SolidX (SOLIDX) Q1 24/25 earnings summary

Executive summary

• Net sales increased by 47% year-over-year to SEK 32 million for May–July 2024, driven by organic growth and acquisitions.

• EBITDA improved by 57% year-over-year to SEK -493,000, reflecting better operational efficiency despite seasonally lower activity.

• Liquidity strengthened to SEK 9 million, up 46% from the previous year, supporting continued expansion.

• The number of consultants increased by 47% year-over-year, supporting revenue growth.

• The planned merger with Time People Group was cancelled in June 2024 due to strategic considerations.

Financial highlights

• Net sales for Q1 2024/2025: SEK 32,024k (SEK 21,844k), up 47% year-over-year.

• EBITDA: SEK -493k (SEK -1,156k), a 57% improvement year-over-year.

• Cash flow from operations: SEK 2,861k (-1,286k), reflecting improved working capital.

• Cash and cash equivalents at July 31, 2024: SEK 9,000k (SEK 6,147k), up 46%.

• Q1 result impacted by the holiday season, leading to lower utilization.

Outlook and guidance

• Management expects continued high growth, supported by strong demand for digitalization and IT services.

• The macroeconomic environment is causing longer customer decision cycles, but demand remains robust across geographies.

• The company targets 50–100% annual net sales growth in the medium term and aims to surpass SEK 1 billion in sales long-term.