Axolot Solutions (AXOLOT) Q4 2024 earnings summary

Executive summary

• 2024 marked a strategic transformation, highlighted by a major partnership with Mellifiq and a record order for a large AxoPur® plant at Aspa Bruk, valued at over 80 Mkr, with Axolot's share estimated at 11 Mkr in direct revenues, mainly in 2025.

• Axolot divested its subsidiary to Mellifiq, acquiring a 19% stake in Mellifiq and focusing on a capital-light, partner-driven international expansion model.

• Two fully subscribed share issues raised 24.4 Mkr before costs, supporting investment in Mellifiq and international growth.

• The company expects future earnings primarily from reactor sales, royalties, and dividends from partner companies.

Financial highlights

• Full-year 2024 operating income was 2,980 tkr (2023: 1,652 tkr), with Q4 external revenue of 256 tkr.

• Operating result for 2024 was -5,818 tkr (2023: -3,072 tkr), with Q4 at -3,470 tkr, impacted by one-time legal costs and resource transfers.

• Net result for 2024 was -18,008 tkr (2023: -12,868 tkr), including a -12,250 tkr write-down of subsidiary shares.

• Cash and cash equivalents at year-end were 7,282 tkr (2023: 14,866 tkr), with a negative cash flow from operations and investments of -16,374 tkr.

• No dividend proposed for 2024.

Outlook and guidance

• 2025 revenues are expected to be driven by reactor sales and royalties, with the Aspa Bruk project and new orders in Chile and Stockholm as key growth drivers.

• The company aims to establish 2–3 new international partnerships in 2025, focusing on markets with strong environmental regulation and water scarcity.

• Expansion will be gradual, matching organizational capacity and market potential.