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.
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