Aquaporin (AQP) H1 2024 earnings summary

Executive summary

• Achieved 44% year-over-year revenue growth in H1 2024, reaching DKK 29.2 million, driven by strong performance in drinking water and industrial reverse osmosis segments, and successful execution of key account strategy.

• Raised DKK 172.4 million through a rights issue, strengthening the balance sheet and securing funding until profitability.

• Expanded executive management and board, improved supply chain resilience, and launched new products in China and Turkey.

• Entered EU-funded projects, achieved repeat milestone payments with E. & J. Gallo, and opened a new polymer lab.

• Outlook for 2024 maintained, with revenue expected at DKK 90–110 million and gross margin at 30–35%.

Financial highlights

• H1 2024 revenue reached DKK 29.2 million, up from DKK 20.2 million in H1 2023.

• Gross profit margin was 36.7%, above the full-year guidance range of 30%-35%.

• EBIT before special items was a loss of DKK 42.2 million, improved from a loss of DKK 45.1 million in H1 2023.

• Cash position at period end was DKK 103.6 million, up from DKK 52.3 million a year earlier.

• Fixed operating costs decreased by 6% year-over-year, reflecting strong cost control.

Outlook and guidance

• Full-year 2024 guidance maintained: revenue of DKK 90–110 million, gross profit margin of 30%-35%, and EBIT before special items of -DKK 75 million to -DKK 85 million.

• Strong order book and expected busy Q4, with focus on ensuring revenue recognition within the year.