Aqua Bio Technology (ABTEC) H2 2024 earnings summary

Executive summary

• 2024 marked by major strategic acquisitions and significant financial challenges, including large losses and asset write-downs, especially in newly acquired subsidiaries.

• Jet Carrier AS contributed positively, while other acquisitions (3D Innovation Nordic, Ovalen, Coverbrands) underperformed, leading to major impairments.

• The group ended the year with negative equity and substantial liquidity needs, with continued uncertainty about ongoing operations.

• Auditor could not express an opinion on the consolidated accounts due to lack of documentation and internal control issues in key subsidiaries.

Financial highlights

• Revenue increased to NOK 107.2 million in 2024 from NOK 18.7 million in 2023, mainly due to acquisitions.

• EBITDA was NOK -313.9 million (2023: -12.1 million); operating loss was NOK -325.7 million (2023: -15.8 million).

• Net loss for the year was NOK -337.4 million, compared to NOK -21.0 million in 2023.

• Negative cash flow from operations of NOK -46.9 million (2023: -19.3 million).

• Equity ratio at year-end was -32.7% (2023: 36.1%); equity was negative NOK 81.7 million.

Outlook and guidance

• Focus shifts to consolidation, cost control, and profitability after a period of aggressive acquisitions.

• Board maintains a cautious but fundamentally positive outlook, contingent on successful restructuring and liquidity improvements.

• Ongoing review of problematic acquisitions and related-party transactions, with external legal and financial advisors engaged.