Smoltek (SMOL) Q4 2024 earnings summary

Executive summary

• Full-year net sales declined to 1,881 KSEK from 8,457 KSEK year-over-year, mainly due to the end of a development agreement with Yageo.

• Net loss improved to -33,399 KSEK from -51,329 KSEK year-over-year, driven by cost reductions.

• Q4 net sales were 0 KSEK (4,169 KSEK in Q4 2023); Q4 net loss was -10,224 KSEK (-12,839 KSEK in Q4 2023).

• Major technical milestones achieved in both semiconductor and hydrogen business units, including a 230% increase in capacitance density and significant reduction in iridium use for hydrogen electrodes.

• Eight new patents granted in 2024, strengthening the IP portfolio.

Financial highlights

• Full-year EPS improved to -0.67 SEK from -3.33 SEK; Q4 EPS was -0.13 SEK (-0.76 SEK in Q4 2023).

• Cash and cash equivalents at year-end were 6,378 KSEK, down from 28,682 KSEK.

• Equity at year-end was 83,097 KSEK (95,194 KSEK in 2023); equity ratio increased to 90.1% from 84.1%.

• Cash flow from operations was -28,569 KSEK, improved from -46,432 KSEK year-over-year.

• Investments in intangible assets totaled 13.3 MSEK for the year.

Outlook and guidance

• Strategy targets stable financing for two years and profitability by 2027.

• Convertible loan of 20 MSEK completed in January 2025 as part of long-term financing.

• Focus on accelerating commercialization in both semiconductor and hydrogen segments, with pilot production of CNF-MIM capacitors planned in Taiwan.