Zoomability (ZOOM) Q2 2024 earnings summary

Executive summary

• Q2 2024 net sales reached 1,872 tSEK, down 4.7% year-over-year, with production delays impacting deliveries despite strong order intake.

• EBIT for Q2 was -1,724 tSEK, a decline from -1,075 tSEK in Q2 2023, reflecting higher costs and supply chain issues.

• A new joint venture in China was established in August, granting 51% ownership and access to local manufacturing and R&D resources.

• The company is seeking alternative financing after a major investor failed to fulfill an 8 MSEK commitment.

Financial highlights

• Q2 2024 net sales: 1,872 tSEK (Q2 2023: 1,964 tSEK); H1 2024: 2,200 tSEK (H1 2023: 3,581 tSEK).

• Q2 2024 EBIT: -1,724 tSEK (Q2 2023: -1,075 tSEK); H1 2024: -3,887 tSEK (H1 2023: -2,947 tSEK).

• Q2 2024 net result: -1,812 tSEK (Q2 2023: -1,113 tSEK); EPS: -0.14 SEK (Q2 2023: -0.19 SEK).

• Cash at period end: 1,656 tSEK (Q2 2023: 337 tSEK); equity: 5,694 tSEK (Q2 2023: 10,337 tSEK).

• Soliditet (equity ratio): 46% (Q2 2023: 72%).

Outlook and guidance

• Management expects to benefit from the China JV starting in 2025, with potential for lower production costs and new product development.

• Expansion plans are delayed pending new financing, but alternative funding options are being pursued.

• FDA approval for the US market is anticipated later in 2024.