Aqua Bio Technology (ABTEC) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached NOK 61.1 million, up from NOK 7.2 million year-over-year, driven by acquisitions and expanded distribution.

• EBITDA for H1 2024 was negative NOK 9.2 million, compared to positive NOK 8.4 million in H1 2023; net loss after tax was NOK 18.8 million versus a profit of NOK 4.7 million last year.

• Multiple acquisitions completed, including Jetcarrier AS, 3D Innovation Nordic AS, and Ovalen AS, supporting a consolidation strategy in the Nordic cosmetics market.

• Successful private placement completed; company to begin quarterly reporting due to increased activity.

Financial highlights

• Gross margin for H1 2024 was NOK 25.6 million, with cost of goods sold at NOK 35.4 million, both significantly higher than prior year.

• Operating expenses (excluding COGS) rose to NOK 31.8 million from NOK 10.7 million year-over-year.

• Cash position at period end was NOK 5.3 million, up from NOK 4.8 million at the start of the year.

• Equity ratio improved to 39.1% at June 30, 2024, from 11.5% a year earlier.

Outlook and guidance

• Consolidation strategy expected to continue, with further acquisitions likely in the near term.

• Projected consolidated revenue to exceed NOK 250 million on a rolling 12-month basis from August 2024.

• Focus on extracting synergies from recent acquisitions and expanding into new Nordic and international markets.