FOM Technologies (FOM) H1 2024 earnings summary

Executive summary

• H1 2024 total income declined 41% year-over-year to DKK 22.1m, with EBITDA at DKK -8.4m, reflecting a slowdown in the solar power segment and increased staff costs.

• Strategic acquisition of Swedish sub-supplier Industrikonsult AB completed in Q2 2024 to strengthen supply chain and support growth.

• Equity increased 127% year-over-year to DKK 67.2m, supported by a Q4 2023 investment round.

Financial highlights

• Revenue for H1 2024 was DKK 19.3m, down from DKK 36.6m in H1 2023; total income DKK 22.1m.

• EBITDA for H1 2024 was DKK -8.4m, compared to DKK -0.6m in H1 2023.

• Net cash flow for H1 2024 was DKK -9.4m, with cash and cash equivalents at DKK 38.6m at period end.

• Staff costs increased 22% year-over-year to DKK 11.4m; full-time employees rose to 31.

• Equity at period end was DKK 67.2m, up from DKK 29.6m in H1 2023.

Outlook and guidance

• H2 2024 expected to mirror H1 trends, with continued low activity in the Solar Power R&D segment.

• 2024 guidance: total income DKK 45–60m, EBITDA DKK -15m to -5m.

• Strategic focus on US market expansion, new technology launches, and building recurring revenue streams.