OptiCept Technologies (OPTI) Q2 2024 earnings summary

Executive summary

• Achieved record sales and order intake in Q2 2024, including the largest order in company history (approx. SEK 60 million) from FPS Food Process Solutions.

• Signed multiple agreements with leading olive oil producers in Spain and France, and entered the wine industry with a lease agreement in France.

• Expanded into new markets, including South Africa (forestry sector) and initiated collaborations in the pineapple and juice industries.

• Strategic partnerships formed in flower care and waste reduction, and a patent application filed for combined PEF and VI treatment.

Financial highlights

• Q2 2024 net revenue was SEK 9,360 thousand, up from SEK 2,337 thousand year-over-year; H1 2024 net revenue was SEK 13,108 thousand, up from SEK 7,551 thousand.

• Operating income for Q2 was SEK -9,663 thousand (Q2 2023: SEK -15,099 thousand); H1 operating income was SEK -26,120 thousand (H1 2023: SEK -32,768 thousand).

• EBITDA for Q2 was SEK -6,252 thousand (Q2 2023: SEK -10,656 thousand); H1 EBITDA was SEK -17,746 thousand (H1 2023: SEK -22,853 thousand).

• Cash and cash equivalents at period end were SEK 4,022 thousand (Q2 2023: SEK 26,503 thousand).

• Earnings per share before and after dilution for Q2 was SEK -0.23 (Q2 2023: SEK -0.57).

Outlook and guidance

• Discontinued EBITDA forecasts due to unpredictability in timing of revenue and costs from agreements.

• Focus remains on global commercialization, increased production, and cost efficiency.

• Board expects positive cash flow for 2024 based on projected sales and recent financing activities.