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TECO 2030 (TECO) investor relations material

TECO 2030 H1 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2024 earnings summary20 Sep, 2024

Executive summary

  • Focused on accelerating maritime industry's transition to net-zero with hydrogen fuel cell technology for ships and heavy-duty applications.

  • Achieved full system validation and performance data collection at AVL's facility, exceeding expectations.

  • Streamlined operations, reducing headcount from 52 to 40 to ease liquidity pressures and improve efficiency.

  • Secured new partnerships and investments, including a USD 4 million commitment from Advait Infratech in India.

  • Facing delayed political decisions impacting investor interest and regulatory clarity for green projects.

Financial highlights

  • Revenue for H1 2024 was NOK 0.8 million, down from NOK 8.1 million in H1 2023.

  • EBITDA was negative NOK 39.6 million, compared to negative NOK 37.7 million in H1 2023.

  • Total loss for the period was NOK 117.4 million, up from NOK 56.5 million in H1 2023, mainly due to a NOK 60.6 million loss from convertible bond conversion.

  • Net cash flow from operating activities improved to NOK -19.4 million from NOK -34.8 million in H1 2023.

  • Cash and cash equivalents at period end were NOK 2.8 million.

Outlook and guidance

  • Ongoing discussions with investors and stakeholders to secure additional funding in the coming months.

  • Preparing for industrialization and mass deployment of fuel cell systems, with pilot projects underway.

  • Aiming to close one or more private placements during the remainder of the year.

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Frequently asked questions

TECO 2030 is a pioneering engineering and equipment development company focused on facilitating the maritime industry's transition to a greener and cleaner environment. TECO 2030's product portfolio also encompasses solutions for reducing maritime emissions, such as exhaust gas cleaning and carbon capture systems for ships, aiming to make heavy-duty maritime and other applications emissions-free. The company operates within key areas including Hydrogen Fuel Cells, Carbon Capture & Storage, and Ballast Water Treatment Systems. The company is headquartered in Lysaker, Norway, and its shares are listed on the Oslo Stock Exchange.

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