FlexQube (FLEXQ) Q3 2024 earnings summary

Executive summary

• Net sales rose 49% year-over-year to 25.2 MSEK in Q3 2024, with order intake nearly flat at 28.5 MSEK, reflecting strong sales but a slow market environment.

• Operating margins and cash flow improved due to higher sales, better gross margin, and reduced costs, despite a temporary factory closure in the US from Hurricane Helene.

• Significant AMR system orders were secured in Mexico and Sweden, with growing interest across new sectors and geographies.

Financial highlights

• Q3 2024 net sales: 25.2 MSEK (up 49% year-over-year); order intake: 28.5 MSEK (down 1.9%).

• EBITDA: -4.5 MSEK (improved from -26.3 MSEK); EBIT: -6.9 MSEK (improved from -27.6 MSEK); net loss: -7.4 MSEK (improved from -28.6 MSEK).

• Cash flow for Q3: -7.3 MSEK (down from 26.1 MSEK); cash and cash equivalents at period end: 33.1 MSEK.

• For the nine months: net sales up 4.2% to 87.0 MSEK; order intake up 20.4% to 100.8 MSEK.

Outlook and guidance

• Expecting improved order intake and sales in Q4, with all product areas contributing and increased robot sales supporting margins and cash flow.

• Targeting profitability and positive cash flow by Q4 2024, supported by cost reductions and a more efficient organization.