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Freemelt: Final quarter before eMELT uneventful - ABG

No deliveries in Q1 compared to one Freemelt ONE expected
Opex being kept under control despite investments
First eMELT order received in Q2, highlights partnerships


Q1 results

Sales came in at SEK 0.82m (-83% vs. ABGSCe 4.9m, -81% vs. cons. 4.2m), -16% y-o-y. This was due to no deliveries being made in the quarter, compared to the one Freemelt ONE delivery we expected. EBIT was SEK -23m (+13% vs. ABGSCe -21m, +153% vs. cons. -9.3m). EBIT adj. was SEK -12m (+31% vs. ABGSCe -8.8m, +25% vs. cons. -9.3m). When keeping the lower than expected sales in mind, this means the company controlled opex slightly better than we expected. EPS adj. came in at SEK -0.24 (+35% vs. ABGSCe -0.18), -20% y-o-y. FCF lease adj. was SEK -17m (-25% vs. ABGSCe -22m), with the improvement supported by somewhat lower capex than expected.
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