Waystream Group (WAYS) Q4 2024 earnings summary

Executive summary

• Net sales increased by 15% year-over-year to SEK 115.1m for 2024, with Q4 sales up 15% to SEK 21.0m compared to Q4 2023.

• EBITDA for 2024 was SEK 0.9m (excl. inventory write-down), but EBIT remained negative at SEK -5.6m; Q4 EBIT improved to SEK -2.7m (excl. write-down).

• Positive operating cash flow of SEK 15.1m for the year, a significant turnaround from SEK -18.0m in 2023.

• Inventory write-down of SEK 6.7m in Q4 impacted reported earnings; excluding this, profitability improved but remains negative.

• No dividend proposed for 2024.

Financial highlights

• Q4 2024 net sales: SEK 20.99m (+14.8% YoY); full-year 2024: SEK 115.1m (+15.0% YoY).

• Q4 EBITDA: SEK -1.1m (excl. write-down), SEK -7.7m (incl. write-down); Q4 EBIT: SEK -2.7m (excl.), SEK -9.3m (incl.).

• Full-year EBITDA: SEK 0.9m (excl.), SEK -5.8m (incl.); full-year EBIT: SEK -5.6m (excl.), SEK -12.2m (incl.).

• Net result per share: SEK -0.80 (excl. write-down), SEK -1.46 (incl. write-down) for 2024.

• Operating cash flow: SEK 5.4m in Q4, SEK 15.1m for 2024.

Outlook and guidance

• Focus for 2025 is on restoring profitability, leveraging cost savings and improved production costs.

• Management expects improved gross margins on selected models due to cost reduction initiatives.

• Market conditions expected to improve as postponed investments in broadband networks resume.