Aerowash (AERW) Q3 2024 earnings summary

Executive summary

• Revenue for Q1–Q3 2024 increased over 60% year-over-year to 51.6 MSEK, with a positive operating result and cash flow; order book at 30 September was approximately 50 MSEK.

• Third quarter saw completion of deliveries to AISATS in India, with machines now operational in multiple cities and over 2,500 washes performed since summer 2023.

• Market activities included participation in major industry expos in Abu Dhabi and Barcelona, generating significant attention for the dry wash concept.

Financial highlights

• Q3 2024 net sales were 11,915 KSEK, down from 18,155 KSEK in Q3 2023; operating result was -774 KSEK (7,241 KSEK in Q3 2023).

• Q1–Q3 2024 net sales reached 51,640 KSEK, up from 31,770 KSEK year-over-year; operating result was 4,200 KSEK (3,979 KSEK in Q1–Q3 2023).

• Net income for Q1–Q3 2024 was 994 KSEK, compared to 1,722 KSEK in the same period last year; EPS was 0.08 SEK (0.18 SEK in Q1–Q3 2023).

• Cash and cash equivalents at 30 September 2024 were 3,269 KSEK; equity at period end was 48,966 KSEK.

• Q3 2024 net income was -1,166 KSEK, compared to 6,227 KSEK in Q3 2023; EPS was -0.09 SEK (0.65 SEK in Q3 2023).

Outlook and guidance

• Long-term trend remains positive, with a growing sales pipeline and high entry barriers in the industry; expectation for continued growth with existing partners, especially AISATS.

• Remaining deliveries to Economic Group Holdings postponed to 2025 at customer request.