Q3 results
Sales came in at SEK 8.2m (-21% vs. ABGSCe 10.3m, -12% vs. FactSet cons. 9.3m), +0.1m y-o-y. The lower than expected sales was likely due to invoice timings differing from our expectations. EBIT was -17.7m (+17% vs. ABGSCe -21.2m, +20% vs. cons. -22.0m), and adj. EBIT was -11.0m (-3% vs. ABGSCe -10.7m) for a margin of -135% (ABGSCe -104%). The company produced FCF of -13.0m (+16% vs. ABGSCe -15.4m, n.a. vs. cons. n.a.m), and ended the quarter with a cash balance of 47.1m vs. R12m FCF -34.0m. Despite lower than expected revenue, adj. EBIT was in line with our expectations, signalling improved cost control. In Q3, the company received two new Freemelt ONE orders, one to a research institute in Hungary, one to a Turkish university. Freemelt is continuously working towards the completion of its industrial printer eMELT, which according to the company, is progressing as envisioned.
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