ECOMB (ECOMB) Q2 2024 earnings summary

Executive summary

• Net sales increased to 5,648 TSEK for H1 2024 from 3,979 TSEK year-over-year, but the group reported a loss after financial items of -1,275 TSEK compared to a profit of 569 TSEK last year.

• A rights issue in July 2024 raised 6.2 MSEK before costs, increasing the number of shares to 90,002,469.

• The Enköping Ecotube project nears commissioning, with 35% of the contract value invoiced in H1.

• ECOMB Ocean Recycle AB verified new PFAS reduction technology, adding value to its oxygenation solutions.

Financial highlights

• Group net sales for H1 2024: 5,648 TSEK (up from 3,979 TSEK year-over-year).

• Group result after financial items: -1,275 TSEK (569 TSEK year-over-year).

• Parent company result after financial items: -1,124 TSEK (718 TSEK year-over-year).

• Cash and cash equivalents at period end: 355 TSEK (group), 108 TSEK (parent), both down from last year.

• Order backlog decreased slightly in Q2 due to progress on the Enköping project.

Outlook and guidance

• The company expects new business opportunities from Sweden's bio-CCS auction system and international incentive programs.

• Combination of oxygenation and PFAS reduction is seen as a unique market offering, though adoption of new systems may take time.