Safe at Sea (SAFE) Q4 2024 earnings summary

Executive summary

• Achieved strong growth in 2024, with revenues up 42% year-over-year to 21,586 tkr and net income rising to 1,644 tkr from 1,070 tkr.

• Export sales accounted for 81.6% of total boat systems sold, with significant traction in the military sector and new markets.

• Cash flow from operations improved to 3,945 tkr, and cash at year-end was 5,488 tkr, up from 1,685 tkr.

Financial highlights

• Q4 revenues reached 9,604 tkr, up from 3,341 tkr in Q4 2023; operating income for Q4 was 776 tkr (200 tkr prior year).

• Full-year operating income rose to 1,764 tkr (1,100 tkr in 2023); EPS increased to 0.060 kr (0.039 kr prior year).

• Gross margin improved to 48.5% (37.3% in 2023); soliditet (equity ratio) stable at 62.4%.

• Cash liquidity ratio increased to 122.9% from 86.2% year-over-year.

Outlook and guidance

• Focus for 2025 is on consolidating growth, adapting product portfolio to military and law enforcement demand, and rapid response to customer needs.

• Market conditions remain shaped by geopolitical tensions, with increased demand from defense and rescue sectors.