CodeLab Capital (CODE) Q2 2024 earnings summary

Executive summary

• Secured NOK 40 million in funding late 1H24 to support Uniscale's commercialization and internationalization.

• Cost optimization program executed in two rounds, with full effect expected from 4Q24.

• Debt-free with NOK 16 million in cash at end of June; total equity at NOK 102 million.

• Uniscale, the sole investment, is seeing increased enterprise interest and expanding internationally.

Financial highlights

• Reported NOK 91k in revenue for 1H24, with first paying Uniscale customers contributing.

• Personnel expenses at NOK 19.6m, down from NOK 20.2m in 2H23; other opex at NOK 10.9m.

• Operating expenditures for 1H24 were NOK 30.6m, including NOK 2.0m in one-off costs.

• EBITDA for 1H24 at NOK -31.95m; EBIT at NOK -41.85m; net loss before tax at NOK -41.92m.

• Operational cash flow at NOK -29.2m; cash position decreased from NOK 57.2m YE23 to NOK 16m at end of June.

Outlook and guidance

• Focus remains on scaling Uniscale, improving product-market fit, and onboarding enterprise customers.

• Success in the next year defined by sales momentum, adoption rates, and onboarding larger customers.

• Continued emphasis on balancing revenue growth with cost control.