Sustainable Energy Solutions Sweden (SENS) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 were 0 Tkr, down from 3,553 Tkr in Q3 2023, reflecting delayed project divestments and milestone payments.

• Operating result (EBIT) for Q3 2024 was -8,965 Tkr, a deterioration of 7,466 Tkr year-over-year.

• SENS continues to focus on advancing ongoing projects and international expansion, notably in Finland and Sweden.

• The company acquired 100% of two major energy storage projects in Pyhäsalmi, Finland, post-period, strengthening its project portfolio.

• Elsa Björklund Jonsson was appointed CFO in September 2024, reinforcing the management team.

Financial highlights

• Q3 2024 EBITDA was -6,836 Tkr, down from 530 Tkr in Q3 2023; adjusted EBITDA for Jan–Sep 2024 was 7,549 Tkr.

• Net income for Q3 2024 was -12,192 Tkr, compared to -3,427 Tkr in Q3 2023.

• Cash flow from operations in Q3 2024 was 659 Tkr, a significant improvement from -6,388 Tkr in Q3 2023.

• Cash and bank balances at September 30, 2024, were 13,130 Tkr, up from 4,883 Tkr a year earlier.

• Equity at period end was -659 Tkr, compared to 9,760 Tkr at September 30, 2023.

Outlook and guidance

• Revenue streams are expected to remain irregular until a larger project volume is realized due to the milestone-based payment model.

• SENS is well positioned to meet growing global demand for energy storage, with a focus on scaling its project portfolio.

• The company will continue to prioritize project development and international expansion, especially in Finland and Sweden.