LightAir (LAIR) Q2 2024 earnings summary

Executive summary

• B2B sales grew 28% year-over-year to 8,131 TSEK, driven by industrial segment focus and new product launches.

• Net sales for H1 2024 were 8,523 TSEK, down from 9,118 TSEK in H1 2023, with improved gross margin at 71% (69%).

• EBITDA for H1 2024 was -7,333 TSEK (H1 2023: -5,526 TSEK); net result per share was -0.14 SEK (-0.09 SEK).

• Successful rights issue raised 26 MSEK before costs, supporting continued investments and market expansion.

• Order backlog at period end was 7,572 TSEK (6,672 TSEK), with 6,860 TSEK in subscription revenue for the next 12 months.

Financial highlights

• Net sales H1 2024: 8,523 TSEK (H1 2023: 9,118 TSEK); B2B sales: 8,131 TSEK (6,357 TSEK).

• EBITDA H1 2024: -7,333 TSEK (-5,526 TSEK); EBIT: -8,948 TSEK (-7,352 TSEK).

• Net result H1 2024: -9,174 TSEK (-7,291 TSEK); cash flow from operations: -11,495 TSEK (-5,313 TSEK).

• Gross margin improved to 71% (69%).

• Equity ratio at 58% (38.8% at prior year-end); cash and equivalents at 14,300 TSEK (2,712 TSEK).

Outlook and guidance

• Management expects continued growth in the industrial segment, supported by expanded sales teams in Sweden and Finland.

• Anticipates an upturn in industrial market conditions in 2025, despite current macroeconomic challenges.