Irisity AB (“Irisity” or “the Company”) announced, on the 20th of November, the outcome of the fully guaranteed rights issue of 217,157,616 shares, corresponding to gross proceeds of approx. SEK 26.1m before issue costs and set-offs. The rights issue was subscribed to a total of 92.5%, of which 86.2% was subscribed through subscription rights and an additional 6.3% without rights. The remaining 7.5% will be allocated to the guarantor, Stockhorn Capital AB. The total set-off amounts to approx. SEK 16.2m, resulting in net cash proceeds of roughly SEK 9.9m before transaction costs (estimated at approx. SEK 0.5m).
Analyst Group’s View of the Outcome
Ahead of the subscription period, approx. 49.6% of the rights issue was already secured through commitments from current shareholders. Stockhorn subscribed for its full pro-rata share (36.6%), while board members, management, and existing shareholders added SEK 3.4m in commitments (13% of the offering).
This strong pre-commitment level provided a solid anchor for the transaction and reflects continued confidence from both major and long-term shareholders. With 86.2% subscribed through rights, roughly 37% of the total offering came from other existing shareholders, highlighting broad shareholder engagement. Additionally, 6.3% of the issue was subscribed without rights, indicating incremental interest beyond the core shareholder base.
As previously communicated, net cash proceeds (excl. set-offs) were expected at SEK 3–16m depending on the subscription outcome. In this context, the resulting ~SEK 10m in net cash (before transaction costs) represents a solid outcome and supports the Company’s ongoing streamlining efforts.
With a cash position of SEK 1.6m at the end of Q3-25, combined with net cash proceeds of approx. SEK 9.4m from the rights issue, the adjusted cash position would amount to roughly SEK 10.9m, all else equal. Looking ahead, several factors support a reduced burn rate. Most importantly, the ongoing streamlining program, targeting SEK 40m in annual savings vs. Q2-25, is expected to gradually lower the OPEX base. Moreover, Irisity reported SEK 34.9m in invoicing during Q3-25, while collections amounted to SEK 19.9m, indicating that deferred payments should positively contribute to working capital in coming quarters. While we expect the operating burn rate to improve, we cannot fully rule out the possibility that additional financing may be needed until Irisity reaches cash flow breakeven.
On the debt side, the set-offs of approx. SEK 16.2m will reduce the outstanding loan from Stockhorn from around SEK 23m to roughly SEK 7m. It is also important to note that the remaining portion of the short-term loan from Stockhorn, including accrued amounts not set off in the rights issue, is scheduled for repayment in December 2026, providing the Company with additional financial headroom in the near term.
Overall, the completed rights issue results in a meaningfully healthier balance sheet than before. Combined with the Company’s initiatives to streamline the cost base and improve the invoice-to-cash cycle, we believe Irisity is taking tangible steps in the right direction.
In summary, Analyst Group believes that the solid subscription levels, both including and excluding pre-commitments, demonstrate strong underlying support from the existing shareholder base. Together with the reduced debt position following the set-offs, the improved cash balance, and the Company’s planned measures to enhance collections and lower the OPEX-base, the outcome materially strengthens Irisity’s near-term financial profile and supports the execution of the Company’s ongoing transformation plan.
