Sustainable Energy Solutions Sweden (SENS) Q4 2024 earnings summary

Executive summary

• Revenue for Q4 2024 was SEK 3.15 million, down from SEK 6.40 million year-over-year; full-year revenue rose to SEK 20.15 million from SEK 11.97 million.

• EBIT for Q4 was SEK -7.80 million (Q4 2023: SEK -0.18 million); full-year EBIT was SEK -17.54 million (2023: SEK -12.73 million).

• Major project progress included the acquisition of two energy storage subprojects in Finland and a significant deal with Swiss energy company Axpo.

• Delays in project sales and a challenging green energy investment climate led to irregular revenues and negative quarterly results.

Financial highlights

• Adjusted full-year revenue reached SEK 31.39 million (2023: SEK 16.42 million).

• Adjusted EBITDA for the year was SEK 1.67 million (2023: SEK 1.88 million); Q4 adjusted EBITDA was SEK -5.88 million (Q4 2023: SEK 1.87 million).

• Net income for the year was SEK -18.61 million (2023: SEK -14.39 million); EPS was SEK -0.08 (2023: SEK -0.06).

• Cash flow from operations for the year was SEK -4.47 million (2023: SEK 0.49 million); Q4 cash flow was SEK -8.64 million (Q4 2023: SEK 7.19 million).

• Cash and cash equivalents at year-end were SEK 0.88 million (2023: SEK 9.72 million).

Outlook and guidance

• SENS remains in a transformation phase, focusing on building a portfolio of large-scale energy storage projects with longer lead times.

• Management expects future project sales to improve margins and earnings once realized.