EatGood (EATG) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was 1,190 Tkr, down 27% year-over-year, but up 102% sequentially from Q2 2024.

• Operating loss widened to -1,419 Tkr from -822 Tkr in Q3 2023, reflecting market slowdown.

• Sales mainly occurred in international markets, with early signs of recovery noted.

• Key orders included follow-ups from US Army (via FEM Germany), Malakaltawouk (Lebanon), Moviehouse (Denmark), and Cuisinequip (UK).

• Lightfry USPH-compliant unit launched and received first marine sector order post-quarter.

Financial highlights

• Q3 2024 operating income: 1,190 Tkr (Q3 2023: 1,641 Tkr); operating loss: -1,419 Tkr (Q3 2023: -822 Tkr).

• Nine-month revenue: 2,650 Tkr (2023: 5,640 Tkr); nine-month operating loss: -3,170 Tkr.

• Cash and equivalents at Q3 end: 29 Tkr; equity: 4,281 Tkr; equity ratio: 51%.

• EPS (Jan–Sep): -0.16 SEK.

• Cash flow from operations improved to 2,350 Tkr in Q3 2024 (Q3 2023: 85 Tkr).

Outlook and guidance

• Optimism for air frying and Lightfry systems driven by health trends and oil/energy cost advantages.

• Focused marketing and sales efforts on US, Canada, UK, and marine sectors, with other markets supported via distributors.

• Anticipated market recovery as inflation stabilizes and interest rates fall in key regions.