Clean Motion (CLEMO) Q2 2024 earnings summary

Executive summary

• EVIG, the solar-powered electric vehicle, received official EU type approval, enabling sales across all EU countries and positioning the company for growth in sustainable transport markets.

• Limited sales in H1 2024 due to delayed type approval, but preparations for scaling up production are underway, with initial capacity at 20 vehicles/month, targeting 50/month in 2025.

• A major rights issue of 45 MSEK is planned, with 60% guaranteed, to fund component purchases and sales/marketing efforts.

• Leadership changes include the resignation of the CEO and board members, with the CFO appointed as interim CEO.

Financial highlights

• Net sales for Jan–Jun 2024 were 612 TSEK, down from 2,266 TSEK year-over-year, due to delayed product approvals.

• Operating loss (EBIT) for Jan–Jun 2024 was -7,188 TSEK, compared to -4,309 TSEK year-over-year.

• EBITDA for Jan–Jun 2024 was -5,292 TSEK, compared to -2,443 TSEK year-over-year.

• Cash and cash equivalents at June 30, 2024, were 552 TSEK.

Outlook and guidance

• Focus is on scaling up EVIG production and targeting large European operators, with a major postal company evaluating EVIG for a potential order of 300–800 vehicles.

• Series production preparations are ongoing, with capacity expected to increase to 50 vehicles/month in 2025.

• The planned rights issue is expected to provide necessary capital for growth and business development.