Maven's Q3 gives a mixed picture of the turnaround in orders. Order intake was SEK34.9m against our SEK37.3m (-6%), but up 69% y/y, and came from 49 orders from 22 customers against 17 orders from 17 customers a year ago. That is a clear sign of repeat orders and a broader customer base. The order book ended at SEK90.5m against our SEK94.4m. Net sales were SEK41.9m against our SEK38.1m (+10%). Reported EBITDA of SEK2.6m was lifted by a one-off order without material delivery, which took the gross margin to 53%; excluding it, the margin was 43%, in line with our estimate. Stripping out the SEK4.0m uplift, adj. EBITDA was SEK-1.5m against our SEK-0.2m, as costs ran about SEK2.9m above our estimate. The strong point in the quarter was cash flow: operating cash flow of SEK6.0m and free cash flow of SEK2.0m.
LÄS MER
