Interim report for the first quarter of 2021:
Revenue growth of 57% despite continued COVID-19 restrictions
Today, LED iBond International’s (LED iBond) Board of Directors approved the interim report for the first quarter (Q1) of 2021. Highlights of the report include:
Business development
- In the wake of the gradual re-opening of the domestic markets in Q1, sales of LED panels to Nobia and upgrade panels for gas stations have performed well, driving a topline improvement of 57 % over the year-earlier period. However, commercial efforts, including the development of new international customer relationships, were impacted by continued COVID-19 restrictions in Q1.
- A report from the University of Southern Denmark confirms that the puriZAP device, a mercury-free disinfection tool for objects and surfaces, effectively inactivates corona virus (SARS-CoV-2) – a breakthrough for puriZAP as well as for LED iBond’s disinfection technology in general.
- Commercial interest for LED iBond’s vertical farming shelves is gaining momentum and LED iBond has submitted several quotations for various vertical farming projects in Denmark and abroad during Q1.
- In Q1, the company entered an R&D partnership with Solar-Tectic LLC, a US-based company developing leading edge technology for the solar cell and lighting market. The partnership is organised as a Danish joint development company, tasked with the development and patenting of a new lighting technology.
Financial development
- In Q1, LED iBond generated revenues of TDKK 3,161, an increase of 57 % over Q1 of 2020. In addition, the company received grants of TDKK 1,001 during the quarter.
- EBITDA came in at TDKK -1,387 in Q1, an improvement of TDKK 251 (15%) over the year-earlier quarter.
- In Q1, the company initiated a rights issue to raise additional capital for new commercial opportunities within vertical farming and UV-C disinfection, for expanding production capacity and for establishing a more sustainable capital structure. 62 % oversubscribed, the capital increase was completed in April 2021.
- The negative impact of the COVID-19 pandemic on some of LED iBond’s business activities is still expected to be at least partly offset by the company’s vertical farming and anti-virus products. Therefore, LED iBond maintains its financial outlook:
- Full year positive cash flow from operations in 2021
- Revenue of DKK 100 million in 2022
- Long-term EBITDA-margin above 30 %
Financial key figures for Q1 2021
| TDKK | Q1 2021 | Q1 2020 | Change | Full year 2020 |
|
| Profit & Loss | |||||
| Revenue of goods sold | 3,161 | 2,018 | 57% | 7,362 | |
| Grants | 1,001 | 0 | 301 | ||
| EBITDA | -1,387 | -1,638 | 15% | -7,809 | |
| EBIT | -4,419 | -4,308 | -3% | -18,533 | |
| Net financial expenses (Ex. IPO Costs) | -512 | -240 | -113% | -1,360 | |
| Profit/loss before tax | -4,931 | -4,548 | -8% | -23,352 | |
| Profit/loss | -3,846 | -3,547 | -8% | -17,623 | |
| Balance Sheet | |||||
| Total assets | 62,299 | 59,616 | 5% | 66,365 | |
| Total equity | 40,346 | 28,108 | 39% | 44,193 | |
| Net interest-bearing debt. | 13,523 | 24,611 | -45% | 14,430 | |
| Cash flow statement | |||||
| Cash flow from operating activity | -179 | -4,690 | -96% | -9,409 | |
| Cash flow from investing activity | -4,840 | -1,694 | -186% | -11,154 | |
| Cash flow from financing activity | -905 | 6,400 | -114% | 24,068 | |
| Change in cash and cash equivalents | -5,924 | 16 | 37,125% | 3,505 |
The full interim financial report for the first quarter of 2021 is available here:
LED iBond International - Interim-report-Q1-2021.pdf