ChargePanel (CHARGE) Q3 2024 earnings summary

Executive summary

• Q3 2024 saw continued strong growth, with net sales up 85% year-over-year and recurring revenues rising 73% compared to Q3 2023.

• The company is on track to reach 15,000 connected charging points by year-end, up from 10,000 just over six months ago.

• Expansion continued with new customer agreements in the US, Denmark, Kenya, and the Netherlands.

• Aiming for positive monthly cash flow and profitability during 2025.

Financial highlights

• Net sales for Q3 2024: 3,130 KSEK (1,690 KSEK in Q3 2023), up 85% year-over-year.

• EBIT for Q3 2024: -2,556 KSEK (-4,252 KSEK in Q3 2023); net result after tax: -3,143 KSEK (-4,478 KSEK in Q3 2023).

• Cash flow from operations in Q3: -4,276 KSEK (1,168 KSEK in Q3 2023); cash at period end: 7,161 KSEK (4,199 KSEK in Q3 2023).

• For Jan–Sep 2024: net sales 9,968 KSEK (6,369 KSEK), net result after tax -8,619 KSEK (-11,039 KSEK).

• Result per share Q3: -0.11 SEK (-0.28); Jan–Sep: -0.30 SEK (-0.68).

Outlook and guidance

• Management expects to achieve positive monthly cash flow and profitability during 2025, supported by growth and new revenue streams.

• Confident in reaching 15,000 connected charging points by year-end 2024.