Rentunder (RENT) Q2 2024 earnings summary

Executive summary

• Focused on strengthening partnerships and customer support for boat bottom cleaning solutions, with increased activity in local and European markets and growing interest outside Europe.

• Patent granted in the US, agent agreements signed for Denmark and the Maldives, and a new installation in Borgholm, Sweden.

• Delays in customer investment decisions and regulatory processes impacted sales and installations.

Financial highlights

• Revenue for H1 2024 was 3,132,429 SEK, down from 5,446,580 SEK in H1 2023, mainly due to postponed customer investments.

• Net loss for H1 2024 was -1,535,836 SEK, compared to -1,258,988 SEK in H1 2023.

• Earnings per share after tax was -0.04 SEK, compared to -0.03 SEK in H1 2023.

• Cash and cash equivalents at period end were 1,097,934 SEK, up from 775,141 SEK at the end of H1 2023.

Outlook and guidance

• No forecast or target for full-year results or revenue due to uncertainties in order intake and timing of installations.

• Gradual improvement in the global economic situation is expected to benefit future business.