Biofrigas (BIOF) Q2 2024 earnings summary

Executive summary

• Net sales reached KSEK 3,008 in Q2 2024, reflecting the first customer unit revenue; prior year was zero.

• Result after financial items was KSEK -3,087, down from -1,854 in Q2 2023, due to focus on market development, production, and capital raising.

• Significant activities included a letter of intent for a NOK 13M order, a guarantee from Almi Invest, and a rights issue.

• The company is nearing delivery of its first commercial plant and has seen a marked increase in customer inquiries and quotations.

Financial highlights

• Q2 2024 net sales: KSEK 3,008 (0); H1 2024 net sales: KSEK 3,008 (0).

• Q2 2024 result after financial items: KSEK -3,087 (-1,854); H1 2024: KSEK -4,858 (-3,628).

• Earnings per share: SEK -0.23 in Q2 2024 (-0.14); SEK -0.35 for H1 2024 (-0.26).

• Cash flow in Q2: KSEK 4,177 (-2,292), supported by a rights issue and Almi loan.

• Cash and bank at period end: KSEK 9,210 (10,879).

Outlook and guidance

• The company expects to deliver its first commercial plant in the coming months and continues to see strong market interest.

• Ongoing customer dialogues and increased quotation volume are expected to support future sales.

• Lower interest rates are seen as positive for investment appetite in the sector.