Bioextrax (BIOEX) Q2 2024 earnings summary

Executive summary

• Focus on commercializing bioplastics (PHA), protein, and microfibers from feathers using proprietary biotech processes; key driver is replacing conventional plastics to reduce microplastics in nature and health risks.

• Signed a binding letter of intent with a global top-3 chemical company for exclusive use of PHA in Home & Personal care, aiming for product launch in 2026.

• Entered a global licensing agreement with Chematur Engineering for PHBV technology; Chematur to market and license globally.

• Completed a rights issue raising SEK 9.4 million before costs, increasing share capital and number of shares.

Financial highlights

• Q2 2024 net sales SEK 170k (543k), operating loss SEK -4,812k (-5,543k), EPS SEK -0.15 (-0.22).

• H1 2024 net sales SEK 170k (971k), operating loss SEK -9,701k (-9,763k), EPS SEK -0.31 (-0.38).

• Cash flow for Q2 SEK 4,428k (-5,601k); H1 SEK -1,299k (-12,986k).

• Cash and cash equivalents at June 30, 2024: SEK 12,100k (14,546k).

• Equity at June 30, 2024: SEK 19,789k (22,232k); equity per share SEK 0.56 (0.87).

Outlook and guidance

• Board assesses liquidity as sufficient for the next 12 months following the rights issue; goal is to sign one or more commercial license agreements to achieve positive cash flow.

• If successful, the recent rights issue is expected to be the last capital raise needed under current plans.