Mantex (Mantex) Q3 2024 earnings summary

Executive summary

• Q3 2024 marked by intensified product development for next-gen Biomass Analyzer, targeting 2025 launch.

• Two new customer contracts for current Biomass Analyzer, each valued at SEK 2.3 million, signed after the quarter.

• Focus on expanding certification to cover more complex materials, aiming to unlock larger bioenergy markets.

• Ongoing collaboration and investment in FlowScanner product upgrades to enhance commercial potential.

• Management changes: new CFO appointed, sales chief and a board member departed.

Financial highlights

• Q3 2024 net sales SEK 342k (Q3 2023: SEK 2,500k); EBIT SEK -7,653k (Q3 2023: SEK -2,526k).

• Cash flow from operations SEK -5,366k (Q3 2023: SEK -1,085k); investments SEK -4,116k, mainly for FlowScanner.

• Nine months 2024: net sales SEK 2,233k (2023: SEK 3,751k); EBIT SEK -18,792k (2023: SEK -11,701k).

• Result per share Q3: SEK -0.03 (Q3 2023: SEK -0.03); nine months: SEK -0.08 (2023: SEK -0.07).

• Equity at period end SEK 11,200k (2023: SEK 18,468k); cash at period end SEK 1,113k.

Outlook and guidance

• Next-gen Biomass Analyzer on track for 2025 delivery, with expanded certification to address broader market needs.

• Cost savings program of SEK 6 million annually initiated, expected to reach full effect in Q4 2024.

• Management sees strong market potential in bioenergy and sustainable materials.