SaltX Technology (SALT) Q2 2024 earnings summary

Executive summary

• SaltX is advancing commercialization of its Electric Arc Calciner (EAC) technology for electrifying lime and cement production, targeting emission-intensive industries and aiming for zero-emission manufacturing.

• Leadership transition: Carl-Johan Linér steps down as CEO, succeeded by Lina Jorheden as acting CEO to drive the next commercialization phase.

• SaltX completed a directed share issue, secured new financing, and entered a strategic partnership with ABB to jointly market solutions to the lime and cement industry.

Financial highlights

• Q2 2024 net sales were MSEK 4.6, up from MSEK 3.6 in Q2 2023; YTD net sales reached MSEK 21.3, up from MSEK 6.9 year-over-year.

• Q2 2024 EBIT was MSEK 4.8, a turnaround from MSEK -12.5 in Q2 2023, mainly due to a conditional loan converted to a grant.

• YTD EBIT was MSEK -17.2, improved from MSEK -21.4 year-over-year.

• Q2 earnings per share were SEK 0.03, compared to SEK -0.10 in Q2 2023; YTD EPS was SEK -0.11, up from SEK -0.20 year-over-year.

• Cash flow from operating activities was MSEK -16.1 in Q2 and MSEK -35.6 YTD, with cash equivalents at MSEK 24.0 at quarter-end.

Outlook and guidance

• The company is in a commercialization phase, focusing on scaling up EAC technology and expanding partnerships, with continued demand expected for electrified solutions in emission-intensive industries.

• The Board assesses sufficient capital for the next 12 months but anticipates further financing needs for long-term growth.