Smoltek (SMOL) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 were 102 KSEK, with a net loss of -7,173 KSEK; H1 net sales were 1,776 KSEK and net loss -16,255 KSEK, both improved from prior year.

• Smoltek completed a rights issue raising 22.4 MSEK before costs, increasing financial flexibility.

• Strategic bid process initiated for potential sale of assets or subsidiaries in semiconductors and hydrogen.

• Key technical milestones achieved in both hydrogen cell material and CNF-MIM capacitor development.

Financial highlights

• Q2 net sales: 102 KSEK (1,651 KSEK Q2 2023); H1 net sales: 1,776 KSEK (3,056 KSEK H1 2023).

• Q2 net loss: -7,173 KSEK (-13,097 KSEK Q2 2023); H1 net loss: -16,255 KSEK (-28,091 KSEK H1 2023).

• Cash and equivalents at period end: 3,857 KSEK (48,126 KSEK prior year).

• Solid equity ratio: 90.9% (83.0% prior year).

• Operating cash flow H1: -16,370 KSEK (-23,446 KSEK H1 2023).

Outlook and guidance

• Bid process for sale of assets or subsidiaries expected to take 6–12 months, aiming to secure liquidity and enable continued innovation.

• Further technical development of CNF-MIM capacitors (Gen-One) with Yageo ongoing, targeting market-leading capacitance by year-end.

• Hydrogen cell material continues to attract industry interest, with ongoing tests by a leading automaker.