FlexQube (FLEXQ) Q2 2024 earnings summary

Executive summary

• Order intake surged 121.3% year-over-year to 41.8 MSEK, the highest since Q2 2022, driven by a revamped sales organization and improved pipeline quality.

• Net sales declined 33.0% year-over-year to 24.9 MSEK, reflecting weaker order intake in prior quarters and delayed deliveries of larger projects.

• Positive cash flow from operating activities achieved for the first time since Q2 2021, attributed to reduced working capital and ongoing cost reductions.

• Strategic focus on AMR (Autonomous Mobile Robot) systems led to new project wins and growing interest, with a robust pipeline and successful delivery to Scania.

Financial highlights

• Order intake: 41.8 MSEK (+121.3% year-over-year); net sales: 24.9 MSEK (-33.0% year-over-year).

• EBITDA: -11.1 MSEK (vs. -8.7 MSEK); EBIT: -13.4 MSEK (vs. -10.1 MSEK); net loss: -13.9 MSEK (vs. -10.8 MSEK).

• Earnings per share: -1.0 SEK (vs. -1.3 SEK); operating margin: -53.8% (vs. -27.0%).

• Cash and cash equivalents: 40.7 MSEK (vs. 18.4 MSEK); cash flow from operating activities: 1.4 MSEK (vs. -4.5 MSEK).

• Working capital: 48.5 MSEK (vs. 64.8 MSEK); equity ratio: 40.4% (vs. 34.2%).

Outlook and guidance

• Anticipates stronger sales in H2 2024 as larger orders are delivered and AMR projects progress.

• Expects margins and cash flow to improve in the second half, targeting profitability and positive cash flow by year-end 2024.

• Growing AMR pipeline and additional patent grants expected to support future growth.