Goodtech (GOD) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenues were 191.7 MNOK, down 10% year-over-year, while order backlog grew 41% to 431 MNOK, driven by major contract wins.

• EBITDA for Q2 2024 was 9.2 MNOK (4.8% margin), up 14% nominally and 27% in margin from Q2 2023.

• EBIT for Q2 2024 was 2.4 MNOK (1.3% margin).

• No lost-time injuries in the last 12 months; sick leave at 2.8% in Q2 2024.

• Strong capital position with 50% equity ratio and 104 MNOK in cash as of June 30, 2024.

Financial highlights

• Revenues declined 10% year-over-year to 191.7 MNOK, mainly due to project phase transitions.

• EBITDA increased 14% to 9.2 MNOK; EBITDA margin rose from 3.8% to 4.8% year-over-year.

• EBIT was 2.4 MNOK (1.3% margin), up from 2.1 MNOK (1.0%) in Q2 2023.

• Net cash from operations was 44.8 MNOK, up from 14.9 MNOK in Q2 2023.

• Net result after tax for continuing operations was 1.9 MNOK; discontinued operations (Åland) posted a -3.6 MNOK loss.

Outlook and guidance

• Several promising sales prospects in Sweden and ongoing margin-enhancing initiatives.

• Well positioned in a growing Nordic industrial market with strong demand for automation and digitalization.

• High activity and robust order backlog across all business areas support continued growth.

• Focus remains on margin expansion, project execution, and recurring service revenues.

• Strategic repositioning is showing positive results, supporting future growth.