Polymer Factory (POLYMER) Q3 2024 earnings summary

Executive summary

• Achieved a granted US patent for the dendritic nanogel (DNG) platform and signed several material transfer agreements (MTAs) to advance DNG applications, especially in drug delivery.

• Revenue increased 33% year-over-year in Q3 2024, with North America as the leading market.

• Received the second payment from the European Defence Fund (EDF) for ongoing project milestones, supporting liquidity.

• CEO Elin Mignérus to take parental leave starting January 2025, with a new management team in place.

Financial highlights

• Q3 2024 net sales: KSEK 560, up from KSEK 422 in Q3 2023; nine-month net sales: KSEK 1,159, down from KSEK 1,411 year-over-year.

• Q3 2024 loss: KSEK -931 (vs. -712 in Q3 2023); nine-month loss: KSEK -3,491 (vs. -3,520 year-over-year).

• Cash and bank at period end: KSEK 1,002; equity: KSEK 4,090; equity/assets ratio: 74%.

• Cash flow from operations Q3: KSEK -631 (improved from -1,025 in Q3 2023); nine-month cash flow: KSEK -3,637.

• Earnings per share Q3: SEK -0.09 (vs. -0.07); nine months: SEK -0.33 (unchanged year-over-year).

Outlook and guidance

• Focus remains on expanding DNG platform collaborations and building long-term customer relationships in life sciences.

• Ongoing EDF project entering its second half, with about one year remaining and further milestones expected.