Hørsholm,
BAWAT is a leading supplier of sustainable ballast water treatment technology and services. BAWAT was listed on Nasdaq First North Premier Growth Market in
Highlights Q1 2023 - order intake in line with guidance, margin above 20% and capital raise in motion
- Order intake in the first quarter was
SEK 9.3 m. - The Gross Margin in the period was reported at 21.6% which is in line with the long-term projection of 30% pending product mix.
-
Sales in Q1 amounted to
SEK 4.2 m. - There are no Q1 2022 comparison figures as Bawat was stock listed late in Q1 2022 and first report for 2022 was Q1+Q2 (H1) combined.
-
Quoting activity is still very high and Q1 was at similar level as Q4 2022 with more than
SEK 75 m in quotes for the quarter. Quoting activity is very active for BWMS to both retrofit and newbuild ship projects as well as to mobile systems. -
NEFCO (
Nordic Environment Finance Corporation ) approved in principle a finance commitment forSEK 25 m to be disbursed in 2023/2024 and subject to 1:1 equity match from Bawat. -
Mobile BWMS (Ballast Water Management System) test system to
Great Lakes Research Center was shipped and has post quarter arrived inDuluth inMinnesota USA . -
Two non-exclusive contracts with operating partners in the US
Gulf of Mexico region was signed with focus on delivering Ballast-as-a-Service (BaaS) in coastal regions fromTexas toFlorida . -
The Order Intake for the quarter supports a repeated guidance for the year in the
SEK 40-60 m range, although the influence from mobile BWMS orders will have large impact on final outcome in positive and negative direction.
Bawat is active in three market segments within ballast water management. The company estimates the annual market opportunity to:
- Ship installations
USD 3bn - Mobile installations
USD 2bn (total market) -
Ballast-water-as-a-Service (BaaS)
USD 5bn
- Ship installations
After closing of Q1 NEFCO financing has received final approval from its board and Bawat has carried out a directed share issue raising
Also, a few days after the close of the quarter, Bawat has signed a Term Sheet agreement with Damen Green Solution whereby the parties are aiming to establish a 50/50 Joint Venture focusing on the assembly and sales of mobile BWMS. Damen Green Solution is a Bawat competitor on mobile BWMS with its own InvaSave BWMS but will with the establishment of the new JV terminate the InvaSave program and focus on Bawat technology. Damen Green Solutions are part of the Damen global shipyard group and will thus be able to source and assemble Bawat mobile systems on a global and consistent basis under a new brand name 'InvaSave powered by Bawat'.
FINANCIAL
SEK '1000 | Q1 2023 | 12M 2022 |
Order intake | 9.345 | 18.100 |
Sales | 4.159 | 15.866 |
Gross Profit | 899 | 2.718 |
Gross Profit % | 21,6% | 17,1% |
EBITDA** | -6.657 | -21.320 |
Result for the period | -10.221 | -38.908 |
Earnings per share | -0,26 | -1,18 |
Cash flow from operations | -7.229 | -29.305 |
Net working capital | -6.246 | -4.469 |
Equity ratio % | -2,7% | 17,5% |
* Parent of the Group was changed from Bawat A/S to
**In addition to this, IPO and other related non-recurrent items
From a financing point of view, we are pleased that we have been able to secure needed funding for the onwards growth and operation in a market that is very difficult to raise capital in. However, once again Bawat shows that there is a strong belief from both current and new shareholders in the long-term perspectives in its technology and business model.
Order intake of
Find the full Q1 2023 report here: https://investor.bawat.com/company-reports/
FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements. Words such as 'believe', 'expect', 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'outlook', 'guidance', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions regarding future events which may prove incorrect.
FOR MORE INFORMATION, PLEASE CONTACT:
Investors & Media:
Certified Adviser
Telephone: +46 11 32 30 732
ca@skmg.se
This press release constitutes inside information that Bawat Water Technologies AB is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was sent for publication, through the agency of the contact persons set out above, at the time stated by the Company's news distributor, Cision, at the publication of this press release on May 23rd, 2023.
For further information about
About Bawat
The development of an entirely new approach to ballast water treatment utilizing onboard waste heat to treat ballast water led to the founding of Bawat in 2011. A ballast water treatment system avoids disposal of untreated water in seas and harbors.
Bawat's BWMS is a system that is simple, cost-effective, and sustainable, build on a zero environmental impact, using standard marine components. No filters, no chemicals no UV. And is the first to market a USCG/IMO Type Approval BWMS that uses pasteurization to treat ballast water in a one-pass process.
Bawat has built upon its innovative breakthrough, and now offers ballast water solutions to the maritime industry in three categories:
- Ship BWMS for Retrofit and New Builds
- Mobile containerized solution for multiple vessel usage in a port, on a ship or for rigs
- Ballast Water as a Service for contingency services in ports
Bawat is an engineer-driven company that is rooted in the tradition of Danish maritime innovation and with a deep maritime insight: www.bawat.com.
https://news.cision.com/bawat/r/bawat-water-technologies-ab--bawat-announces-q1-report-2023,c3773084
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