Arctic Blue Beverages (ARCTIC) Q3 2024 earnings summary

Executive summary

• Revenue for Jan–Sep 2024 was SEK 3,780 thousand, down from SEK 5,441 thousand year-over-year; Q3 revenue was SEK 1,110 thousand, nearly flat from Q3 2023.

• Net result for Jan–Sep 2024 was SEK -10,770 thousand, an improvement from SEK -14,691 thousand year-over-year; Q3 net result was SEK -3,277 thousand.

• Arctic Blue Beverages maintained market position despite a declining domestic market, supported by export growth and new product launches.

• Awarded Best Premium Gin Brand in Finland for the second consecutive year; expanded product portfolio with Arctic Blue Long Drink.

Financial highlights

• EBITDA for Jan–Sep 2024 was SEK -9,319 thousand, improved from SEK -11,879 thousand year-over-year; Q3 EBITDA was SEK -2,959 thousand.

• EBIT for Jan–Sep 2024 was SEK -10,474 thousand, up from SEK -13,591 thousand; Q3 EBIT was SEK -3,254 thousand.

• Cash and cash equivalents at period end were SEK 693 thousand.

• Equity ratio at period end was -58%, down from 44% a year earlier.

• Earnings per share (EPS) for Jan–Sep 2024 was -0.41 SEK; Q3 EPS was -0.13 SEK.

Outlook and guidance

• Company expects continued focus on strengthening equity and improving profitability.

• Ongoing sales and marketing initiatives are anticipated to position the company favorably as economic conditions improve.

• Arctic Blue Distillery opening delayed but expected in Q4 2024.