Goodtech (GOD) Q4 2024 earnings summary

Executive summary

• Net operating revenue after external project costs reached 125.3 MNOK in Q4 2024, up 6% year-over-year, despite a 19% drop in total revenue due to lower external project costs.

• Order backlog surged 66% to 359 MNOK compared to Q4 2023, reflecting strong demand and longer project horizons.

• Strategic repositioning continued with the sale and exit of the non-core Swedish business, classified as discontinued operations.

• Focus remains on automation, robotisation, and digitalisation in core markets.

• No lost-time injuries in the last 12 months; sick leave at 3.9%.

Financial highlights

• Net operating revenue after external project costs: 125.3 MNOK in Q4 2024 vs. 118.2 MNOK in Q4 2023.

• EBITDA: 9.9 MNOK (7.9% margin) in Q4 2024, down from 13.3 MNOK (11.3%) in Q4 2023.

• EBIT: 2.9 MNOK (2.3% margin) in Q4 2024.

• Personnel costs rose 6% to 93 MNOK; other operating expenses increased by 5.2 MNOK year-over-year.

• Cash and cash equivalents stood at 111 MNOK at quarter-end.

Outlook and guidance

• Positioned for further growth in automation, robotisation, and digitalisation.

• Strong order backlog and high activity expected across all business areas.

• Sweden remains a growth market, with a new company to focus on core strategic pillars.

• Focus on recurring revenue from service and aftersales, with increasing customer satisfaction.