Qbrick (QBRICK) Q3 2024 earnings summary

Executive summary

• Achieved positive EBITDA of 0.1 MSEK in Q3 2024, a significant improvement from -2.0 MSEK in Q3 2023, driven by cost savings and product mix changes.

• Revenue declined to 5.4 MSEK from 6.6 MSEK year-over-year due to a tougher market climate, with nine-month revenue at 19.2 MSEK (22.3 MSEK prior year).

• Launched new product Interaktiv 3D and secured new and expanded contracts, including with a Norwegian authority, Grønlandsbanken, and GE Healthcare.

• Full-year positive EBITDA target postponed to 2025 due to lower sales.

Financial highlights

• Q3 2024 net sales: 5.4 MSEK (down 1.2 MSEK year-over-year); nine months: 19.2 MSEK (down 3.1 MSEK year-over-year).

• Q3 EBITDA: 0.1 MSEK (up from -2.0 MSEK); nine months: -1.9 MSEK (improved from -6.5 MSEK).

• Gross margin Q3: 80.2% (up from 79.9%); nine months: 81.4% (up from 77.2%).

• Cash at period end: 2.1 MSEK (down from 6.0 MSEK prior year).

• EPS Q3: -0.03 SEK (improved from -0.10 SEK); nine months: -0.12 SEK (improved from -0.32 SEK).

Outlook and guidance

• Full-year positive EBITDA now expected in 2025, not 2024, due to continued market headwinds.

• Cost savings program of 12 MSEK annually is delivering expected results and will reach full effect in H2 2024.

• Ongoing monitoring of cash position in case of further market deterioration.