Freemelt: A slow start to an exciting year - ABG
Q1: sales SEK 0.82m, adj. EBIT -12m, no deliveries
Q2 to be more eventful, SEK >12m of orders announced
First eMELT in Q2, Saab and UKAEA projects bode well
Q1: Sheffield delivery pushed to Q2
The Q1 report was fairly uneventful, except for the single expected Freemelt ONE delivery to the University of Sheffield being pushed into Q2, which meant Q1 sales only amounted to SEK 0.82m (0.97m). The company's cost control was better than we anticipated, and adj. EBIT was SEK -12m (-12m), converting into adj. EPS of SEK -0.24 (-0.30). FCF was SEK -17m (1m), leaving the company with a cash balance of SEK 17m, but note that the recent share issue will provide an additional SEK 60m in Q2.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Freemelt/Equity-research/2024/5/freemelt---a-slow-start-to-an-exciting-year/