StandardCoin (SCOIN) Q3 2024 earnings summary

Executive summary

• Reported Q3 2024 EBITDA of USD -2.3m and net loss of USD -1.4m, reflecting the sale of the last vessel in April 2024.

• Operating revenues for Q3 2024 were USD 0m, down from USD 16.4m in Q3 2023, due to the absence of vessels.

• Distributed NOK 1.00 per share in dividends during the quarter; cash at quarter end was USD 25.7m.

Financial highlights

• Q3 2024 operating income (adjusted) was USD -2.3m, compared to USD 6.5m in Q3 2023.

• Net profit for Q3 2024 was USD -1.4m, versus USD 7.8m in Q3 2023.

• For the nine months ending September 30, 2024, net profit was USD 11.8m, up from USD 11.2m in the same period last year, mainly due to a USD 12.8m gain on vessel sale.

• Operating revenues for the nine months were USD 14.3m, down from USD 36.8m year-over-year.

• Net cash provided by operating activities for the nine months was USD 1.4m, down from USD 12.0m year-over-year.

Outlook and guidance

• Extraordinary dividend of NOK 1.10 per share (NOK 206m total) approved and paid in October 2024.

• Share consolidation (reverse split) at a 100:1 ratio completed in October 2024.