Hørsholm,
Report for 2023. The report is available on Bawat's website (investor.bawat.com)
BAWAT is a leading supplier of sustainable ballast water treatment technology and services. BAWAT was listed on Nasdaq First North Premier Growth Market in
Doubling Order Intake and profit margin Y-o-Y and Full year 2024 guidance
Q4 2023
- Order intake in Q4 2023 elevated the full year order intake to
SEK 41.8m (GuidanceSEK 40-50m ), a significant 131% increase from 2022. - Gross profit increased from 17,1% in 2022 to an impressive 55,9% in 2023 supported by sales in the mobile segment, lease income (extra ordinary) and service. This led to EBITDA breakeven in the quarter due to the extra ordinary lease income.
- Damen and Bawat signed a Joint Venture agreement offering significant scaling opportunities with manufacturing and sales of mobile ballast water units worldwide.
- Ballast as a Service, BaaS, has been organized under one executing organization called Bawat BaaS and two seasoned BWMS executives have joined the team in USA which has already demonstrating its value.
Post quarter in
Guidance 2024
- The company continues to grow significantly and has decided to change guidance principles to better reflect ongoing business with 2024 Sales between
SEK 42 - 54m and EBITDA ofSEK -12 - -7m. - Guidance figures for 2024 are NOT comparable to 2023 actual figures due to new P&L consolidation methods after having established the Bawat Damen JV and Bawat BaaS ownership set-up.
-
Comparing 2023 guidance principles with the 2024 equivalent Order Intake is estimated to be
SEK 70 - 90m equal to another doubling. - Q4 2024 is expected to be EBITDA break-even, in line with communicated expectations during 2022 IPO.
FINANCIAL
SEK '1.000 | Q4 2023 | Q4 2022 | 12M 2023 | 12M 2022 |
Order intake | 17.954 | 1.217 | 41.802 | 18.100 |
Sales | 3.197 | 2.398 | 19.140 | 15.866 |
Gross Profit | 5.430 | 1.545 | 10.704 | 2.718 |
Gross Profit % | 169,9% | 64,4% | 55,9% | 17,1% |
EBITDA* | -102 | -5.960 | -14.701 | -21.320 |
Result for the period | -4.787 | -7.186 | -33.603 | -38.879 |
Earnings per share | -0,09 | -0,19 | -0,71 | -0,99 |
Cash flow from operations** | -4.412 | -6.236 | -26.568 | -25.378 |
Net working capital | -732 | -4.469 | -732 | -4.469 |
Equity ratio % | -17,5% | 17,4% | -17,5% | 17,4% |
*In addition to this, Capital raise and other related non-recurrent items
**In addition to this, Capital raise and other related non-recurrent items
With the increased maturity of our business, we will from 2024 replace existing guidance from Order Intake to provide guidance on Sales and EBITDA as the P&L consolidation principles changes due primarily to the establishment of the Bawat Damen JV, hence figures from 2023 are not comparable one to one to 2024 figures.
We expect to reach a positive EBITDA for the last quarter in 2024, which is in line with our expectations communicated during the 2022 IPO. The 2024 guidance is as follows,
SEK '1.000 | 2024 |
Sales | 42.000 - 54.000 |
EBITDA | (-12.000) - (-7.000) |
Find the full Q4 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
For further information about Bawat
About Bawat and Bawat BaaS
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. Bawat 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 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 offshore units
** Bawat BaaS - Ballast as a Service for contingency or planned ballast treatment 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.
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