Freemelt (FREEM) Q1 2024 earnings summary

Executive summary

• Q1 2024 focused on accelerating commercialization, especially for the e-MELT® industrial machine, with strategic expansion in Europe and North America targeting defense, energy, medical, and aerospace sectors.

• Orders received from Saab (defense), University of Sheffield (fusion energy research), and a strategic partnership with WEAREAM in Italy marked key milestones.

• Rights issue of 66 MSEK completed to support expansion and commercialization efforts.

• Post-period, first e-MELT®-iD order in the Americas and additional orders from UKAEA and University of North Texas further strengthened market position.

Financial highlights

• Net sales for Q1 2024 were 816 KSEK, down from 970 KSEK in Q1 2023, with no machine deliveries completed in the quarter.

• Operating result was -23,439 KSEK, a slight improvement from -24,075 KSEK in Q1 2023.

• Cash flow for the period was -16,666 KSEK, reflecting continued investments and limited sales.

• Cash at bank at quarter end was 17,460 KSEK, down from 76,261 KSEK a year earlier.

• Orderbook at quarter end was 2,652 KSEK, compared to 10,084 KSEK in Q1 2023.

Outlook and guidance

• Continued focus on industrialization and commercialization of e-MELT® in high-growth sectors.

• Expansion in North America and Europe, leveraging university and industry partnerships.

• Ongoing investments in R&D and market education to position as a leading productivity partner.