Nicoccino (NICO) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 increased to 79 TSEK from 44 TSEK year-over-year, but net loss widened to -2,860 TSEK from -1,821 TSEK.

• Cash flow from operations improved to -976 TSEK from -2,330 TSEK year-over-year.

• Nicorex distributor in Estonia tripled sales compared to the previous year; new test launches in the UK and Sweden.

• Two applications submitted to Canadian health authorities for product approval; response expected Q2 2025.

• Secured loan guarantees totaling 10.3 MSEK, valid until April 30, 2025.

Financial highlights

• Q2 2024 net sales: 79 TSEK (Q2 2023: 44 TSEK); H1 2024: 165 TSEK (H1 2023: 62 TSEK).

• Net loss Q2 2024: -2,860 TSEK (Q2 2023: -1,821 TSEK); H1 2024: -4,900 TSEK (H1 2023: -4,173 TSEK).

• Cash and cash equivalents at period end: 2,040 TSEK (Q2 2023: 2,311 TSEK).

• Equity at period end: 19,827 TSEK (Q2 2023: 22,177 TSEK).

• No investments in fixed assets during Q2 2024 (Q2 2023: 5,787 TSEK).

Outlook and guidance

• Further drawdowns on loan guarantees expected in Q4 due to continued negative cash flow.

• Awaiting regulatory response in Canada and exploring alternative paths in Norway after product rejection.

• Monitoring sales and feedback from new launches in the UK and Saudi Arabia.