Enersize (ENERS) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 increased by 90% year-over-year to €201,291, already surpassing full-year 2023 sales.

• EBIT loss improved to -€527,362 for H1 2024 from -€684,420 in H1 2023, driven by higher sales and cost control.

• The company is executing a turnaround strategy, focusing on expansion in the Nordics and Europe, and has secured new key customers and partnerships.

• Despite improved liquidity from a rights issue, further capital will be needed by year-end unless sales accelerate or costs are reduced.

• Demand for energy efficiency solutions is rising, with Enersize's offerings delivering measurable customer value and supporting long-term sustainability.

Financial highlights

• Q2 2024 revenue was €81,903, up from €41,902 in Q2 2023; H1 2024 revenue reached €201,291 versus €106,291 in H1 2023.

• EBIT for Q2 2024 was -€276,237 (Q2 2023: -€340,408); H1 2024 EBIT was -€527,362 (H1 2023: -€684,420).

• Net loss before tax for H1 2024 was -€759,238, similar to H1 2023 (-€716,663), with Q2 2024 impacted by €230,000 in one-off emission-related costs.

• Cash flow from operations in H1 2024 was -€764,315, slightly improved from -€787,001 in H1 2023.

• Cash position at June 30, 2024 was €435,096, up from €298,033 a year earlier.

Outlook and guidance

• The company expects continued strong demand for energy efficiency solutions, especially in light of high electricity prices and stricter environmental regulations.

• To avoid further capital needs, sales must outpace current trends or costs must be further reduced.

• Management is focused on scaling recurring revenue through new business models and expanding the partner ecosystem.