Q-Interline (QINTER) Investor Update summary

Business and Market Overview

• Specializes in maintenance-free, cloud-monitored near-infrared spectroscopy equipment for quality control in food, feed, agriculture, pharma, and chemical industries, with over 700 systems delivered in 44 countries and 27 years of experience.

• 2023 revenue reached DKK 32 million, with a 2024 target of DKK 40–45 million; listed on Nasdaq First North Growth since 2021.

• Achieved 22.4% revenue growth in 2023, with ARR share at 36% and about one-third of sales from recurring revenue streams.

• Noted for unique patented technology, especially in milk analysis, robust, low-maintenance systems, and patented Pivette® cell.

• Inline product series and demo fleet expansion supported by EU funding and strategic investments.

Strategic Focus and Growth Initiatives

• Key 2024 focus: building the US subsidiary, strengthening DACH region, and improving demo project management, with US market entry modeled after the successful French subsidiary.

• Plans to expand demo fleet and sales channels, especially in the US, to accelerate growth; France subsidiary neared break-even in 2023.

• Targeting 25–40% annual revenue growth, with Germany, France, and Scandinavia as main 2024 growth drivers.

• Considering further European expansion and a new subsidiary by 2027, with capital needs estimated at DKK 8–15 million.

• Emphasis on long-term customer relationships and responsible production, automation, and new plant-based product solutions.

Financial Performance and Guidance

• 2024 guidance: revenue of DKK 40–45 million, EBIT between minus 8.5 and minus 5.2 million.

• Strengthened liquidity through loan conversion and plans for a rights issue to fund strategic initiatives.

• Full subscription of the rights issue would enable aggressive sales and marketing; minimum subscription would require more cautious expansion.

• Cashflow positivity expected at DKK 53–55 million in revenue, with current investments focused on demo fleet and US market entry.

• Market capitalization at DKK 110.3 million, up 3% year-on-year.