Strong Q3 a promising sign for the future
In Q3, Freemelt delivered stronger sales than expected (SEK 8m vs. ABGSCe 5.5m), and was also able to keep costs down, resulting in an EBIT of SEK -12m (vs. ABGSCe -14m), of which -6m attributable to goodwill amortisation. While the number of Freemelt ONE orders and deliveries during the quarter (1 and 2) were known, revenue recognition varies from order to order, and this is likely the reason for the sales beat. On the cost side, COGS was higher than expected, while external costs and personnel expenses were kept tighter. The external costs mostly comprise costs for consultants, and the decrease may signal a lesser need for R&D consultants following the announcement of eMELT, the company’s new industrial printer. Cash flow was worse than expected owing to a build-up in working capital. Management highlights their progress on eMELT, which will be unveiled at Formnext on 15-18 November. Furthermore, they emphasise how they are now moving into a phase of commercialisation, spearheaded by the company’s new CEO, Daniel Gidlund, who took over as CEO on 3 October. The former CEO, Ulric Ljungblad, will continue his work at the company as Chief Innovation Officer, leading the company’s future R&D efforts.
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