Q1e: negligible revenue, but Q2 already looking better
For Q1e, we only expect sales of SEK 0.3m, as no new orders were received in the period. However, after Q1, the company received a new Freemelt ONE order from a US university, and this will be delivered in Q2. We estimate Q1 EBIT of SEK -26.5m, of which SEK -11.9m goodwill amortisation, as Freemelt recently announced that it was doubling the rate at which goodwill would be amortised (from 10 to 5 years). This means all current goodwill will be amortised by '26e. The change will be retroactively applied from FY'22, thus affecting '22 results negatively. The change has no effect on cash flow.