Mantex (Mantex) Q1 2025 earnings summary

Executive summary

• Achieved a major technological breakthrough in Q1 2025, enabling precise measurement of moisture and ash content in heterogeneous wood-based materials, opening significant opportunities in the bioenergy sector.

• Entered a pilot partnership with E.ON in Örebro for the next-generation Biomass Analyzer, with demo equipment to be tested in 2025.

• CEO Max Gerger announced departure in May 2025; CFO Maria Söderström appointed interim CEO.

Financial highlights

• Net sales for Q1 2025 were SEK 572k, down from SEK 1,458k in Q1 2024, mainly due to reduced consulting services.

• EBIT for Q1 2025 was SEK -4,621k, compared to SEK -4,318k in Q1 2024.

• Cash flow from operating activities was SEK -6,613k, compared to SEK -4,761k in Q1 2024.

• Result per share was SEK -2.49 (Q1 2024: SEK -0.02), impacted by a 400:1 reverse stock split.

• Cost savings program initiated in Q3 2024 achieved annual savings of approximately SEK 6 million.

Outlook and guidance

• Demo equipment for Biomass Analyzer 2 to be developed and tested with customers in 2025; commercial sales in Sweden and the Baltic region expected to start Q4 2025.

• Type approval in Sweden targeted for 2026, with expansion to China, Europe, and the US in 2026, and to Asia/Latin America in 2027.

• Business model focuses on measurement services via long-term service/subscription agreements.