Exeger shares
Unlisted company
Exeger has developed the solar cell material Powerfoyle which, unlike conventional solar cells, can convert all forms of light into electrical energy, including indoor lighting. The material can be adapted in shape, colour and texture and is manufactured at the company's two own factories in Kista, Stockholm, the second of which is one of Europe's largest solar cell factories by production area.
Revenue
Revenue is generated through sales of the Powerfoyle solar cell material to product manufacturers that integrate the material into their products. The application areas include consumer electronics such as headphones and remote controls, digital shelf labels for retail, industrial sensors and defence and preparedness products. The customers are global manufacturers that integrate Powerfoyle into their own product lines.
Group and patents
The group consists of the parent company Exeger Sweden AB (publ) with the operating subsidiary Exeger Operations AB, which handles manufacturing, product development and customer relations. The company has a broad patent portfolio protecting the core technology.
Growth strategy
The growth strategy is organic and is based on the company working several application areas in parallel, from consumer electronics and digital shelf labels to defence and preparedness applications. The expansion is to be covered by the factories in Kista, which are designed in modular steps to increase production capacity in line with demand. The scale-up is financed through a combination of industrial partnerships, institutional loans and public research grants.
Technology and production
Patented solar cell technology (Powerfoyle) with a broad patent portfolio
Own factories in Kista with capacity for large-scale production
Research foundation with core technology awarded the European Inventor Award
The business model
The material is integrated into third-party manufacturers' products, not the company's own end products
Several application areas: consumer electronics, retail, defence and IoT
B2B model where the customers are global product manufacturers
Financial performance
Published 11 September 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2024-12-31
- 91MSEK
- Burn rate
- 30MSEK/mo
- Runway
- 3mo
- Equity ratio
- 28.2%
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|
| Net sales | 8.5(-36.5 %) | 13(+100.5 %) | 6.6(+11.3 %) | 6(+3,368 %) |
| Revenue growth | -36.5%(-137 pp) | 100.5%(+89.2 pp) | 11.3%(-3,356.7 pp) | 3,368%(+3,409.3 pp) |
| EBITDA | -263 | -284 | -255 | -227 |
| EBIT | -399 | -412 | -331 | -293 |
| Net income | -406 | -413 | -300 | -290 |
| Equity | 193(-54.9 %) | 428(-36.3 %) | 671(+62.4 %) | 413(-23.1 %) |
| Total liabilities | 492(+55.2 %) | 317 | – | – |
| Cash and bank | 91(+41.1 %) | 64(-77 %) | 280(+153.2 %) | 110(-55.8 %) |
| Operating cash flow | -366 | -281 | -295 | -227 |
| Equity ratio | 28.2%(-29.3 pp) | 57.4%(-11.5 pp) | 68.9%(+13.1 pp) | 55.8%(-28.4 pp) |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 59m | SEK 280m |
Questions about Exeger
Is Exeger listed on a stock exchange?
No, Exeger is a public limited company (publ) but is not listed on a stock exchange. The company has not carried out an IPO, so the share is not traded on a regulated exchange but on the unlisted market.
What does Exeger do?
Exeger is a Swedish research-intensive company that develops and manufactures the solar cell material Powerfoyle. The technology converts various forms of light into electrical energy and can be integrated into products within consumer electronics, industrial sensors and defence, among others.
Can I buy shares in Exeger?
Yes, it is possible to buy Exeger shares through trading in unlisted shares, provided there are sellers. Via Eqvor you can place a buy order and be matched with sellers on the unlisted market.
How do I sell shares in Exeger?
If you own shares in Exeger, you can place a sell order via Eqvor and be matched with buyers. After the transaction is completed, the shares are transferred according to the company's Euroclear-connected custody structure.
Is Exeger connected to Euroclear?
Yes, Exeger is connected to Euroclear. This means the shares are handled in the Swedish securities system and can be delivered to a custody account at any bank or securities firm after a completed transaction.
Can I hold Exeger shares at Avanza or Nordnet?
Yes, since Exeger is connected to Euroclear, the shares can normally be held in a custody account at Avanza or Nordnet, for example, provided the bank or online broker supports the custody of unlisted shares.
Does Exeger have pre-emption or right-of-first-refusal clauses?
No, Exeger does not have right-of-first-refusal or pre-emption clauses according to the company information. This means share transfers do not normally have to be offered to existing shareholders before being sold to an external buyer.
At what price is the Exeger share traded?
Since Exeger is not listed on a stock exchange, there is no official price on a regulated marketplace. The price is instead set by supply and demand between buyers and sellers on the unlisted market.
When will Exeger be listed on a stock exchange?
There is currently no publicly communicated timetable for a stock exchange listing of Exeger. We therefore do not know today when Exeger may be listed, or whether the company will carry out an IPO.
What are the risks of investing in Exeger?
Investing in Exeger involves risk, as do other investments in unlisted shares. The company's value development can be affected by commercialisation, production volumes, customer agreements, capital needs, technology development and demand for products with integrated solar cell technology. Trading in unlisted shares also normally involves lower liquidity than trading in exchange-traded shares.
Where can I find Exeger's annual report?
Exeger's annual report is available under Investor relations and Financial reports. There you will find the company's annual reports and other financial reports available for download.
Has Exeger carried out share issues?
Yes, Exeger has carried out capital raises and earlier share issues. Exeger's Capital raised is stated at SEK 2.1 billion, showing how much capital the company has raised through earlier financing.
How much capital has Exeger raised in total?
Exeger's Capital raised is stated at SEK 2.1 billion. An equity raise is the English term for raising capital; other common terms are funding round, financing or share issue.
Has Exeger reported a profit or a loss?
Exeger reports a negative result in the latest available information. Under Key figures, EBITDA is stated at TSEK −262,955 and net result at TSEK −406,437. The company's earnings trend is also shown in the Result per year chart.