Acconeer (ACCON) Q3 2024 earnings summary

Executive summary

• Q3 2024 net sales rose 74% year-over-year to KSEK 14,604, with record shipment of over 400,000 radar sensors.

• Gross margin on sales of goods was 61% (down from 67% last year), reflecting product mix and component costs.

• Result after taxes improved to KSEK -4,316 from KSEK -9,590 in Q3 2023; EPS was SEK -0.07 versus -0.36.

• Cash flow from operating activities was KSEK -3,896, an improvement from KSEK -6,895 last year.

• Nine-month net sales reached KSEK 41,040, already surpassing full-year 2023 sales.

Financial highlights

• Q3 gross profit was KSEK 9,570 (gross margin 68%), with operating loss at KSEK -4,690.

• Operating expenses decreased 13% year-over-year due to lower R&D costs and higher capitalization of development.

• Nine-month result after tax was KSEK -23,487, improved from KSEK -35,215 last year.

• Cash and cash equivalents at period end were KSEK 73,337, up from KSEK 42,431 a year ago.

• Equity ratio increased to 90% from 80% year-over-year.

Outlook and guidance

• Focus shifting to larger volume customers and competitive product areas, with local sellers contracted in China and Taiwan.

• Financial targets: net sales >SEK 300 million in 2027, EBIT break-even in 2025, first cash flow positive quarter in 2026, long-term EBIT margin ≥25%.

• Growth in tank level measurement and automotive markets highlighted as key opportunities.