Freemelt Holding AB (publ) interim report Q2 2023
10 Aug 2023 | Regulatory
Freemelt Holding AB (publ) whose groundbreaking solutions create new conditions for rapid growth in 3D printing – reports Q2 earnings. Freemelt – listed on Nasdaq First North Growth Market – is one of the leading suppliers of advanced additive manufacturing.
THE GROUP’S KEY FIGURES
|KSEK||Apr – Jun 2023||Apr – Jun 2022||Jan – Jun 2023||Jan – Jun 2022||Full year 2022|
|Net sales||5 540||5 152||6 510||15 939||37 323|
|Operating result||-22 890||-20 083||-46 965||-35 975||-67 647|
|Result after fin.
|-22 901||-19 983||-46 988||-35 918||-67 593|
|Balance sheet total||287 888||299 639||287 888||299 639||268 624|
|Cash flow||-16 212||-13 659||49 040||-26 203||-46 048|
SIGNIFICANT EVENTS DURING THE PERIOD, Q2
- received a Freemelt One® order from NC State University, The Center for Additive Manufacturing and Logistics (CAMAL)
- been granted patents in Japan and China for its cathode technology
- strengthened its presence in North America by establishing Freemelt-Americas, Inc – a subsidiary of Freemelt AB
- showed promising results within the materials development project for fusion power ordered by UK Atomic Energy Authority (UKAEA)
- defined the company’s 2030 strategy
- hired Lisa Törsäter as Chief Marketing Officer, starting in August 2023
- strengthened the organisation for future expansion by hiring Seshendra Karamchedu as Product Manager for Industrial printers and Lars Ryberg as Key Account manager EMEA
- three new Board members with extensive experience from rapidly expanding companies; Lottie Saks, Mikael Wahlsten and Per Anell
CEO’s statement in brief
Freemelt continues to develop according to plan although the commercial activity during the quarter was lower than expected. We haven’t lost any deals, but several expected orders have taken longer than anticipated.
We have made good progress within our materials development project ordered by UK Atomic Energy Authority (UKAEA). In the first quarter, Freemelt received an order to develop a materials process for printing tungsten components for use in future fusion energy power plants. Freemelt was chosen due to its unique competence within the area. Results to date are promising. Final delivery is expected during the third quarter this year.
It is worth noting that there is plenty of M&A activity in our industry. We see this as a positive sign as it indicates that 3D-printing as a manufacturing technique is about to compete with traditional mass production such as casting and forging.
Freemelt has many important competitive advantages which we are convinced will secure our commercial success. Alongside cost efficiency, flexibility and the open platform, customers value our ability to handle materials such as copper, titanium and tungsten. Therefore, we see great interest in our industrial machine eMELT even before the first machine has been installed.
During the quarter, we have continued building our organisation. Focus is to capture the commercial opportunities we see in the market. As part of our industrial push we’ve hired a Product Manager for our Industrial printers who has valuable experience from industrial processes and additive manufacturing. In addition, we strengthened the team by hiring a Chief Marketing Officer, a Key Account Manager EMEA and a Head of Sales North America.
Eminova Fondkommission AB
Biblioteksgatan 3, 3 tr.
114 46 Stockholm
Tel: +46 8 684 211 10
For more information, please contact:
Daniel Gidlund, CEO
070-246 45 01
Latest update: 2023-08-10