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 Q2 2023 - closed financing round successfully. First long-term service order in BaaS. Order intake in line with guidance and margins are still increasing.
- Order intake in the second quarter was
SEK 11.21m . - The Gross Profit in the quarter was reported at 35.0%, which raises the H1 Gross profit to 28.3%, in line with the long-term projection of 30% pending product mix.
-
Sales in Q2 amounted to
SEK 4.14m . - Fleet order for European customer for 10+ vessels received.
-
Quoting activity for BaaS (Ballast as a Service) is on the increase which also was reflected in first long term committed contract (12-18 months service) with a US customer through company
Freedom Ballast which came into effect in 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 under the brand name 'Invasave powered by Bawat'.
-
NEFCO (
Nordic Environment Finance Corporation ) gave final approval for a finance commitment forSEK 25m to be disbursed in 2023/2024 and subject to 1:1 equity match from Shareholders. Subsequently Bawat has carried out a directed share issue raisingSEK 18.8m to more than match the first tranche of NEFCO loan ofEUR 1.3m . - The Bawat port-based patent received Intention to Grant from the European Patent authorities in May and a few weeks later in June received the equivalent Notice of Allowance from the US authorities.
-
The Order Intake for the quarter supports a repeated guidance for the year in the
SEK 40-60m range, although the influence from mobile BWMS orders will still have large impact on final outcome in positive or 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
FINANCIAL
SEK '1000 | Q2 2023 | H1 2023 | H1 2022 |
Order intake | 11.212 | 20.557 | 9.286 |
Sales | 4.135 | 8.294 | 10.162 |
Gross Profit | 1.447 | 2.346 | 504 |
Gross Profit % | 35,0% | 28,3% | 5,0% |
EBITDA* | -5.944 | -12.601 | -11.948 |
Result for the period | -11.487 | -21.708 | -23.807 |
Earnings per share | -0,23 | -0,48 | -0,60 |
Cash flow from operations** | -2.038 | -9.267 | -10.141 |
Net working capital | -3.450 | -3.450 | -6.284 |
Equity ratio % | 6,9% | 6,9% | 38% |
*In addition to this, Capital raise and other related non-recurrent items
**In addition to this, Capital raise and other related non-recurrent items
We closed a large fleet order for ship installations in the quarter, adding both significant volume to our order book, but also expanding our reference list. The fleet order is for 10+ Vessels and will be delivered in 2023 and 2024. Overall, we are delivering with quality to our customers on our BWMS solutions and our half year gross profit margin of 28.3% steadily increases towards our long-term projection of 30%. Quoting activity is still high though Q2 dropped from record levels in Q1 and Q4 2022 to a level above
We commenced delivering on the first long term service contract for BaaS in America through company
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 challenging financial market. 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. The financing package is a loan facility from NEFCO (
Order intake of
Last but not least, did we receive during the quarter, from both the US and European patent authorities Intention to grant (
Find the full Q2 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
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 August 22nd, 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-q2-report-2023,c3821045
https://mb.cision.com/Main/21250/3821045/2240150.pdf
https://mb.cision.com/Public/21250/3821045/91166255c3915fd2.pdf
(c) 2023 Cision. All rights reserved., source