Crown Energy (CRWN) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was 11,778 TSEK, up from 7,327 TSEK in Q3 2023; operating loss narrowed to -24,221 TSEK from -26,769 TSEK.

• Net result after tax for Q3 improved to -2,275 TSEK from -9,118 TSEK year-over-year; EPS was 0.00 SEK (Q3 2023: -0.01 SEK).

• For Jan–Sep 2024, revenue reached 29,194 TSEK (2023: 28,192 TSEK), with an operating loss of -68,346 TSEK (2023: -78,263 TSEK).

• Crown Energy continues its transformation toward sustainable investments, focusing on medtech (AccYouRate) and climate solutions (KAYA).

• The company received $16 million in further payments for oil and gas asset divestment, totaling $123 million to date.

Financial highlights

• Q3 2024 finance net was 20,194 TSEK (Q3 2023: 13,972 TSEK); unrealized property value changes were 2,417 TSEK (Q3 2023: -6,785 TSEK).

• Jan–Sep 2024 finance net was -4,194 TSEK (2023: 142,359 TSEK), mainly due to lower currency effects.

• Jan–Sep 2024 net result after tax was -45,808 TSEK (2023: 31,921 TSEK); result attributable to parent shareholders was -39,106 TSEK (2023: 39,243 TSEK).

• Cash flow for the period was 64,870 TSEK (2023: -717,234 TSEK); cash at period end was 180,825 TSEK.

• Equity at period end was 684,878 TSEK (2023: 865,728 TSEK); equity per share was 1.19 SEK.

Outlook and guidance

• Crown Energy is actively pursuing further sustainable investments, especially in medtech and climate solutions.

• The company is exploring renewable energy opportunities in Angola, focusing on green hydrogen.

• Ongoing transformation away from oil and gas, with a focus on responsible and financially beneficial exit.