Hubso (HUBSO) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 were SEK 4.15 million, down from SEK 9.01 million year-over-year, mainly due to changes in revenue recognition and postponed product launches.

• EBITDA for Q2 2024 was SEK -2.84 million, compared to SEK -2.21 million in Q2 2023.

• Gross margin declined to 30% from 43% year-over-year, impacted by inventory clearance sales.

• Operating costs decreased by 52% compared to the same quarter last year.

• Interim CEO Jonatan Palmgren appointed during the quarter.

Financial highlights

• Net sales for H1 2024 were SEK 8.08 million, down from SEK 19.04 million in H1 2023.

• EBITDA for H1 2024 was SEK -5.65 million.

• EBIT for Q2 2024 was SEK -7.16 million, negatively affected by SEK 4.31 million in goodwill amortization.

• Equity ratio as of June 30, 2024, was 12%, down from 70% a year earlier.

• Earnings per share for Q2 2024 were SEK -0.13, compared to SEK -0.06 in Q2 2023.

Outlook and guidance

• Strategic review and organizational restructuring underway to identify growth and profitability areas.

• Planned recapitalization includes a debt-to-equity swap and a rights issue to strengthen capital structure and provide working capital.

• Focus on empowering subsidiaries for sustainable growth and operational efficiency.