Hybricon (HYCO) Q3 2024 earnings summary

Executive summary

• Achieved strong improvement in profitability and stable revenue growth, with positive EBITDA and net income for the nine-month period and Q3 2024 compared to losses last year.

• Product and business development in electrification and Identic segments progressing, with new solutions like "Off Grid Supply" and successful integration of Identic operations.

• Secured a SEK 1.2 million order for Identic equipment installation and completed the exit from King Long bus agreements.

Financial highlights

• Revenue for Jan–Sep 2024 was SEK 11,631k, up from SEK 8,665k year-over-year; Q3 revenue was SEK 3,913k, up from SEK 2,698k.

• EBITDA for Jan–Sep 2024 reached SEK 1,283k (vs. SEK -752k); Q3 EBITDA was SEK 846k (vs. SEK -134k).

• Net income for Jan–Sep 2024 was SEK 682k (vs. SEK -1,540k); Q3 net income was SEK 491k (vs. SEK -360k).

• EPS for Jan–Sep 2024 was SEK 0.08 (vs. SEK -0.17); equity per share was SEK 0.92 (vs. SEK 0.97).

• Free cash flow for Jan–Sep 2024 was SEK -1,382k; cash and cash equivalents at period end were SEK 1,370k.

Outlook and guidance

• Maintains previously communicated target of positive EBITDA for full year 2024.

• Management sees strong demand for new electrification solutions and expects new revenue streams from "Off Grid Supply".