Absolicon (ABSL) Q2 2024 earnings summary

Executive summary

• Achieved net sales of 1,156 KSEK in Q2 2024, up from 557 KSEK year-over-year, driven by increased consulting, service, and solar field sales, while contract manufacturing declined.

• Operating income improved to 1,264 KSEK from -26,393 KSEK, reflecting cost reductions, project completions, and a 7.7 MSEK retroactive research tax credit.

• Net result for the quarter was 1,326 KSEK, a significant turnaround from -26,383 KSEK in Q2 2023.

• Cash flow from operations reached 4,398 KSEK, up from -15,171 KSEK, with liquidity at 12,324 KSEK at period end.

• Focus remains on expanding consulting, production line sales, and solar heat installations, with ongoing international projects and partnerships.

Financial highlights

• Net sales for Q2 2024: 1,156 KSEK (Q2 2023: 557 KSEK); H1 2024: 3,141 KSEK (H1 2023: 987 KSEK).

• Operating income (EBIT) Q2 2024: 1,264 KSEK (Q2 2023: -26,393 KSEK); H1 2024: -6,678 KSEK (H1 2023: -40,942 KSEK).

• EBITDA Q2 2024: 2,069 KSEK (Q2 2023: -13,807 KSEK).

• Net result Q2 2024: 1,326 KSEK (Q2 2023: -26,383 KSEK); EPS: 0.23 SEK (Q2 2023: -6.91 SEK).

• Cash flow from operations Q2 2024: 4,398 KSEK (Q2 2023: -15,171 KSEK); liquidity at period end: 12,324 KSEK.

Outlook and guidance

• Focus on operational goals and expanding consulting services; no new financial targets set.

• Ongoing international projects with production line agreements in Egypt, Canada, Zimbabwe, and Australia; several LOIs under discussion.

• EU regulatory changes and carbon pricing expected to drive industrial demand for solar heat solutions.