Solution International Nordics (SIN) Q2 2024 earnings summary

Executive summary

• Q2 2024 marked a strategic name change to Evolear, reflecting a focus on AI-driven educational technology and platform development.

• Operational improvements included cost optimization and new partnerships, notably with Skolon, expanding potential reach by 750,000 users.

• A Letter of Intent was signed for the sale of subsidiaries MyFirstApp Group S AB and Oy 10Monkeys Ltd, with the process ongoing.

Financial highlights

• Net sales for Q2 2024 were 0.61 MSEK, down from 0.67 MSEK in Q2 2023; H1 2024 net sales rose to 1.14 MSEK from 0.89 MSEK year-over-year.

• EBITDA improved to -0.1 MSEK in Q2 2024 from -0.9 MSEK in Q2 2023, reflecting better cost control.

• Result after financial items was -1.7 MSEK in Q2 2024, compared to -1.1 MSEK in Q2 2023.

• Equity at period end was 2.6 MSEK, down from 5.3 MSEK a year earlier.

• Cash flow from operations in H1 2024 was 55 KSEK, a turnaround from -678 KSEK in H1 2023.

Outlook and guidance

• The company aims for 2024 net sales of 8–12 MSEK and 5–7 employees, with continued organic growth and market expansion.

• For 2025, the target is 35 MSEK in net sales and 10–15 employees, building on the current product and acquisition base.

• Strategic focus remains on organic growth, selective acquisitions, and integration of leading platforms.