Heliospectra : Interim Report Jan-Mar 2022

Heliospectra AB (publ)

2022

INTERIM REPORT JAN-MAR

CEO COMMENT

Dear Heliospectra AB (publ) Shareholder,

During the first quarter of the year, our complete focus has been on our new strategic direction. I have gone over our organization and our offering these past months and ong- oing development projects have been reviewed and vetted out to fit our new wireless and data-driven offering. This to strengthen our position as a system supplier within Smart Farming as quickly as possible.

Now, the number one priority for the whole organization is to finalize our development projects, including updating the new version of helioCORE™, welcoming a new application fixture to the MITRA family, and launching our new wireless connection solution - Adelphi. Aldelphi is specially desig- ned for demanding greenhouse environments and enables integrating our fixed spectrum solutions with helioCORE™ and sensors. When combined with our control software, this new wireless solution enables growers to control each individual fixture in a greenhouse or indoor facility, provi- ding significant energy savings for our customers while maintaining target light quantity and quality in large-scale operations.

The beginning of 2022 has been marked by great geopoli- tical unrest and economic uncertainty due to high energy prices and disruption in the worldwide supply chain, factors that continue to negatively affect the level of investments in lighting systems in the horticulture industry on short term. As a result, our order intake and net sales continues to ling- er well blow desired levels. But the need for energy saving solutions to produce high quality vegetables has never been so high. Heliospectra will be positioned very well totime to secure funding and liquidity in the long term. The credit facility shows that our main owners continue to have strong faith in Heliospectra, our offering and the strategic direction we have taken.

One of the first decisions I took when taking the position as CEO in January was to re-create our helioCARE™ team under the head of marketing. For us to succeed, it is cruci- al to put the customers at the center of everything we do, making sure our product and service offerings cater to their needs and bring actual value to our customers. The team is now working on developing crop frameworks with reliab- le solutions for different crops and growth environments. With our knowledge, we will help customers choose the right light spectrum for their specific conditions to maximi- ze yield and/or quality and to speed up the learning curve when growing with LED lights.

With our move towards the European greenhouse market, another focus of ours is to extend our network and build on fruitful partnerships with strategic companies within the industry to support our new data-driven, wireless offer. This will include expanding our reseller network in prioriti- zed markets to strengthen sales channels locally, as well as identifying key players to speed up development and know- ledge transfer.

I look forward to an exciting and crucial new year where ourdeliver the needed solution to our customers enabling them most important goal is to solidify our new strategic direc-to produce in a more sustainable way year-round and with more control per m2.

The combination of our current investments and low sales figures has resulted in a strained liquidity situation. To se- cure liquidity in the short term, Heliospectra's three maintion and continue our mission to redefine nature's potential. I believe by building on our heritage of Smart solutions, and credible reputation within the field, while focusing on the whole customer experience, Heliospectra will claim her po- sition as a leader in Smart Lighting.

owners, Weland Stål AB, Agartha AB, and Corespring New Bonny Heeren,Technology AB, have granted a credit facility that extends to the end of February 2023. This provides us and the Board

CEO Heliospectra AB

SIGNIFICANT EVENTS DURING THE YEAR

JANUARY -MAR

• • Heliospectra received a short-term loan of approximately SEK 17 million from the three main owners Weland Stål AB, Agartha AB (formerly ADMA Förvaltnings AB), and Corespring New Technology AB. The purpose of the loans is to strengthen the company's liquidity and working capital.

• • The board of directors of Heliospectra AB, agreed upon a directed issues of shares totalling approximately SEK 13.1 million, to three of the Company's main shareholders, i.e., Weland Stål AB, Agartha AB (formerly ADMA Förvaltnings AB), and Corespring New Technology AB. The issue funds have been paid by set-off of the remaining claims, in total approximately SEK 13.1, which the Main Owners had towards the Company.

• • Heliospectra AB announced a new order for a Canadian controlled environment specialist conducting an installation for a global seed producer. The order is for Heliospectra's controllable ELIXIA LED lighting solution, and the order value is $243,000 USD.

• • Heliospectra AB appointed Annika Westlund as new Chief Financial Officer (CFO). Annika will take up her new position in mid-May 2022 and report to the CEO.

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

• • Heliospectra enters into an agreement on a credit facility with the main owners Weland Stål AB, Agartha AB (former ADMA Förvaltnings AB) and Corespring New Technology AB. The purpose of the credit facility is to secure the Company's possible liquidity needs during the period up to and including the date of publication of the company's year-end report for the financial year 2022, when both the credit facility and any loans raised under it fall due.

FINANCIAL REPORT

JAN - MAR

TSEK	2022	2021
ORDER INTAKE	2,041	12,535
NET SALES	5,562	9,960
OPERATING RESULTS	-7,797	-7,302
RESULT BEFORE TAX	-7,797	-7,307

SALES AND FINANCIAL PERFORMANCE

Order intake during the period January to March amounted to SEK 2,041 (12,535) thousand.

Net sales during the period January to March amounted to SEK 5,562 (9,960) thousand and operating profit amount- ed to SEK -7,797 (-7,302) thousand, implying a negative operating margin (negative). Profit after tax was SEK -7,797 (7,307) thousand.

CASH FLOW, JANUARY - DECEMBER

Operating cash flow was SEK 3,131 (-7,448) thousand. Total cash flow was SEK -66 (-9,807) thousand. Cash equiva- lents at the end of the period were SEK 10,657 thousand.

To strengthen the company's liquidity, Heliospectra's three main owners Weland Stål AB, Agartha AB (formerly ADMA Förvaltnings AB) and Corespring New Technology AB have granted the company a credit facility that extends until the day of publication of the company's year-end report for the financial year 2022. The credit facility is not limited to its amount and can be called by the company if necessary. This will provide the company with stability in the coming months as the company's new strategy is rolled out.

SIGNIFICANT RISKS AND UNCERTAINTIES

For a comprehensive - but not complete - summary of risks, we refer to Heliospectra's 2020 Annual Reporthttps://www.heliospectra.com/investor-relations/reports-documents-archive.

FINANCIAL CALENDAR

ANNUAL REPORT 2021 4/28/2022

ANNUAL GENERAL MEETING 5/19/2022

HALF YEAR REPORT JAN - JUN 2022 8/22/2022

INTERIM REPORT JAN - SEP 2022 10/22/2022

All reports can be found on Heliospectra's website (see link below) from the date stated above,https://www.heliospectra.com/investor-relations/reports-documents-archive.

Gothenburg April 22, 2022,

/The Board