Hybricon (HYCO) Q2 2024 earnings summary

Executive summary

• Sales grew 29% year-over-year in H1 2024, with a return to positive net income and EBITDA, reflecting a successful strategic shift toward innovative, high-tech service offerings and product development.

• Key milestone achieved with a prototype for energy conversion of battery-electric trucks, showcased at Sweden Rock Festival, expanding potential applications for mobile energy solutions.

• Identic product sales and service contributed significantly to revenue and profit, while the market for heavy vehicle charging stations remained weak.

Financial highlights

• H1 2024 operating revenue: SEK 7,719k (SEK 5,967k in H1 2023); Q2 2024: SEK 3,705k (SEK 2,029k in Q2 2023).

• EBITDA for H1 2024: SEK 438k (SEK -618k); Q2 2024: SEK 175k (SEK -948k).

• Net income for H1 2024: SEK 191k (SEK -1,181k); Q2 2024: SEK 56k (SEK -1,198k).

• Earnings per share H1 2024: SEK 0.02 (SEK -0.13); equity per share: SEK 0.87 (SEK 1.01).

• Cash flow from operations H1 2024: SEK -373k (SEK -1,900k); period-end cash: SEK 2,502k (SEK 3,116k).

Outlook and guidance

• Target for positive EBITDA in 2024 is maintained.

• Strategy focuses on leveraging battery capacity for temporary needs, with balancing services seen as a bonus rather than core business.