Ngenic (NGENIC) Q3 2024 earnings summary

Executive summary

• Revenue for Jan–Sep 2024 decreased 70% year-over-year to 14,001 kkr, reflecting the divestment of the metering business and restructuring efforts.

• Strategic focus on core energy management, cost reductions, and a successful rights issue to secure future growth.

• Company completed a corporate restructuring and reached agreements with creditors, improving financial stability.

• Entered a strategic partnership with Svea Solar, opening new business opportunities.

Financial highlights

• Q3 2024 net sales fell 88% year-over-year to 2,444 kkr; total income for the quarter was 2,413 kkr.

• Operating loss before depreciation (EBITDA) for Q3 was -4,213 kkr, and operating loss (EBIT) was -6,846 kkr.

• Net result for Jan–Sep 2024 was -24,776 kkr, compared to -14,404 kkr last year.

• Cash flow for the quarter was 3,288 kkr, with cash and equivalents at 3,304 kkr at period end.

• Equity at period end was -6,436 kkr, with a negative equity ratio of -10%.

Outlook and guidance

• Cost base reduced by approximately 31 MSEK annually, aiming for positive EBITDA and cash flow in 2025.

• Increased demand and recurring subscription revenues expected to support future stability.

• Rights issue of 34.2 MSEK, 78% underwritten, to further strengthen capital base.