Tangiamo Touch Technology (TANGI) Q2 2024 earnings summary

Executive summary

• Net sales for Jan–Jun 2024 were 1,415 KSEK, down from 8,536 KSEK year-over-year, mainly due to a one-time Loto Quebec order in 2023.

• Operating result for H1 2024 was -4,425 KSEK, compared to 161 KSEK in H1 2023; net result after depreciation and financial items was -6,996 KSEK versus -2,210 KSEK.

• Q2 2024 saw a 1.1 MSEK order from Abbiati and the launch of an AI-powered Closed Dome Dice Shaker at G2E Asia.

• Post-period, launched "Harmony Sic Bo" with an initial 0.3 MSEK order for cruise ship installation in Q3 2024.

• Board decided on a rights issue of approximately 27.4 MSEK and signed a letter of intent to acquire TrustPlay, pending due diligence.

Financial highlights

• Net sales for Jan–Jun 2024: 1,415 KSEK (8,536 KSEK in 2023); Q2 2024: 1,127 KSEK (1,138 KSEK in Q2 2023).

• Operating result Jan–Jun 2024: -4,425 KSEK (161 KSEK in 2023); Q2 2024: -2,131 KSEK (-2,473 KSEK in Q2 2023).

• Net result after depreciation and financial items Jan–Jun 2024: -6,996 KSEK (-2,210 KSEK in 2023); Q2 2024: -3,440 KSEK (-3,713 KSEK in Q2 2023).

• Cash flow from operating activities Jan–Jun 2024: 1,102 KSEK (966 KSEK in 2023); total cash flow for the period: -206 KSEK (-1,345 KSEK in 2023).

• Cash and cash equivalents at June 30, 2024: 65 KSEK (242 KSEK at June 30, 2023).

Outlook and guidance

• Excluding the 2023 Loto Quebec order, year-over-year improvements are noted in underlying performance.

• Launch of "Harmony Sic Bo" and planned installation on major cruise lines expected to support future growth.

• Rights issue and TrustPlay acquisition aim to expand presence in both land-based and online gaming sectors.