Metacon (META) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 was SEK 6.1 million, down from SEK 21.5 million in Q3 2023, with a net loss after financial items of SEK -49.3 million compared to SEK -19.9 million last year.

• A major contract was signed for a 30 MW electrolysis plant in Greece, marking a strategic breakthrough and the start of European manufacturing.

• The company is scaling up operations, recruiting key personnel, and preparing for further large-scale hydrogen projects.

Financial highlights

• Q3 2024 EBITDA was SEK -46.3 million (Q3 2023: SEK -16.9 million); EBIT was SEK -49.1 million (Q3 2023: SEK -19.6 million).

• For Jan–Sep 2024, revenue was SEK 26.0 million (Jan–Sep 2023: SEK 65.8 million), with EBIT at SEK -97.9 million (Jan–Sep 2023: SEK -52.7 million).

• Cash and cash equivalents at period end were SEK 9.1 million, down from SEK 60.1 million a year earlier.

• Equity/assets ratio decreased to 61.6% from 78.2% year-over-year.

• Earnings per share for Q3 2024 was SEK -0.07 (Q3 2023: SEK -0.06); Jan–Sep 2024 was SEK -0.15 (Jan–Sep 2023: SEK -0.16).

Outlook and guidance

• Management expects the Motor Oil project to positively impact earnings and estimates that one to two similar projects are needed to reach profitability.

• Market demand for hydrogen and electrolysis capacity in Sweden and Europe remains strong, with significant growth potential.