Hubso (HUBSO) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was 2,040,862 SEK, a sharp decline from 6,221,242 SEK in Q3 2023, attributed to ended collaborations and delayed launches.

• EBITDA for Q3 2024 was -4,276,747 SEK, down from -2,966,707 SEK year-over-year.

• The board initiated a major organizational restructuring and strategic review, with a new interim CEO appointed.

• An extraordinary general meeting approved a set-off issue of 40,000,000 shares after the period.

Financial highlights

• Revenue for the nine-month period was 10,112,954 SEK, down from 25,264,712 SEK year-over-year.

• EBITDA for the nine-month period was -11,714,330 SEK, compared to -6,746,434 SEK last year.

• EBIT for Q3 2024 was -8,594,067 SEK, impacted by 4,311,794 SEK in goodwill amortization.

• Equity ratio dropped to 5% as of September 30, 2024, from 70% a year earlier.

• Earnings per share for Q3 2024 was -0.08 SEK.

Outlook and guidance

• Management expects the restructuring and new business model (HUBSO 3.0) to create a more resilient and profitable organization, with positive results anticipated in coming quarters.