Firefly (FIRE) Q3 2024 earnings summary

Executive summary

• Revenue grew 2% year-over-year to 126.3 mkr in Q3 2024, driven by a 15% increase in system deliveries.

• Operating margin reached 16.2%, exceeding the 2025 target of 15%, despite organizational expansion.

• Order intake was the second highest ever, though total order intake declined 2% year-over-year.

• Aftermarket revenues now represent over 26% of total income, reflecting a strategic focus on service.

• Growth and profitability achieved despite cautious investment climate in most markets.

Financial highlights

• Q3 2024 order intake: 123.9 mkr (down 2% year-over-year); order backlog: 124.0 mkr (down 12%).

• Net sales: 126.3 mkr (up 2% year-over-year); operating income: 20.4 mkr (down 13%).

• Net income: 16.2 mkr (down 15%); EPS: 2.70 kr (down 15%).

• Cash flow from operations: 4.2 mkr (down 31%); cash at period end: 43.6 mkr (up 4%).

• For Jan–Sep 2024, revenue rose 8% to 361.8 mkr; operating income up 16% to 49.2 mkr.

Outlook and guidance

• Management remains optimistic about future growth, supported by high quote volumes and expanded facilities.

• Focus for coming quarters is converting strong product interest into orders and revenue.

• Financial targets: average annual sales growth of at least 15% (2021–2025), sustainable EBIT margin above 15% by 2025.