Svenska Aerogel (AERO) Q1 2025 earnings summary

Executive summary

• Net sales nearly tripled to 1.4 MSEK in Q1 2025, up 35% on a rolling 12-month basis compared to 2024, driven by new customer orders and ramp-up of commercial launches.

• EBITDA improved to -6.6 MSEK from -8.9 MSEK year-over-year; net loss after tax narrowed to -8.6 MSEK from -11.2 MSEK.

• Major order of 2 tons from a thermal insulation manufacturer and a 1.5-ton pilot order for Matrix Brands signal growing demand in Advanced and Building segments.

• Rights issue raised 24.6 MSEK before costs, increasing the number of shares from 9.5 million to 20.4 million.

• No dividend proposed for 2025.

Financial highlights

• Net sales: 1.4 MSEK (Q1 2025) vs 0.5 MSEK (Q1 2024); EBITDA: -6.6 MSEK vs -8.9 MSEK; EBIT: -8.5 MSEK vs -10.8 MSEK.

• Net loss after tax: -8.6 MSEK (Q1 2025) vs -11.2 MSEK (Q1 2024); EPS: -0.91 SEK vs -1.20 SEK.

• Cash and cash equivalents at period end: 0.5 MSEK (down from 27.2 MSEK year-over-year).

• Equity: 46.3 MSEK (Q1 2025) vs 56.2 MSEK (Q1 2024); total assets: 66.8 MSEK vs 76.5 MSEK.

• Cash flow from operations: -1.9 MSEK (Q1 2025) vs -10.0 MSEK (Q1 2024).

Outlook and guidance

• Sales momentum expected to continue with new customers in ramp-up and commercial launch phases.

• Ongoing negotiations for long-term supply agreements and further expansion in Building & Real Estate segment.

• Matrix Brands to launch a new personal care product in 2025 using the newly developed material.