Free2Move (F2M) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was 3.6 MSEK, with a year-to-date total of 18.2 MSEK, down from 43.2 MSEK year-over-year due to weak demand for green solar energy and a challenging market.

• Strategic consolidation and cost reductions, including lower personnel and material costs, have improved operational efficiency and reduced losses.

• The order backlog at quarter-end was 5.0 MSEK, and over 860 properties are now connected via the 2Connect platform.

• New partnerships, such as with ISAB Energi AB, and expanded customer collaborations are expected to yield economic benefits in Q4 and beyond.

Financial highlights

• Q3 2024 net sales: 3.6 MSEK (13.4 MSEK Q3 2023); YTD net sales: 18.2 MSEK (43.2 MSEK YTD 2023).

• Q3 operating loss: -5.3 MSEK (-6.7 MSEK Q3 2023); YTD operating loss: -14.7 MSEK (-16.0 MSEK YTD 2023).

• Q3 net loss: -5.8 MSEK (-7.4 MSEK Q3 2023); YTD net loss: -14.7 MSEK (-16.0 MSEK YTD 2023).

• Q3 cash flow from operations: -5.9 MSEK (-1.8 MSEK Q3 2023); YTD: -11.6 MSEK (-6.9 MSEK YTD 2023).

• Earnings per share for Q3: -0.02 SEK (-0.03 SEK Q3 2023).

Outlook and guidance

• The business climate remains tough, with continued weak demand expected for some time.

• Strategic focus on consolidation, efficiency, and specialization is expected to support long-term growth and profitability.

• Expanded partnerships and service offerings are anticipated to drive recurring revenue and future growth.