ChargePanel (CHARGE) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 increased to 3,339 KSEK from 2,633 KSEK year-over-year, with recurring revenues up 63% and a 10% increase in connected charging points during the quarter.

• Net loss after tax improved to -2,112 KSEK from -3,324 KSEK year-over-year; EPS was -0.09 SEK compared to -0.20 SEK.

• Cash position at period end was 5,256 KSEK, up from 3,031 KSEK last year.

• Company reached 10,000 connected charging points in May and 12,000 by end of June, doubling in just over a year.

Financial highlights

• Q2 2024 net sales: 3,339 KSEK (up from 2,633 KSEK); H1 2024 net sales: 6,838 KSEK (up from 4,679 KSEK).

• EBIT for Q2: -2,112 KSEK (improved from -3,324 KSEK); H1 EBIT: -5,476 KSEK (improved from -6,561 KSEK).

• Operating margin for Q2: -56.4% (vs. -126.2%); H1: -73.0% (vs. -140.2%).

• Cash flow from operations in Q2: -3,301 KSEK (vs. -4,232 KSEK); H1: 3,852 KSEK (vs. -6,998 KSEK).

• Equity at period end: 3,053 KSEK; equity ratio: 23.5% (down from 63.8%).

Outlook and guidance

• Expects to achieve monthly profitability during 2025, supported by continued customer growth and strategic investments.

• Ongoing investments in technology and market expansion are expected to drive further growth.