Finishing 2022 with its strongest quarter ever
In Q4 Freemelt achieved sales of SEK 12.2m (0.1m) and EBIT of SEK -7.9m (-14.5m). Adj. EBIT was SEK -9.3m (-12.1m). During the quarter Freemelt received three orders for Freemelt-ONE systems, and delivered four. The revenues were in line with our expectations, but adj. EBIT was lower than we expected due to increased R&D and marketing activity. Nevertheless, we believe the company is exercising good cost control in light of the directed share issue announced in conjunction with the Q4 report. The share issue boosted the company's cash balance by SEK 66m through the issue of 11m new shares at a share price of SEK 6. Unless the company chooses to accelerate R&D further, we believe that the current cash balance will last until the company becomes cash flow break-even, which we judge will occur in '25e. Freemelt's new CEO, Daniel Gidlund, highlights that Freemelt took the step in Q4 from being an R&D company to a commercial company with good sales and cost control, a journey he intends to continue.
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