Cortus Energy (CE) Q3 2024 earnings summary

Executive summary

• Operating loss for Q3 2024 was -12.3 MSEK, an improvement from -21.4 MSEK in Q3 2023.

• Net result after tax for Q3 2024 was -13.9 MSEK, compared to -23.7 MSEK in Q3 2023.

• Strategic shift towards biocoal, with positive market response and new orders received.

• Ongoing financial challenges, with limited liquidity and active efforts to secure long-term financing.

Financial highlights

• Q3 2024 net sales were 0.7 MSEK, down from 1.2 MSEK in Q3 2023.

• Operating loss for Jan–Sep 2024 was -48.5 MSEK, improved from -56.1 MSEK in Jan–Sep 2023.

• Net result after tax for Jan–Sep 2024 was -57.3 MSEK, compared to -61.3 MSEK in Jan–Sep 2023.

• Cash flow for the period was -2.5 MSEK; cash and cash equivalents at period end were 0.5 MSEK.

• Equity ratio at period end was -14%, up from -21% at 2023 year-end.

Outlook and guidance

• Continued focus on biocoal, with growing demand and new customer orders in October totaling about 1 MSEK.

• Ongoing collaboration with Swedbank Corporate Finance to strengthen financial position.

• Additional financing expected soon to support transition to commercial operations.