Recyctec (RECY) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 were SEK 2,908,251, slightly down from SEK 3,032,055 in Q2 2023.

• Operating loss before financial items widened to SEK -2,825,010 from SEK -1,829,713 year-over-year.

• Net loss per share was SEK -0.24, compared to SEK -0.16 in the same quarter last year.

• Sales for the first half of 2024 increased by 6% compared to the same period in 2023.

• New distributor agreements signed in Norway and Finland, with expected impact from Q4 2024.

Financial highlights

• Q2 2024 net sales: SEK 2.91 million (Q2 2023: SEK 3.03 million).

• Operating loss: SEK -2.83 million (Q2 2023: SEK -1.83 million).

• Net loss after financial items: SEK -3.11 million (Q2 2023: SEK -2.03 million).

• Cash flow from operations in Q2: SEK 935,000 (Q2 2023: SEK -571,000).

• Cash and cash equivalents at period end: SEK 145,000 (Q2 2023: SEK 529,000).

Outlook and guidance

• Management expects positive cash flow within the next year.

• Effects from new distributor agreements in Finland and Norway anticipated in Q4 2024 and 2025.

• Sales growth of 6% in H1 2024 despite challenging economic conditions.