Annual Accounts Act and BFNAR 2012:1 Annual Report and Consolidated Accounts (K3). The accounting principles applied are consistent with those described in the Annual Report for 2025. Unless otherwise stated, all amounts are presented in thousands of Swedish kronor (KSEK). Due to rounding, individual figures may not sum exactly to the totals presented. Transactions with Related Parties During the reporting period, the Company purchased CFO services from More than Finance in Sweden AB and advisory services from NYN Consulting AB, a company controlled by the Chairman of the Board. Certain related parties also participated in the Company’s convertible loan financing. All related-party transactions were conducted on market terms. Risk and Uncertainties NordAmps operates in a technology-intensive industry and is exposed to risks related to product development, commercialization, financing, intellectual property rights and market developments. No material changes to the Company's risk profile occurred during the reporting period. Estimates and Judgments The preparation of this interim report requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. These estimates are based on historical experience and other factors considered reasonable under the prevailing circumstances. Actual outcomes may differ from these estimates. The most significant estimates relate primarily to the capitalization and valuation of internally generated intangible assets. Going Concern The Board of Directors continuously evaluates the Company's liquidity and financing requirements. The Company's current business plan includes continued financing activities and preparations for the planned listing process. Based on the current business plan, available financing and the Company's planned financing activities, the Board considers the Company to have adequate resources to continue its operations for the foreseeable future.
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12 Auditor’s Review This interim report has not been reviewed by the Company's auditor. Financial Calendar Date Content 2026-11-12 Interim Report Q3 2026 2027-03-04 Year End-report 2026 2027-04-28 Annual Report 2026 2027-05-12 Interim Report Q1 2027 2027-05-19 Annual General Meeting 2027 2027-08-12 Interim Report Q2 2027 2027-11-11 Interim Report Q3 2027 Additional Information For additional information, please contact: Jan Andersson, CEO Phone: +46-10 660 07 60 Mail: jan.andersson@nordamps.com
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13 The Board of Directors and the Chief Executive Officer certify that this interim report gives a true and fair view of the Company's operations, financial position and results of operations, and describes the significant risks and uncertainties facing the Company. Lund, September 4, 2026 Jan Johannesson Chairman of the Board Lars-Erik Wernerson Board Member Anders Berglund Board Member Anand Murphy Board Member Magnus Eriksson Board Member Jan Andersson CEO
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14 Financial Overview Income Statement Income Statement (KSEK) 2026 Q2 2025 Q2 2026 H1 2025 H1 2025 Full year Operating income Net sales – – – – 0 Capitalized development expenses 133 801 296 1,640 6,018 Other operating income 0 8 7 21 3,037 Total operating income 133 808 303 1,661 9,055 Operating expenses Other external costs -1,257 -1,417 -2,593 -2,636 -9,210 Personnel cost -1,653 -2,256 -3,554 -4,825 -8,948 Depreciation and impairment of tangible and intangible fixed assets – – – – – Other operating expenses -1 -3 -1 -3 -17 Total operating expenses -2,911 -3,676 -6,148 -7,464 -18,175 EBITDA -2,777 -2,867 -5,846 -5,803 -9,120 Result from financial items Other interest income and similar items 0 0 0 – 8 Interest expenses and similar profit and loss items -77 -353 -154 -355 -936 EBT -2,854 -3,221 -5,999 -6,158 -10,048 Income tax - - - - - Profit/loss for the period -2,854 -3,221 -5,999 -6,158 -10,048 Earnings per share (SEK) Earnings per share before and after dilution¹ -0.44 -0.60 -0.93 -1.19 -1.72 Average number of shares before and after dilution 6,455,000 5,361,923 6,455,000 5,191,889 5,832,096 1 Recalculated in accordance with the 500:1 split
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15 Balance Sheet Balance Sheet (KSEK) 2026 June 30 2025 June 30 2025 Dec 31 Assets Intangible fixed assets Note 1 13,212 8,539 12,916 Tangible fixed assets – – – Customer receivables – – – Other receivables 413 396 555 Cash and cash equivalents 7,166 3,386 3,360 Total Assets 20,792 12,321 16,831 Equity and liabilities Equity 14,843 6,376 10,644 Non-current interest-bearing liabilities 3,300 1,974 3,300 Current interest-bearing liabilities 550 0 600 Accounts payable 658 602 556 Other liabilities 1,441 3,368 1,731 Total equity and liabilities 20,792 12,321 16,831 Changes in Equity (KSEK) 2026 Q2 2025 Q2 2026 H1 2025 H1 2025 Full year Balance at the beginning of the period 8,999 9,178 10,644 11,740 11,740 Profit/loss for the period -2,854 -3,221 -5,999 -6,158 -10,048 Transactions with shareholders 8,698 419 10,198 794 8,952 Balance at the end of the period 14,843 6,376 14,843 6,376 10,644
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16 Cash Flow Cash Flow (KSEK) 2026 Q2 2025 Q2 2026 H1 2025 H1 2025 Full year Cash flow from operating activities Operating profit/loss -2,777 -2,867 -5,846 -5,803 -9,120 Adjustments for items not included in cash flow 0 0 0 0 0 Interest paid/received -77 -353 -153 -355 -928 Tax paid – – – – – Cash flow from operating activities before changes in working capital -2,854 -3,221 -5,999 -6,158 -10,048 Changes in working capital 158 -51 -46 -193 -2,035 Cash flow from operating activities -2,697 -3,272 -6,045 -6,350 -12,083 Cash flow from investment activities -133 -801 -296 -1,640 -6,017 Cash flow from financing activities 8,698 2,393 10,148 2,630 12,714 Cash flow for the period 5,868 -1,680 3,807 -5,361 -5,387 Cash and cash equivalents at the beginning of the period 1,298 5,065 3,360 8,746 8,746 Cash and cash equivalents at end of period 7,166 3,386 7,166 3,386 3,360 Notes Notes Note 1 2026 Q2 2025 Q2 2026 H1 2025 H1 2025 Full year Capitalized expenditure on development work and similar works Opening balance 13,079 7,738 12,916 6,899 6,899 Additions 133 801 296 1,640 6,017 Depreciation and impairment - - - - - Closing accumulated cost 13,212 8,539 13,212 8,539 12,916
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17 Key Financial Indicators EBITDA Operating profit/loss before Interest, Taxes, Depreciation and Amortization. Average number of shares Weighted average number of shares outstanding during the reporting period. Earnings per share Profit or loss for the period divided by the weighted average number of shares outstanding.
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18 Share Capital and Ownership Structure Share and Share Capital As of 30 June 2026, the registered share capital amounted to SEK 500,000, divided into 6,455,000 outstanding shares. Following the Annual General Meeting on 30 June 2026, the Company resolved on a 500:1 share split, a bonus issue and the conversion of the Company into a public limited company (publ). The changes were registered with the Swedish Companies Registration Office after the end of the reporting period. The average number of shares presented in this interim report has been adjusted retrospectively to reflect the share split. Stock Option and Employee Stock Option Programs As of 30 June 2026, the Company had no outstanding warrant, call option or employee stock option programs. After the end of the period, the Company implemented the incentive programs presented below. Name Purpose Earliest redemption date Final due date Redemption price* (SEK) Outstanding options No of new shares in case of full subscription* Dilution in case of full subscription TO 2026/2031:1 Incentive 2031-04-15 2031-07-15 8.67832 714 357,000 5.24% Call Options 2026 Incentive 2026-07-15 2031-07-15 8.67832 650 0 0.00% KPO 2026/2029:1 Incentive 2029-11-01 2029-12-31 Quota value at exercise 720 360,000 5.28% 717,000 10.00% *Recalculated following share split 500:1
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19 Ownership Structure Largest Owners as of June 30, 2026 Name (private/company) Total Shares % of Capital % of Votes SVP NordAmps Kommanditbolag 1,448,000 22.43% 22.43% Lars-Erik Wernersson AB 1,048,000 16.24% 16.24% Almi Invest Syd AB 913,000 14.14% 14.14% LU Ventures AB 782,500 12.12% 12.12% Butterfly Venture Fund IV Ky 494,500 7.66% 7.66% Erik Lind 335,500 5.20% 5.20% LT Advisory Group Aktiebolag 250,000 3.87% 3.87% Katalize LLC 150,500 2.33% 2.33% BVF Venture Fund IV AB 131,500 2.04% 2.04% Adam Jönsson 125,000 1.94% 1.94% Other shareholders 776,500 12.03% 12.03% Total 6,455,000 100.0% 100.0%
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20 Glossary Wording Explanation III-V materials Semiconductor materials made from elements in groups III and V of the periodic table, such as GaAs, InP and InGaAs. These materials often have strong electrical properties for high-frequency applications. 5G The fifth generation of mobile network technology, designed to provide higher data speeds, lower latency and increased network capacity compared with previous generations. 6G The expected sixth generation of mobile network technology, currently under development, intended to enable even higher frequencies, faster data transmission and more advanced communication services. Compound semiconductor A semiconductor material made from two or more elements, such as GaAs or InP, often used in high-performance and high-frequency applications. RF Radio Frequency. Electromagnetic frequencies used for radio-based communication, radar and wireless systems. RF circuit A component used to transmit, receive, amplify, filter or process radio frequency signals. VTT VTT Technical Research Centre of Finland Ltd.
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21 NordAmps AB Org no 559093-1928 Scheelevägen 15, Ideon Alfa 4 223 63 Lund Sweden Phone +46 10 660 07 60 contact@nordamps.com www.nordamps.com