Athanase Innovation (ATIN) Q2 2024 earnings summary

Executive summary

• Net revenue for Q2 2024 was 0.8 MSEK, up from 0.0 MSEK in Q2 2023, driven by service income from Ivisys.

• Value change from securities reached 16.8 MSEK in Q2, mainly from the listed holding Zalaris.

• Operating result (EBIT) for Q2 was -15.4 MSEK, an improvement from -22.0 MSEK in Q2 2023.

• For H1 2024, net revenue was 36.2 MSEK and operating result was 4.4 MSEK, compared to 0.0 MSEK and -36.5 MSEK in H1 2023.

• No new investments or divestments were made during the quarter.

Financial highlights

• Q2 value change from securities: 16.8 MSEK (1.9 MSEK in Q2 2023); H1 value change: 48.7 MSEK (12.8 MSEK in H1 2023).

• Q2 operating costs increased by 3.7 MSEK year-over-year, mainly due to Ivisys' cost of goods and inventory write-downs.

• Q2 EPS was -0.71 SEK (-0.57 SEK in Q2 2023); H1 EPS was 0.25 SEK (-1.06 SEK in H1 2023).

• Cash flow for Q2 was -18.2 MSEK (-12.4 MSEK in Q2 2023); cash and equivalents at period end were 428.1 MSEK.

• Equity ratio at period end was 87.9% (93.2% in Q2 2023).

Outlook and guidance

• Continued focus on establishing an industrial base for the "Industrial tech" fund and attracting external capital.

• Ivisys is working to deliver on its order book, with a new order received post-quarter that could expand its addressable market.

• Ongoing evaluation of new investment opportunities, especially in the industrial tech segment.