NORDIC TECHNOLOGY (NTG) H1 2024 earnings summary

Executive summary

• NTG reported consolidated revenues of NOK 22.7 million in 1H 2024, up from NOK 12.5 million in 1H 2023, excluding a NOK 50.2 million gain from a prior asset sale.

• Net operating loss widened to NOK 88.3 million in 1H 2024 from NOK 40.3 million in 1H 2023, mainly due to higher payroll and depreciation expenses.

• Cash balance declined to NOK 6.2 million as of 30 June 2024, with net cash outflow from operations at NOK 45.3 million.

• The group is organized into sensor technology, nanomaterials technology, and clean technology, with majority stakes in four companies.

Financial highlights

• Revenue increased 82% year-over-year to NOK 22.7 million in 1H 2024.

• Net loss for the period was NOK 91.4 million, compared to NOK 39.5 million in 1H 2023.

• Total operating expenses rose to NOK 111.1 million from NOK 103.1 million year-over-year.

• Book value of equity was NOK 502.9 million (81.4% equity ratio) as of 30 June 2024.

• Net cash outflow from investing activities was NOK 23.5 million, compared to a net inflow of NOK 38.2 million in 1H 2023.

Outlook and guidance

• Wavetrain Systems, Hammertech, and CondAlign will require additional funding to execute commercialization and growth strategies.

• Capital raise transactions have commenced for these subsidiaries; Hystorsys' liquidity needs will be supported by the parent.

• The parent company is evaluating a new strategic direction to enhance long-term growth and adaptability.