Aqua Bio Technology (ABTEC) H2 2023 earnings summary

Executive summary

• Achieved highest revenue since 2017, driven by strategic acquisitions and expanded distribution in the Nordic region.

• Acquired Skinteam Norge AS and Coverbrands AS, strengthening B2B and B2C channels.

• US patent granted for Chaga ingredient in cosmetics, valid until 2037.

• Continued focus on consolidating the fragmented Nordic skincare distribution market.

Financial highlights

• Revenue increased to NOK 18.7 million in 2023 from NOK 7.2 million in 2022.

• EBITDA improved to NOK -12.1 million from NOK -14.7 million year-over-year.

• Net loss widened to NOK -21.0 million compared to NOK -18.8 million in 2022.

• Cash position at year-end was NOK 4.8 million, up from NOK 1.8 million.

• Equity ratio rose to 36.1% from 2.8% year-over-year.

Outlook and guidance

• Expects synergy realization from recent acquisitions to drive significant growth in 2024.

• Focus on optimizing operations and product portfolio for organic growth.

• Plans to pursue further acquisitions and expand market share in the Nordic region.

• Ordinary operating expenses expected to decrease as company shifts from investment to sales phase.