Niutech Group (NIUTEC) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 increased 120% year-over-year to 137.1 MSEK, with strong growth in the solar and energy segment and a recovery in the private market.

• EBITA for Q2 was 1.7 MSEK, down from 3.4 MSEK last year, while net result after tax was -1.9 MSEK compared to 1.1 MSEK.

• The group completed a merger with Sun4Energy in late 2023, now focusing on profitable growth and efficiency.

• Order backlog at quarter-end was 195.4 MSEK, up 12% sequentially, with available liquidity of 10.5 MSEK.

Financial highlights

• Q2 2024 revenue: 137.1 MSEK (62.2 MSEK Q2 2023); H1 2024 revenue: 227.6 MSEK (118.3 MSEK H1 2023).

• Q2 EBITDA: 3.9 MSEK (4.1 MSEK); Q2 EBITA: 1.7 MSEK (3.4 MSEK); Q2 EBIT: -0.7 MSEK (1.9 MSEK).

• H1 2024 EBITDA: -11.4 MSEK (4.8 MSEK); H1 EBITA: -15.6 MSEK (3.6 MSEK); H1 EBIT: -20.4 MSEK (0.7 MSEK).

• Q2 net result per share: -0.09 SEK (0.13 SEK); H1: -1.11 SEK (-0.05 SEK).

• Cash flow from operations after working capital changes: -33.5 MSEK in Q2.

Outlook and guidance

• Order book and new contracts support expectations for improved organic growth and profitability in H2 2024.

• Clarification on green technology tax deduction for battery systems is expected to boost private market demand.

• Ongoing efficiency measures and organizational adjustments are anticipated to yield cost reductions and higher margins.