DUG Foodtech (DUG) Q3 2024 earnings summary

Executive summary

• Focused sales efforts in Germany, Sweden, and Italy, with intensified cost control and organizational strengthening to support growth and path to profitability in 2025.

• Name changed from Veg of Lund to DUG Foodtech; new product launches and patent approvals in Japan and Australia.

• Strengthened management with new R&D and sales leaders, leveraging industry experience for market expansion.

Financial highlights

• Q3 2024 net sales were 210 TSEK, down from 814 TSEK year-over-year; nine-month sales at 732 TSEK versus 4,094 TSEK.

• Q3 EBITDA was -3,613 TSEK (improved from -5,512 TSEK); EBIT at -3,632 TSEK (from -5,512 TSEK); net loss after tax -4,452 TSEK (from -6,573 TSEK).

• For January–September, EBITDA was -10,775 TSEK (from -21,614 TSEK); EBIT -10,830 TSEK (from -21,703 TSEK); net loss after tax -12,917 TSEK (from -23,261 TSEK).

• Gross margin negative in Q3 and for the period; EPS for Q3 -0.11 SEK (from -0.25 SEK); equity ratio improved to 52% (from -16%).

• Cash flow from operations in Q3 was -4,451 TSEK (from -8,492 TSEK); cash position at period end 862 TSEK.

Outlook and guidance

• Targeting profitability in 2025, supported by cost control, new financing, and expanded sales activities in key European markets.

• Financial goal to reach 80 MSEK in sales and positive EBIT by 2025.