FOM Technologies (FOM) H2 2024 earnings summary

Executive summary

• Revenue declined to DKK 44.2m in 2024 from DKK 78.2m in 2023, with total income at DKK 51.6m, reflecting a challenging year due to lower order intake in solar and energy storage markets.

• EBITDA dropped to DKK -14.6m from DKK 3.5m, and net loss was DKK -14.0m versus a profit of DKK 0.4m last year.

• The company maintained its cost base and continued strategic investments in R&D, supply chain, and market expansion despite lower topline.

• Strategic acquisitions and expansion in North America and Sweden were executed to strengthen supply chain and market presence.

• Management considers 2024's financial performance unsatisfactory but remains committed to long-term growth.

Financial highlights

• Revenue: DKK 44.2m (2023: DKK 78.2m); Total income: DKK 51.6m (2023: DKK 80.5m).

• EBITDA: DKK -14.6m (2023: DKK 3.5m); Operating loss: DKK -17.6m (2023: DKK 1.3m).

• Net loss: DKK -14.0m (2023: DKK 0.4m); EPS: DKK -1.48 (2023: DKK 0.04).

• Gross margin improved to 58% (2023: 53%); equity ratio at 70% (2023: 73%).

• Cash at year-end: DKK 38.1m (2023: DKK 48.0m); net cash outflow for the year: DKK -10.0m.

Outlook and guidance

• 2025 guidance: Total income DKK 40–60m; EBITDA DKK -15m to -5m, reflecting continued investment focus.

• Management expects 2025 to be another investment year, leveraging the capital base from Q4 2023.