CTEK (CTEK) Q2 2024 earnings summary

Executive summary

• Organic revenue grew 6% year-over-year in Q2 2024, reaching SEK 212 million, marking the first growth since Q1 2023.

• Adjusted EBITA/EBITDA rose to SEK 15 million (margin 7.1%), with gross margin improving to 52.9%.

• Net debt/adjusted EBITDA ratio improved to 2.0x from 3.4x year-over-year.

• Consumer division sales surged 26–27% to SEK 135 million, driven by focused sales activities and new product launches, notably CS ONE in Australia.

• Strategic focus remains on organic growth, profitability, and investment in product innovation and sales organization.

Financial highlights

• Q2 net sales: SEK 212–212.1 million, up from SEK 198.9–199 million year-over-year; organic growth 6%.

• Gross margin increased to 52.9% (Q2 2023: 50.4%), supported by favorable product mix.

• Adjusted EBITA/EBITDA: SEK 15 million (Q2 2023: SEK 2.8–3 million); margin 7.1% (Q2 2023: 1.4%).

• Operating cash flow was SEK 22 million; cash and equivalents at period end SEK 120 million.

• EPS after dilution improved to SEK -0.03 from SEK -0.32 in Q2 2023.

Outlook and guidance

• Focus on strengthening the Consumer sales force, expanding Low Voltage product portfolio, and reducing product development costs post-CC3 launch.

• Three-phase plan targets stability, profitability, and profitable growth, with milestones for OPEX, cash flow, and net debt ratio.

• No formal guidance provided due to market turbulence and unpredictable global conditions.

• Positive outlook for new product launches, especially CC3 EVSE charger in the UK and North America.