Q4e: New pricing model limits quarter sales
During the quarter, the company announced one Freemelt ONE order, and we expect two machines to have been delivered. As one of these machines will be recognised over the two-year payment contract, we expect this to translate into sales of only SEK 3.6m (12m) in Q4e. We estimate EBIT of SEK -25m (-8m), and ABGSCe adj. EBIT of SEK -17m (-9m). Net income will, in our view, equal EBIT, and we expect FCF and NCF of SEK -16m (-3m), bringing the cash balance to SEK 31m. On our estimates, the company will need to raise additional capital towards the end of '24e.
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