Axolot Solutions Holding AB (publ) - Interim report January-June 2022
Successful trials at Aspa Bruk, letter of intent signed regarding the Norwegian market and oversubscribed preferential rights issue completed.
Summary of the second quarter 2022
Financially
- Net sales amounted to 350 tSEK (529 tSEK for the corresponding quarter in 2021), which refers to customer trial activities and studies.
- Other revenues were 0 tSEK (60), where the revenue in the comparison period relates to public research grants and project support.
- Earnings before interest and tax became -5 108 tSEK (-4 954), that is relatively unchanged.
- Net earnings per share amounted to -0,09 SEK (-0,09).
- Liquid funds were 17 367 tSEK at the end of the second quarter 2022, where the preferential rights issue so far had contributed by 13 745 tSEK.
Operationally
- The trial activities at Ahlström-Munksjö Aspa Bruk, aiming at reducing the phosphorus emissions from Aspa Bruk, have proceeded very successfully during the second quarter. The AxoPur system in place has a goal capacity of 30 m3 /h.
- Axolot and Norwegian Tilapia AS signed a Letter of Intent regarding the establishment of a joint venture company for the Norwegian market, where the interest in Axolot’s water purification technology grows rapidly. Tilapia has several ongoing projects and expects as a result of the cooperation to already in 2022 be able to sell 3-4 AxoPur® units in Norway.
- Several other trials are ongoing and in the planning process, for example within fish farming, vehicle washing, the oil industry, coating and recycling.
Quarter 1-2 2022
- Net sales for the first half year of 2022 were 878 tSEK (1 012 tSEK for the first half year of 2021), relating to customer trial activities and studies.
- Other revenues were 1 tSEK (250), where the revenue in the comparison period relates to public research grants and project support.
- Earnings before interest and tax became -9 212 tSEK (-9 399). Principally, lower personnel costs explain the less negative results compared to previous year.
Key events during the second quarter 2022
- In the second quarter of 2022, Axolot made a preferential rights issue of 20.4 MSEK, with the purpose of securing the completion of an expected order for an AxoPur® 2.0 system and an expansion of the sales activities. The preferential rights issue was oversubscribed with a subscription rate of 146%. The Board decided to make use of an oversubscription option, adding another 2.85 MSEK to the cash impact from the rights issue. In total, Axolot will thereby get a cash effect of totally 23.3 MSEK, before deduction of issuing costs.
- An Extra General meeting was held on May 5th where an authorization to the Board for rights issue was decided as well as changes in the Articles of Association when it comes to the number of shares and the share capital. The rights issue was decided and published on May 12th. The subscription period was May 24th-June 8th and subsequently the final outcome of the rights issue was published according to above. The Annual General meeting was held on June 1st.
Key events after the end of the second quarter
There were no key events after the end of the second quarter 2022.
