Unibap (UNIBAP) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 reached 24,732 KSEK, up 154% year-over-year, driven by strong order intake and deliveries, especially to European constellation customers.

• Operating income for Q2 was 2,594 KSEK, a significant turnaround from -5,659 KSEK in Q2 2023.

• Net income for Q2 was 2,466 KSEK, compared to -5,829 KSEK last year; EPS improved to 0.06 SEK from -0.57 SEK.

• Major contracts signed in Q2 totaled 36.5 MSEK, including a 2.25 MEUR order for batch #2 in the ESA-administered constellation project and a first order from ReOrbit.

• After the period, a directed share issue of 30 MSEK to Neqst was announced to support growth and expansion.

Financial highlights

• Q2 2024 revenue: 24,732 KSEK (9,747 KSEK in Q2 2023); H1 2024 revenue: 45,817 KSEK (16,703 KSEK in H1 2023).

• Q2 2024 operating income: 2,594 KSEK (-5,659 KSEK); H1 2024: 6,875 KSEK (-18,264 KSEK).

• Q2 2024 net income: 2,466 KSEK (-5,829 KSEK); H1 2024: 6,898 KSEK (-18,923 KSEK).

• Equity per share at period end: 2.23 SEK (1.34 SEK); solidity: 74% (23%).

• Cash flow from operations in Q2: -358 KSEK (-10,128 KSEK); cash and equivalents at period end: 26,157 KSEK.

Outlook and guidance

• Targeting at least 50% revenue growth for 2024, with a medium-term annual growth ambition of 30-50%.

• Focus on expanding market presence geographically and in new applications, with the US and defense projects as key growth areas.