Freemelt: Sales higher, and so were investments - ABG
Sales +110%, adj. EBIT SEK -0.5m vs. ABGSCe
Some more revenue recognised in this quarter, order book SEK 1.8m
Highlights Fortune 500 agreement and eMELT-ID launch
Q4 results
Sales came in at SEK 7.6m (+110% vs. ABGSC 3.6m, +82% vs. FactSet cons. 4.2m), -4.6m y-o-y. EBIT was -19.4m (+22% vs. ABGSC -24.8m, +23% vs. cons. -25.3m), and adj. EBIT was -17.2m (-3% vs. ABGSC -16.7m) for a margin of -225% (ABGSC -458%). The company produced FCF of -13.1m (+20% vs. ABGSC -16.2m), and ended the quarter with a cash balance of 34.1m vs. R12m FCF -41.7m. Some more revenue was recognised in the quarter compared to what we expected, and the company exited Q4 with an order book of SEK 1.8m. The quarter also saw heavy investments in e-MELT, reflected in activated work and capex, but on the cash flow level, this was partly offset by a positive WC contribution.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Freemelt/Equity-research/2024/2/freemelt---sales-higher-and-so-were-investments/
