Acconeer (ACCON) Q2 2024 earnings summary

Executive summary

• Q2 2024 net sales reached KSEK 15,138, up 137% year-over-year and 36% sequentially, marking a record high.

• Gross margin on sales of goods remained stable at 61% in Q2; overall gross margin was 67%.

• Result after taxes improved to KSEK -6,930 from -13,498 year-over-year; EPS was SEK -0.12 vs. -0.51.

• Strong momentum in automotive with 6 launches, including Volvo EX90 and Polestar 3, and 5 new design wins.

• Cash and cash equivalents at period end were KSEK 109,017, up from 30,541 last year.

Financial highlights

• First six months net sales were KSEK 26,436, up 60% year-over-year.

• Operating expenses for Q2 decreased by 7% to KSEK 17,575, mainly due to lower R&D costs.

• Operating result for Q2 was KSEK -7,232, improved from -13,544 year-over-year.

• Cash flow from operating activities in Q2 was KSEK -6,280, improved from -10,803 last year.

• Equity ratio at quarter end was 83%.

Outlook and guidance

• Financial targets: net sales over SEK 300 million in 2027, EBIT break-even in 2025, long-term EBIT margin of at least 25%.

• Management sees strong opportunities for accelerated growth and plans to update go-to-market strategy.