Igrene (ABI) Q3 2024 earnings summary

Executive summary

• Net loss for the quarter was 1,069 KSEK, compared to a loss of 517 KSEK in the same quarter last year.

• For the nine-month period, net loss was 2,407 KSEK, improving from a loss of 2,752 KSEK year-over-year.

• Strategic focus remains on extracting carbon and hydrogen from methane deposits in Siljansringen, with new technology partnerships to enable emission-free production.

Financial highlights

• Quarterly revenue was 0 KSEK; nine-month revenue was 155 KSEK, mainly from asset sales.

• Operating expenses for the quarter totaled 1,069 KSEK, up from 517 KSEK year-over-year.

• Cash and cash equivalents at period end were 2,072 KSEK, down from 4,617 KSEK a year earlier.

• Equity at period end was 21,798 KSEK, with a solid equity ratio of 85.0%.

Outlook and guidance

• Management expects regulatory changes may allow for natural gas extraction, given political shifts and EU classification of natural gas as green energy.

• Partnership with SEID AS aims to demonstrate commercial viability of hydrogen and carbon production, with plans for a pilot plant.