C100 (C100) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 reached 239 TSEK, up from 229 TSEK in Q2 2023; operating loss improved to -1,766 TSEK from -2,441 TSEK year-over-year.

• For H1 2024, net sales totaled 552 TSEK (392 TSEK in H1 2023), with an operating loss of -3,538 TSEK, an improvement from -4,952 TSEK.

• Strategic partnership with Agdir AS announced, integrating Vultus analytics into Agdir's farm management platform, with initial order value of 0.6 MSEK.

• Platform usage hit a record with 21,000 fields analyzed in one day; user base continues to grow.

• Board strengthened with the addition of Frode Thorsén, bringing growth and tech expertise.

Financial highlights

• Q2 2024 net sales: 239 TSEK (Q2 2023: 229 TSEK); H1 2024: 552 TSEK (H1 2023: 392 TSEK).

• Q2 2024 operating loss: -1,766 TSEK (Q2 2023: -2,441 TSEK); H1 2024: -3,538 TSEK (H1 2023: -4,952 TSEK).

• EPS for Q2 2024: -0.1312 SEK (Q2 2023: -0.4501 SEK); H1 2024: -0.2616 SEK (H1 2023: -0.913 SEK).

• Cash and cash equivalents at June 30, 2024: 315 TSEK (June 30, 2023: 150 TSEK).

• Equity at June 30, 2024: 2,548 TSEK (June 30, 2023: 5,035 TSEK).

Outlook and guidance

• Focus remains on expanding through strategic partnerships, especially in the Nordics and Europe.

• Integration with Agdir expected to be completed by September, opening new growth opportunities.

• Continued efforts to improve operational efficiency and resource optimization.