Condo Nordic (CONDO) Q4 2024 earnings summary

Executive summary

• Achieved all-time high Q4 sales, with net sales up 24% year-over-year to SEK 7.8 million.

• Full-year net sales rose 8% to SEK 37.3 million, but profitability declined due to higher costs and one-off items.

• Strategic preparations for Swedish market entry and operational expansion continued.

Financial highlights

• Q4 EBITDA was SEK -0.9 million, down from SEK -0.6 million last year; full-year EBITDA was SEK -6.0 million vs. SEK 3.9 million.

• Q4 gross profit increased to SEK 3.6 million from SEK 2.9 million; full-year gross profit declined to SEK 15.9 million from SEK 19.4 million.

• Q4 operational cash flow improved to SEK 2.4 million from SEK -1.9 million; full-year operational cash flow was SEK 7.0 million vs. SEK -1.5 million.

• Q4 result after tax was SEK -2.0 million; full-year result after tax was SEK -9.4 million compared to SEK 1.6 million last year.

Outlook and guidance

• Management expects continued revenue growth, with 2024 revenue in line with guidance at about SEK 35 million.

• Focus remains on strengthening liquidity, optimizing working capital, and securing additional funding.