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StocksMedium•7 November 2026•
4 min read

Hexicon Reports Equity of SEK 880,736,557 and Puts Continuation or Liquidation to a Vote

Key Facts

1Hexicon’s balance sheet reported equity of SEK 880,736,557, against registered share capital of SEK 3,638,026.86.
2The board called an extraordinary general meeting on November 25, 2026, to vote on whether the company should continue or be liquidated.
3KPMG AB declined to express an opinion on the balance sheet because of uncertainty over funding and insufficient audit evidence for an adjustment to the revaluation of fixed financial assets.
4If shareholders choose to continue operations, another meeting to consider liquidation must be held within 8 months.

Hexicon AB’s board prepared and signed a balance sheet for liquidation purposes on November 6, 2026, with a financial date of August 31, 2026, and the company’s auditor reviewed it. The balance sheet showed shareholders’ equity of SEK 880,736,557, against registered share capital of SEK 3,638,026.86. The company said equity was at least half of registered share capital. But the figures did not settle whether the company could continue operations, as its auditor, KPMG AB, declined to express an opinion on the balance sheet. These reservations put funding and asset valuation at the center of the decision to be put to shareholders.

Hexicon said KPMG was unable to express an opinion on the balance sheet amid uncertainty over whether a funding solution could be reached. The auditor also cited insufficient audit evidence concerning the accounting treatment of an adjustment to the revaluation of fixed financial assets. This means the published equity figures did not prevent the auditor from raising reservations about elements that affect the assessment of the financial position. Alongside the valuation issue, the company faces material uncertainty over securing the funding needed to continue operations. In its notice, the company gave no assurance that funding or proposed liquidity measures had been secured.

The company called an extraordinary general meeting for November 25, 2026, the first meeting for liquidation purposes, for shareholders to decide whether Hexicon should continue operating or enter liquidation. The board put continuing operations forward as its first choice, saying it saw a realistic path to keep operating. Liquidation was the board’s second proposal, making continuation its stated position ahead of the shareholder vote. The meeting is being called while the funding needed to run the company remains uncertain. The order of the proposals reflects the board’s preference to continue operations, while presenting liquidation as a formal alternative for a vote.

To support continued operations, Hexicon identified options including short-term financing and liquidity inflows, alongside strict payment prioritization and potential cost reductions. The board said these measures were being considered to address near-term needs, but did not say they had been secured. Uncertainty over operational funding remains, according to the company’s meeting notice. Securing these resources is central to the continuation option recommended by the board. Shareholders will therefore vote on continuing operations under a plan that includes liquidity measures and spending cuts, rather than funding that is already confirmed.

If shareholders approve the company’s continuation, another general meeting must be called to reconsider liquidation within 8 months of the first meeting. This would follow the preparation of a new balance sheet for liquidation purposes and its review by the auditor. The procedure sets a later date to reassess the company’s position even if liquidation is not approved at the upcoming meeting. If the liquidation proposal is approved, however, the decision takes effect only when the Swedish Companies Registration Office appoints a liquidator. In that scenario, the board advised shareholders, as a precaution, not to expect proceeds from an asset distribution.

Hexicon describes itself as an early-stage project developer and provider of floating wind power technology, with its patented TwinWind design. The company operates in markets across Europe, Africa and Asia, according to its description in the statement. Its plans in the sector face a difficult backdrop after the Swedish government rejected an application for a permit for the Mareld offshore wind project in July. The company said the decision is final and cannot be appealed. When completed, the project was expected to generate up to 12 terawatt-hours of renewable electricity a year.

Previous financial results show pressure on revenue and operating cash flow. In the second quarter of 2026, net revenue was SEK 1.3 million, compared with SEK 5.2 million in the corresponding period of 2025, and the company posted an operating loss of SEK 12.5 million after an operating profit of SEK 52.8 million. Cash flow from operating activities turned negative at SEK 9.4 million, from positive SEK 11.0 million a year earlier. For the first half of 2026, the company recorded net revenue of SEK 2.1 million, compared with SEK 10.8 million, and an operating loss of SEK 28.6 million, after an operating profit of SEK 32.6 million in the corresponding period. Profit before tax was SEK 21.1 million, compared with a pre-tax loss of SEK 57.9 million, while operating cash flow reached negative SEK 22.1 million, compared with negative SEK 2.4 million.