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ChromoGenics (CHRO) investor relations material
ChromoGenics Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Focused on cost reduction, quality, and customer-centric development during H1 2024, with continued operational improvements and staff reductions of about 30%.
Received first North American order and expanded into new European markets, despite a challenging construction sector.
Färna Invest AB made a public buyout offer, now controlling nearly 88% of shares, providing financial stability and long-term support.
Swedish Energy Agency converted SEK 47.6 million in conditional loans to grants, significantly improving the financial position.
Financial highlights
Net sales for Q2 2024 were SEK 1.5 million, down from SEK 3.7 million in Q2 2023; H1 2024 net sales were SEK 4.3 million, down from SEK 9.5 million year-over-year.
Q2 2024 net income was SEK 22.5 million, a turnaround from a loss of SEK -11.9 million in Q2 2023, mainly due to the loan-to-grant conversion.
EBITDA for Q2 2024 was SEK 25.3 million, compared to SEK -10.2 million in Q2 2023.
Cash and cash equivalents at period end were SEK 4.7 million, compared to SEK 5.7 million a year earlier.
Equity at June 30, 2024, was SEK 67.8 million, up from SEK 51 million at June 30, 2023.
Outlook and guidance
Path to profitability requires further investment in organization, commercial activities, and working capital, especially amid a deep construction sector recession.
Additional capital contributions are expected to be needed in the next 12 months, despite a SEK 30 million capital adequacy guarantee from Färna Invest AB.
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