Norsk Renewables (NSOL) Q2 2024 earnings summary

Executive summary

• Focused on expanding project pipeline in South Africa and completing solar PV plants in Brazil to drive future growth and sustainability.

• Strategic capital reallocation and operational adjustments underway to maximize returns and align with market demands.

• Received Norad grant approval for up to NOK 15 million in August 2024 for African development work.

Financial highlights

• Q2 2024 net loss of NOK 23.0 million, NOK 15.5 million higher year-over-year, mainly due to increased salaries, operating expenses, and unrealized currency loss.

• Q2 2024 EBITDA was minus NOK 11.9 million, compared to minus NOK 5.0 million in Q2 2023.

• Year-to-date loss of NOK 31.5 million, up from NOK 24.8 million in the same period last year.

• Q2 2024 revenue was NOK 5.9 million, primarily from the Semypolky plant in Ukraine and management fees.

• Net financial loss in Q2 2024 was NOK 9.1 million, compared to a net financial income of NOK 0.1 million in Q2 2023.

Outlook and guidance

• Advancing high-potential projects in South Africa expected to deliver substantial long-term value.

• Completion of Brazilian projects anticipated to unlock essential cash flow for broader growth initiatives.

• Ongoing capital raising efforts and strategic adjustments to strengthen resilience and competitiveness.