Sustainable Energy Solutions Sweden (SENS) Q2 2024 earnings summary

Executive summary

• Achieved strong revenue and earnings growth in Q2 2024, driven by project completions and international expansion initiatives.

• Operating 28 active projects, including battery parks, solar parks, and mining projects, with a focus on flexible, sustainable energy storage.

• Entered strategic partnerships in Spain and Finland, expanding the project portfolio and strengthening international presence.

Financial highlights

• Q2 2024 net sales: SEK 15.9m (Q2 2023: SEK 1.7m); adjusted net sales: SEK 27.3m (SEK 6.2m).

• Q2 EBIT: SEK 5.5m (Q2 2023: SEK -5.3m); adjusted EBIT: SEK 16.9m (SEK -0.8m).

• Q2 EBITDA: SEK 7.6m (Q2 2023: SEK -2.2m); adjusted EBITDA: SEK 19.1m (SEK 2.2m).

• Net income for Q2: SEK 14.7m (Q2 2023: SEK -1.3m); EPS: SEK 0.06 (-0.01).

• Cash flow from operations Q2: SEK 9.6m (Q2 2023: SEK 2.2m); cash at period end: SEK 12.7m (SEK 7.8m).

Outlook and guidance

• Focus remains on advancing and expanding the portfolio of energy storage projects in Sweden and internationally.

• Anticipates continued strong demand for sustainable energy solutions, with longer lead times for large-scale projects.

• Ongoing transformation from contractor to international project developer, aiming for higher margins and earnings.