Svenska Aerogel (AERO) Q2 2024 earnings summary

Executive summary

• Achieved key milestones with a 1.4-ton container order from an Asian partner and a pilot order from a new European insulation manufacturer, both supporting strategic growth.

• Implemented a cost-efficiency program expected to yield full effect in H2 2024, targeting improved profitability.

• Converted a SEK 4.5 million loan to a grant, providing a one-time positive impact on results.

• Strengthened leadership with a new chairman and board member elected at the June AGM.

• Active participation in major industry fairs in Europe and the US, expanding the sales pipeline.

Financial highlights

• Net sales for Q2 2024 were SEK 0.5 million, up from SEK 0.3 million in Q2 2023; H1 2024 net sales totaled SEK 1.0 million, down from SEK 1.7 million year-over-year.

• EBITDA for Q2 2024 improved to SEK -4.2 million from SEK -9.7 million in Q2 2023; EBIT was SEK -6.1 million versus SEK -11.8 million.

• Result after tax for Q2 2024 was SEK -6.2 million, compared to SEK -12.2 million in Q2 2023.

• Total assets as of June 30, 2024, were SEK 63.1 million, with cash and cash equivalents at SEK 17.5 million.

• Equity at period end was SEK 49.9 million, up from SEK 46.2 million a year earlier.

Outlook and guidance

• Efficiency program is expected to save approximately SEK 10 million over twelve months, with full impact in H2 2024.

• Anticipates continued progress in customer projects and growing sales in the coming quarters.