Condo Nordic (CONDO) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 net sales, up 55% year-over-year to SEK 14.9 million, marking the best quarter in company history.

• Revenue growth driven by strong performance in July and August, with September being the second-best ever.

• First full quarter as a listed company, with continued positive growth trajectory and expansion plans for the Swedish market.

Financial highlights

• Q3 2024 net sales: SEK 14.9 million (Q3 2023: SEK 9.6 million); Jan–Sep 2024: SEK 29.4 million (Jan–Sep 2023: SEK 27.8 million).

• Q3 EBITDA: SEK 0.7 million (Q3 2023: SEK 2.2 million); Jan–Sep EBITDA: SEK -5.9 million (Jan–Sep 2023: SEK 4.5 million).

• Q3 profit before tax: SEK -1.0 million (Q3 2023: SEK 1.8 million); Jan–Sep: SEK -9.3 million (Jan–Sep 2023: SEK 3.2 million).

• Gross profit for Q3: SEK 6.0 million (Q3 2023: SEK 6.3 million); Jan–Sep: SEK 12.3 million (Jan–Sep 2023: SEK 16.4 million).

• Cash flow from operations before working capital changes: Q3 SEK 0.5 million (Q3 2023: SEK 2.2 million); Jan–Sep SEK -1.1 million (Jan–Sep 2023: SEK 3.8 million).

Outlook and guidance

• Anticipates 2024 total revenue in the range of SEK 35–40 million, consistent with listing memorandum guidance.

• Price increases to offset higher lease costs will take effect by year-end, expected to improve margins.

• Swedish market entry preparations underway, supporting long-term Nordic expansion strategy.