Carbiotix (CRBX) Q2 2024 earnings summary

Executive summary

• Q2 2024 marked by strategic progress, especially in the NutraCycle upcycling service, with new pilot and development agreements signed and organizational restructuring to meet growing demand.

• Initiated a pilot study with a major US food and beverage company and signed the first joint development agreement with a Nordic plant-based producer.

• Board proposed a directed share issue of up to 7 MSEK post-period to fund further NutraCycle projects and expansion.

Financial highlights

• Q2 2024 net sales were 177,350 SEK, up from 44,412 SEK in Q2 2023; H1 2024 net sales reached 777,518 SEK, up from 409,578 SEK year-over-year.

• Q2 2024 result after financial items was -4,501,373 SEK (Q2 2023: -3,895,397 SEK); H1 2024 result after financial items was -8,494,006 SEK (H1 2023: -6,817,284 SEK).

• Earnings per share for Q2 2024 was -0.02 SEK (Q2 2023: -0.19 SEK); H1 2024 EPS was -0.05 SEK (H1 2023: -0.33 SEK).

• Cash and cash equivalents at June 30, 2024, were 2,456,386 SEK, down from 7,633,789 SEK a year earlier.

Outlook and guidance

• Focus remains on scaling NutraCycle, leveraging new capital to expand projects and customer base.

• Organizational restructuring and team expansion aim to support increased demand and long-term growth.