Metacon (META) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 was SEK 11.6 million, down from SEK 28.0 million year-over-year, reflecting a strategic shift toward larger industrial projects with longer lead times.

• EBITDA for Q2 2024 was SEK -28.8 million, compared to SEK -12.6 million in Q2 2023; EBIT was SEK -31.6 million versus SEK -17.7 million.

• A major order for a 30 MW industrial electrolysis plant in Greece, valued at EUR 19.8 million, was secured, marking the start of European manufacturing and a significant business milestone.

• The company expects improved results as it increases its focus on large-scale industrial contracts and expands manufacturing capabilities in Europe.

Financial highlights

• Q2 2024 revenues: SEK 11.6 million (Q2 2023: SEK 28.0 million); H1 2024: SEK 19.9 million (H1 2023: SEK 44.3 million).

• Q2 2024 EBITDA: SEK -28.8 million (Q2 2023: SEK -12.6 million); H1 2024: SEK -43.2 million (H1 2023: SEK -27.7 million).

• Q2 2024 EBIT: SEK -31.6 million (Q2 2023: SEK -17.7 million); H1 2024: SEK -48.7 million (H1 2023: SEK -33.1 million).

• Q2 2024 net loss after financial items: SEK -32.0 million (Q2 2023: SEK -18.0 million); H1 2024: SEK -50.1 million (H1 2023: SEK -33.5 million).

• Cash and cash equivalents at period end: SEK 39.1 million (Q2 2023: SEK 99.1 million).

Outlook and guidance

• Management anticipates improved results as the company executes on large industrial projects and expands its manufacturing footprint in Europe.

• The industrial sector is expected to drive demand for clean hydrogen by 2030, supporting long-term growth.