Photocat (PCAT) H1 2024 earnings summary

Executive summary

• Achieved positive EBITDA in H1 2024 despite a 21.3% revenue decline year-over-year, mainly due to a large one-off transaction in H1 2023 and changes in distribution channels.

• Settled an IPR case in the Bitumen market, leading to new partnerships and increased NOXOFF sales.

• Maintained 2024 guidance for turnover of 17.5–19.0 mDKK and positive EBITDA of 0–1 mDKK.

• Completed major photocatalytic projects in Spain, showing promising results and supporting future growth.

Financial highlights

• H1 2024 revenue was 6,826 tDKK, down from 8,668 tDKK in H1 2023; gross profit was 3,438 tDKK, down from 3,728 tDKK.

• EBITDA reached 694 tDKK, a 14.1% decrease from 808 tDKK in H1 2023.

• Net loss was -388 tDKK, slightly higher than -349 tDKK in H1 2023.

• Cash at hand at period end was 222 tDKK, compared to 443 tDKK a year earlier.

• Equity stood at 12,717 tDKK, with total assets of 22,242 tDKK.

Outlook and guidance

• 2024 turnover expected between 17.5–19.0 mDKK, with positive EBITDA of 0–1 mDKK.

• Anticipates further growth from EU air quality legislation and expansion in Spain and the GCC.