EatGood (EATG) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 were 589 TKR, down 64% year-over-year; operating loss widened to -1,420 TKR from -735 TKR.

• Sales mainly occurred in international markets, with a minor share in Sweden.

• Market slowdown attributed to high interest rates and inflation, causing delayed investments in restaurant equipment.

• Early signs of recovery noted in the UK and other markets, with increased customer inquiries.

Financial highlights

• Q2 2024 net sales: 589 TKR (Q2 2023: 1,654 TKR); operating loss: -1,420 TKR (Q2 2023: -735 TKR).

• H1 2024 net sales: 1,592 TKR (H1 2023: 3,999 TKR); operating loss after financials: -2,247 TKR (H1 2023: -997 TKR).

• Cash flow from operations improved to 2,201,892 SEK in Q2 2024 (Q2 2023: 952,065 SEK).

• Cash and cash equivalents at period end: 8 TKR; result per share (Jan–Jun): -0.12 SEK.

Outlook and guidance

• Hopes for sales recovery as inflation appears under control and interest rate cuts are anticipated.

• Positive signals from Australia, South Africa, Germany, Denmark, and Saudi Arabia.

• Focus remains on the US, Canada, UK, and marine markets for future growth.