Biofrigas (BIOF) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 reached KSEK 832, up from 0 in Q3 2023, reflecting the first customer unit revenue. Focus was on market development, manufacturing, and capital raising.

• Net loss after financial items for Q3 was KSEK -2,132, compared to -1,505 last year. EPS improved to -0.06 SEK from -0.11.

• For the nine months, net sales totaled KSEK 3,840 (0), with a net loss of KSEK -6,991 (-5,133).

Financial highlights

• Q3 net sales: KSEK 832 (0); nine months: KSEK 3,840 (0).

• Q3 net loss after financial items: KSEK -2,132 (-1,505); nine months: KSEK -6,991 (-5,133).

• Q3 EPS: -0.06 SEK (-0.11); nine months: -0.19 SEK (-0.37).

• Q3 cash flow: KSEK -4,428 (-1,052); nine months: KSEK -2,881 (-6,571).

• Equity ratio at period end: 68.7% (69.0%).

Outlook and guidance

• EU approval of Swedish biogas tax exemption expected to improve market conditions and predictability.

• Active in several Swedish and Finnish projects at various permit and financing stages; Finnish project with a 13 MSEK LOI, expandable to 54 MSEK.

• Order pipeline, excluding LOIs, is approximately 200 MSEK.