Servana (SERV) Q2 2024 earnings summary

Executive summary

• Achieved 30% sales growth in Denmark in Q2 2024, driven by expanded installations and new municipal contracts.

• Established Danish subsidiary MedicCare and launched a pilot project in Umeå, Sweden.

• Focused on cost control and operational efficiency, with reduced personnel and consulting expenses.

Financial highlights

• Q2 2024 net sales: 1,213 KSEK, up 30% from 935 KSEK in Q2 2023.

• Q2 2024 result after financial items: -3,782 KSEK, improved from -3,985 KSEK in Q2 2023.

• H1 2024 net sales: 2,238 KSEK, up 32% from 1,693 KSEK in H1 2023.

• H1 2024 result after financial items: -6,720 KSEK, improved from -7,331 KSEK in H1 2023.

• Cash and cash equivalents at June 30, 2024: 4,414 KSEK (4,806 KSEK at June 30, 2023).

Outlook and guidance

• Plans to drive sales growth and maintain cost efficiency in H2 2024, with continued expansion in Denmark and the Nordics.

• Ongoing product improvements and market positioning supported by ALMI and Tillväxtverket funding.