TopRight Nordic (TOPR) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was SEK 11.4 million, down from SEK 14.4 million in Q3 2023, with EBITA at SEK -5.5 million, a significant improvement from SEK -14.4 million last year.

• Focus shifted to ensuring delivery capability, with new hires in North America and a 24-month global agreement signed with Polestar.

• Order book reached SEK 60.9 million, supporting expectations for improved results in coming quarters.

• Gross margin for the first three quarters was 46%, indicating a foundation for future profitability.

Financial highlights

• EBITA margin improved to -49% in Q3 2024 from -100% in Q3 2023.

• Cash position at quarter-end was SEK 241 thousand, down from SEK 1.6 million a year earlier.

• Result per share for Q3 was SEK -0.03, compared to SEK -0.12 in Q3 2023.

• Net loss after financial items for Q3 2024 was SEK -8.0 million, compared to SEK -25.6 million in Q3 2023.

• Equity at group level was SEK -7.4 million at quarter-end, up from SEK -57.9 million a year earlier.

Outlook and guidance

• Strong order book and improved gross margins provide a positive outlook for profitability in upcoming quarters.

• Expansion in North America and global contracts with major clients like Polestar and Sobi expected to drive growth.