C100 (C100) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 increased to 296 TSEK from 214 TSEK year-over-year, with a nine-month total of 848 TSEK, up from 607 TSEK.

• Operating loss for Q3 improved to -797 TSEK from -3,026 TSEK; nine-month operating loss was -4,335 TSEK, compared to -7,978 TSEK.

• Result per share for Q3 was -0.0574 SEK, a significant improvement from -0.2925 SEK year-over-year.

• Focus during the quarter was on data collection, model development, and expanding user base, with over 1,000 crop advisors using Vultus analyses.

• Letter of Intent signed for a potential asset sale and merger with Agdir Drift AS, pending shareholder approval.

Financial highlights

• Net sales for Q3 2024: 296 TSEK (214 TSEK in Q3 2023); nine months: 848 TSEK (607 TSEK in 2023).

• Operating result Q3: -797 TSEK (-3,026 TSEK in Q3 2023); nine months: -4,335 TSEK (-7,978 TSEK in 2023).

• Result after tax for Q3: -838 TSEK (-3,026 TSEK in Q3 2023); nine months: -4,394 TSEK (-7,979 TSEK in 2023).

• Cash and cash equivalents at September 30, 2024: 548 TSEK (424 TSEK in 2023).

• Equity at September 30, 2024: 1,743 TSEK (2,009 TSEK in 2023).

Outlook and guidance

• Increased focus on sales activities and international expansion, especially in Europe, Asia, and the Americas.

• Ongoing merger discussions with Agdir Drift AS could significantly alter current strategy.