BactiQuant (BACTIQ) Q3 2024 TU earnings summary

Executive summary

• Strategic customer collaborations in Pharma, Aquaculture, and Oil & Gas developed positively in Q3, with ongoing large-scale testing in Pharma progressing as hoped.

• Sales processes and internal knowledge sharing with strategic customers are taking longer than expected, delaying order intake but not eliminating future revenue.

• Limited new customer sales due to resource constraints, despite high interest and unsolicited inquiries.

Financial highlights

• Revenue for the first nine months of 2024 was DKK 4.4 million, down from DKK 8.9 million in the same period of 2023, mainly due to a large equipment sale to Pharma in 2023.

• Recurring revenue was DKK 2.9 million, compared to DKK 3.7 million last year; expected to recover in 2025 as more units are deployed.

• Hardware sales fell from DKK 4.3 million in 2023 to DKK 1.1 million in 2024; other services dropped from DKK 0.8 million to DKK 0.5 million.

Outlook and guidance

• 2024 revenue guidance revised down to DKK 6–8 million from previously DKK 9–13 million.

• EBITDA for 2024 now expected at DKK −11 to −13 million, compared to earlier guidance of DKK −8 to −11 million.

• Growth acceleration options under review, including new institutional investors or a change of ownership, with a decision expected in the coming months.