Free2Move (F2M) Q2 2024 earnings summary

Executive summary

• Q2 2024 saw continued weak demand due to economic headwinds and regulatory uncertainty, but consolidation efforts are yielding improved margins and cost control.

• Service and subscription business, especially in energy storage, showed 38% growth year-over-year, with expansion in Denmark up 59%.

• Strategic focus on sustainable property management and renewable energy innovation, with new services launched and platform accessibility improved.

Financial highlights

• Q2 2024 net sales were SEK 8.8 million, down from SEK 15.7 million in Q2 2023.

• Operating result improved to SEK -0.9 million from SEK -4.2 million year-over-year.

• Net result for Q2 was SEK -0.4 million, compared to SEK -4.7 million last year.

• Cash flow from operations in Q2 was SEK -5.4 million, compared to SEK -2.7 million last year.

• For H1 2024, net sales were SEK 14.6 million (down from SEK 29.7 million), with an operating loss of SEK -9.4 million.

Outlook and guidance

• Consolidation and cost-saving program expected to be completed in 2024, with full effect in Q1 2025.

• Gradual recovery anticipated as regulatory environment stabilizes and new service offerings gain traction.