Freemelt: A slew of development orders - ABG

Q3e: Two Freemelt ONE deliveries, sales SEK 9.3m, EBIT -24m
Estimates down on slower-than-expected eMELT orders
Remain confident in future sales based on development orders


Q3 expectations

Two Freemelt ONE orders were announced during Q3, one to a US research institute, and one to the University of Birmingham. Of these, we expect one to have been delivered during the quarter, along with the machine ordered by a US university last quarter, for a total of two Freemelt ONE deliveries. This compares to two orders and one delivery in Q3'23. We expect no eMELT deliveries in the quarter. This results in our sales estimate of SEK 9.3m. After opex roughly in line with the Q2 figure, we expect EBIT of SEK -24m (-18m), and adj. net income of SEK -12m (-6m).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Freemelt/Equity-research/2024/10/freemelt---a-slew-of-development-orders/