Athanase Innovation (ATIN) Q4 2024 earnings summary

Executive summary

• Net revenue for Q4 2024 was SEK 29.4m, up from SEK 15.8m in Q4 2023; full-year revenue reached SEK 115.3m, up from SEK 19.3m year-over-year.

• Value change from securities was SEK 21.0m in Q4 (SEK 2.6m in Q4 2023) and SEK 53.5m for the year (SEK 21.3m in 2023).

• Operating result (EBIT) improved to SEK -0.01m in Q4 (SEK -27.3m in Q4 2023) and SEK -23.7m for the year (SEK -79.2m in 2023).

• CEO transition: Peter Laveson stepped down, Daniel Nyhrén Edeen appointed as interim CEO.

• Voluntary redemption program returned SEK 91.8m to shareholders; 3.8m shares redeemed at SEK 24 per share.

Financial highlights

• Ivisys, the wholly owned subsidiary, contributed all group revenue, completing several installations and selling 10 PalletAl units in 2024 (4 in 2023).

• Group cash flow for Q4 was SEK -115.4m (SEK -80.4m in Q4 2023); year-to-date cash flow was SEK -146.1m (SEK -179.3m in 2023).

• Cash and cash equivalents at year-end were SEK 310.6m (SEK 457.2m at end 2023).

• Earnings per share for Q4 was SEK -0.02 (SEK -0.48 in Q4 2023); for the year, SEK -0.83 (SEK -1.89 in 2023).

• Equity ratio at year-end was 87.8% (92.8% at end 2023).

Outlook and guidance

• Ivisys order book at year-end was SEK 26.6m; additional orders received after the period.

• The board is evaluating a potential tax-free distribution of subsidiaries via Lex Asea and will await tax authority feedback before proceeding with delisting plans.

• No dividend proposed for 2024.