Exeger (E) Q4 2024 earnings summary

Executive summary

• Exeger develops and commercializes third-generation solar cells (DSSCs) under the Powerfoyle brand, focusing on B2B sales for consumer electronics and IoT applications.

• Operations are based in Stockholm, with 194 employees from 38 countries and ISO 9001, 14001, and 27001 certifications.

• Significant events include securing EUR 25 million in loans from the European Investment Bank, a SEK 59 million loan converted to a grant, and a SEK 150 million funding round in early 2025.

• The company is transitioning from research to large-scale production and commercial sales, with ongoing R&D in cell, material, and process development.

Financial highlights

• Net sales for 2024 were SEK 8.5 million, down from SEK 13.3 million in 2023.

• EBITDA for 2024 was SEK -263.0 million, an improvement from SEK -283.8 million in 2023.

• Operating loss was SEK -398.8 million, slightly better than SEK -411.8 million in 2023.

• Net loss for 2024 was SEK -406.4 million, compared to SEK -412.8 million in 2023.

• Cash and cash equivalents at year-end were SEK 90.7 million, up from SEK 64.3 million the previous year.

Outlook and guidance

• Management sees strong market potential for third-generation solar cells but expects the need for additional financing in 2025 before achieving positive cash flow.

• The Board is confident in securing necessary funding to continue operations, with a SEK 150 million funding round completed in March-April 2025.