LION E Mobility (LMIA) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue rose to €6.4 million, up 33% from Q2 and nearly fivefold from Q1, totaling €12.4 million for the nine months, despite challenging battery markets.

• Q3 EBITDA improved to -€1.2 million, a 43% reduction in losses from Q2, reflecting operational improvements.

• Q3 operating cash flow turned positive at €1.6 million, a €3.8 million improvement over Q2, though nine-month cash flow remains negative.

• Gross profit margin improved to 13% for the first nine months, up from 11% in H1, but below last year's 18%.

• Strategic focus remains on advancing immersion cooling battery technology and expanding market potential.

Financial highlights

• Q3 2024 revenue: €6.4 million (+33% vs Q2, ~5x Q1); 9M 2024 revenue: €12.4 million (vs €29.8 million in 9M 2023).

• Q3 EBITDA: -€1.2 million (43% loss reduction vs Q2); 9M 2024 EBITDA: -€6.0 million (margin -46.7%).

• Q3 operating cash flow: +€1.6 million (improved by €3.8 million vs Q2); 9M 2024: -€4.1 million.

• Operating expenses for Q3 were €3.8 million, reflecting cost control and a decline vs H1 average.

• Total assets at Q3 2024: €40.7 million (down from €69.3 million at YE 2023); equity at €7.1 million (down from €13.5 million); current liabilities at €27.8 million (down from €47.5 million).

Outlook and guidance

• Management maintains guidance, targeting slightly negative to slightly positive profitability for the year.

• Mobility market expected to recover in H2 2025, especially in the US; European business remains strong.

• Storage market remains difficult; focus shifts to power niches like UPS and short-duration high-power applications.

• Customer activity and outlook improving, with new opportunities in North America and discussions with e-truck and e-bus makers.