Safe at Sea (SAFE) Q3 2024 earnings summary

Executive summary

• Revenue for Jan–Sep 2024 increased 1% year-over-year to 11,983 tkr, with net income after financial items rising to 885 tkr from 835 tkr.

• Q3 2024 saw a significant profit increase to 439 tkr from 58 tkr, despite a revenue decline to 3,318 tkr from 3,762 tkr.

• Strong demand from the military sector and high production utilization contributed to improved results.

Financial highlights

• Jan–Sep 2024 revenue: 11,983 tkr (11,828 tkr); net income: 885 tkr (835 tkr); EPS: 0.032 kr (0.030 kr).

• Q3 2024 revenue: 3,318 tkr (3,762 tkr); net income: 439 tkr (58 tkr); EPS: 0.016 kr (0.002 kr).

• Gross margin for Jan–Sep 2024 improved to 54% from 49% year-over-year.

• Cash and cash equivalents at period end: 2,248 tkr, up from 1,685 tkr at year start.

Outlook and guidance

• High production activity and strong sales pipeline expected to continue into Q4, with several boat deliveries and ongoing tenders, including the Italian Coast Guard.

• Anticipation of positive outcomes from current offers and tenders in Q4 and next quarter.