Go North Group (GONORTH) Q2 2024 earnings summary

Executive summary

• Q2 2024 marked a period of strategic transition with a new CEO and a focus on profitable commercial growth, expanding sales channels, and new product development to drive revenue from Q4 2024.

• The company faced continued challenges in organic growth and margin improvement, resulting in reduced gross profit, but cost reductions supported EBITDA.

Financial highlights

• Net sales for Q2 2024 were KSEK 130,950, down from KSEK 173,115 in Q2 2023.

• Adjusted EBITDA was KSEK 3,831, compared to KSEK 7,611 in the same quarter last year.

• EBITA increased to KSEK 3,307 from KSEK 1,345 year-over-year due to reduced fixed costs.

• Cash flow from operating activities was KSEK -419, a significant decline from KSEK 79,109 in Q2 2023.

• Earnings per share for Q2 2024 was -46.4, compared to -17.8 in Q2 2023.

Outlook and guidance

• New business objectives aim to expand into more sales channels and markets, with revenue growth expected to begin in Q4 2024.

• Organizational changes are planned for Q3 to support scalable, profitable revenue growth.