Free2Move (F2M) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 was 8.8 MSEK, down from 15.7 MSEK in Q2 2023, reflecting a weak start to the year amid economic headwinds and regulatory uncertainty.

• Operating loss improved to -0.9 MSEK from -4.2 MSEK year-over-year, with cost-saving and consolidation measures underway.

• Regulatory changes temporarily halted the energy storage business, but a reversal has led to gradual recovery.

• Strategic focus on energy solutions, digital platforms, and service expansion is driving future growth.

Financial highlights

• Net sales for H1 2024 totaled 14.6 MSEK, down from 29.7 MSEK in H1 2023.

• Operating loss for H1 2024 was -9.4 MSEK, compared to -7.4 MSEK last year.

• Net loss for H1 2024 was -9.2 MSEK, versus -8.5 MSEK year-over-year.

• Cash flow from operations for H1 2024 was -5.9 MSEK, compared to -5.1 MSEK in H1 2023.

• Earnings per share for H1 2024 was -0.04 SEK, improved from -0.11 SEK in H1 2023.

Outlook and guidance

• Cost-saving and consolidation program expected to be completed in 2024, with full effect in Q1 2025.

• Expansion in energy management, storage, and digital services seen as key to future growth.

• Signs of recovery as regulatory headwinds ease and new service offerings gain traction.