Company announcement
No. 15/2024
"We have a strong orderbook in place for 2024 and have good visibility of the expected growth trajectory for the rest of the year and see a clear path to reaching our financial guidance as we continue to see significant repeat orders and expand geographically," says
"We expect a steep increase in revenue in the coming quarters as we continue our growth momentum as we maintain strong cost discipline with a view to reaching profitability in the coming two to three years. The quarterly result is in line with Management's expectations," says
Financial highlights as of
- In Q1 2024, revenue amounted to
DKK 6.2 million (DKK 10.9 million for the same period in 2023), primarily driven by revenue from respectively Industrial Water Reverse Osmosis andForward Osmosis Market Development . In Drinking Water, revenue will pick up in Q2 2024. -
EBIT (before special items) was a loss of
DKK 23.8 million in Q1 2024 (a loss ofDKK 23.7 million for the same period in 2023). - Gross profit margin for the period was in line with guidance.
-
As of
March 31, 2024 , cash and cash equivalents wereDKK 2 million . The Company completed a capital increase through a Rights Issue in the amount ofDKK 172.4 million inApril 2024 . -
The Company maintains the financial guidance for the full year 2024: Revenue of
DKK 90-110 million ; gross profit of 30-35%; EBIT (before special items) a loss ofDKK 85-75 million .
Business highlights Q1 2024
- Announced changes in Executive Management with Torsten Høybye
Bak Regueira being appointed Chief Technology Officer andPeter Holme Jensen stepping down as Chief Innovation Officer to become a member of the Board of Directors. - Order backlog and visibility further strengthened in Q1.
-
Achieved development milestone payment with
E. & J. Gallo Winery , continuing our successfulJoint Development Project . -
Joined EU-funded project, KitNewCare, which aims to enhance kidney healthcare across
Europe . WithAquaporin's core technology and energy-efficient filter membranes, the ambition is to make dialysis more sustainable. - Entered into EU-funded project, RESURGENCE, with partners from 11 countries, to explore synergies between urban water treatment and industrial operations through innovative solutions.
Commentary Q1 2024
The first quarter of 2024 was focused on preparing the Rights Issue, which was successfully concluded at the end of April, raising gross proceeds of
We have maintained strong cost control, while revenue numbers are lower compared to the same period in 2023. This is in line with Management's expectations for 2024 as the coming quarters are expected to show significant revenue growth, enabling us to continue on our revenue growth trajectory.
The Company implemented changes to its Executive Management with the appointment of Torsten Høybye
For further information, please contact:
+45 53 55 55 19, investorrelations@aquaporin.com
About
Forward-looking statements
Matters discussed in this company announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and that can be identified by words such as "believe", "expect", "anticipate", "intend", "estimate", "will", "may", "continue", "should", and similar expressions, as well as other statements regarding future events or prospects. Specifically, this company announcement includes information with respect to projections, estimates, and targets that also constitute forward-looking statements. The forward-looking statements in this company announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, and other important factors include, among others: Limited experience in commercialization of the Company's products, failure to successfully implement strategies, dependence on third parties for manufacturing certain product components and the supply of certain raw materials, manufacturing disruptions, strategic collaboration, protection of the Company's intellectual property rights and other risks disclosed in
https://news.cision.com/aquaporin-a-s/r/aquaporin-q1-2024-trading-statement---maintains-guidance-with-strong-orderbook,c3986535
https://mb.cision.com/Main/22362/3986535/2816439.pdf
https://news.cision.com/aquaporin-a-s/i/q1,c3303186
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