Aerowash (AERW) Q2 2024 earnings summary

Executive summary

• Revenue quadrupled in Q2 2024 to 24.4 MSEK and nearly tripled for H1 2024 to 39.7 MSEK year-over-year.

• Operating profit for H1 2024 reached 5.0 MSEK, reversing a loss of -3.3 MSEK in H1 2023.

• Net profit after tax for H1 2024 was 2.2 MSEK, compared to a loss of -4.5 MSEK in H1 2023.

• Cash flow from operations improved to 6.2 MSEK in H1 2024 from -4.5 MSEK in H1 2023.

• Order book stood at approximately 60 MSEK as of June 30, 2024.

Financial highlights

• Q2 2024 net sales: 24.4 MSEK (5.99 MSEK in Q2 2023); H1 2024 net sales: 39.7 MSEK (13.6 MSEK in H1 2023).

• H1 2024 operating income: 4.97 MSEK (-3.26 MSEK in H1 2023); net income: 2.16 MSEK (-4.51 MSEK in H1 2023).

• EPS for H1 2024: 0.16 SEK (-0.47 SEK in H1 2023).

• Cash and cash equivalents at June 30, 2024: 9.85 MSEK.

• Equity at June 30, 2024: 50.1 MSEK; equity ratio improved to 60% from 32% year-over-year.

Outlook and guidance

• Strong market interest in mechanized dry wash solutions, with several major industry players evaluating the concept.

• Multiple large-scale demonstrations and trade show participations planned for the autumn.

• Positive momentum expected to continue, with focus on product development and organizational strengthening.