FLEXQUBE AB Press release 2024-05-16, 08:00
THE PERIOD 1 JANUARY -
- Net sales increased by 25.5 percent to 36.9 MSEK (29.4). Adjusted for foreign exchange rate effects between the comparison periods, net sales increased by 28.7 percent.
- Order intake decreased by 14.8 percent to 30.5 MSEK (35.7). Adjusted for foreign exchange rate effects between the comparison periods, order intake decreased by 13.1 percent.
- Operating profit before depreciation (EBITDA) amounted to -9.1 MSEK (-11.9) and operating profit before financial items (EBIT) amounted to -11.4 MSEK (-13.3).
- Profit before tax amounted to -12.4 MSEK (-13.7).
-
Earnings per share amounted to
-0.9 SEK (-1.7). - Cash flow amounted to 5.4 MSEK (1.0), of which -13.5 MSEK (-23.2) from operating activities, -1.2 MSEK (-4.0) from investment activities and 9.4 MSEK (28.2) from financing activities.
- Cash and Cash Equivalents was 45.4 MSEK (31.4) at the end of the period.
FlexQube receives a cart order worth approx. 7.3 MSEK from a customer within the robotics and automation sector in the US.
EVENTS AFTER THE END OF THE QUARTER
- As part of the company's completed development of its AMR,
FlexQube is implementing a reorganization aimed at maximizing the company's focus on sales. The reorganization also involves reduced operational costs and investments, resulting in savings of approximately 11 MSEK annually. - The previously announced AMR order to one of the world's largest manufacturers of commercial vehicles has been partially delivered as planned. Phase 1 of the project, which includes two Navigator AMRs and six motorized carriers, has been delivered, integrated, and commissioned at the customer's site. Following a thorough testing process, the customer has approved the delivery and formally taken over the system. The system delivers materials to the customer's assembly line, replacing transportation previously carried out by forklifts.
FlexQube has received approval notification from the patent office inCanada regarding a patent for a non-load-bearing robot navigating motorized carts. The patent is expected to be formally granted during the second quarter of 2024. Similar patents have previously been granted inEurope and theUSA .-
The previously announced AMR project with a pilot customer, one of the world's largest car manufacturers, has entered a new phase where the product has been approved for use in real-world environments and actual user cases. Currently, the first application is being planned at one of the customer's factories in the
USA , with implementation scheduled for Q3 2024.
Link to the report for the first quarter 2024: https://flexqubegroup.com/secure-file.php?file=fa4c37fc565b708424a703a2e47310d2.pdf
The entire quarterly report is also attached to this press release.
CEO LETTER
FULL FOCUS ON SALES AND MORE EFFICIENT ORGANIZATION CREATES POSITIVE MOMENTUM FOR THE UPCOMING QUARTERS
Sales increased compared to the same quarter of the previous year and the fourth quarter. However we had higher sales expectations, but the outcome is as a direct consequence of the order intake in the previous quarter. The order intake decreases by 14.8% to 30.5 MSEK compared to the first quarter of the previous year. During the period, we have continued in a somewhat cautious market where the number of projects is relatively good but the decision time among customers is generally longer. Our pipeline remains strong and has increased during the period. However, we acknowledge that we need to become even better at quickly and efficiently identifying and converting our pipeline.
To create higher efficiency in the organization, and above all to create an even higher sales focus throughout the organization, we have made a number of changes. This is because we have now left a long period with a high focus on product development, especially regarding the fully developed AMR system, FlexQube Navigator, to now redirect our resources towards activities that directly support sales. As part of this shift, we have established a new role as global sales director, which is held by the former CEO and founder,
At the end of last quarter, we received our first commercial order for our brand-new AMR system, FlexQube Navigator, to a highly reputable customer who is a multinational manufacturer of trucks. The project is well underway, and delivery to the customer is ongoing. The project has grown and will be fully delivered by the beginning of the third quarter. We are also currently working with the customer on potentially additional projects where the strength of our concept becomes clear, with a non-load-bearing AMR that connects to motorized carts and forms a common autonomous solution. This provides flexible and efficient material handling along with very high security. In cases where forklift trucks are used to move materials of various sizes, which is a very common process in manufacturing or warehousing, many want to move away from such a solution due to accident risks and increased efficiency. Therefore, we see that this first order will be followed by many more. We look forward to the remainder of 2024 with great confidence where, in addition to increasing the volumes of our new AMR system, we will also continue to work with a customer in
The result for the first quarter is primarily driven by the continued relatively low sales. The positive aspects of the result are that the operational product margin remains good, and the cost base is heading in the right direction. The aforementioned reorganization for full focus on sales has led to reduced operational costs and investments totaling approximately 11 MSEK annually, in addition to the 17 MSEK already communicated during the fourth quarter of 2023, to achieve the goal of reaching a positive cash flow and positive EBITDA by the end of the year. One-time costs for the latter package have impacted the result by approximately 1 MSEK during the first quarter, and the cost savings will take effect throughout the second quarter.
The market continues to be cautious in
AMR
During the quarter, we have obtained the highly important certifications from TÜV for our new AMR system, FlexQube Navigator, for both the EU and the
The work to establish partnerships with system integrators who will sell and install the AMR system to end customers has continued during the quarter, and a Master Use Agreement (MUA) with a new integrator has been finalized. Several discussions are ongoing with potential partners in the Nordic region, other parts of
AGV
During the quarter, we have increased our focus on training the sales force in our AGV product, and we now also have dedicated resources to target the markets in the
We are now leaving behind an intense development phase, and it feels very inspiring to focus 100% on sales. This is the first time since
Mårten Frostne
CEO
About
For more information, contact:
CEO,
marten.frostne@flexqube.com
+46 721 55 19 37
CFO,
mikael.lindback@flexqube.com
+46 761 04 10 28
The share (FLEXQ) is traded on Nasdaq First North.
This information is insider information that
https://news.cision.com/flexqube/r/flexqubes-report-for-the-first-quarter-2024,c3982536
https://mb.cision.com/Main/14828/3982536/2800954.pdf
https://mb.cision.com/Public/14828/3982536/b478d937db85d881.pdf
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