Integrated Wind Solutions ASA ("IWS") has today published its Q1 2024 Financial Report and Presentation. HIGHLIGHTS oTotal revenue ofEUR 5.4m for Q1 2024, a 16% reduction from Q4 2023 and a 7% reduction compared with Q1 2023. oIWS Services revenue ofEUR 4.6m in Q1 2024, a decrease of 24% from Q4 2023, due to the nature of the project-driven construction business. However, the backlog remains strong, and the full year guidance remains unchanged. oPEAK Wind continues its strong growth with an increase in net revenue for Q1 by 23% compared with Q1 2023. The Group's share of the net profit in Q1 2024 wasEUR 0.3m , beforeEUR -0.1m amortisation of acquisition-related intangible assets. oGroup EBITDA ofEUR -3.2m for Q1 2024 compared withEUR -0.2m in Q4 2023 andEUR -1.0m in Q1 2023. The result was impacted by the project-driven construction business and activities in the quarter prior to vessel operations from Q2 onward. oIWS Fleet took delivery of IWS Windwalker on 26 March. The vessel arrived inDenmark on 25 May and is undergoing final quayside preparations before commencing its charter contract withTenneT TSO in June. oIWS Skywalker started its first charter contract at theDogger Bank Wind Farm on 31 March and has commercially performed to our full satisfaction up to the date of this report. oIWS Fleet has on 2 February entered a three-year frame term agreement starting in 2025 withSiemens Gamesa Renewable Energy A/S - the minimum commitment covers about 1,300 days with a revenue backlog ofEUR 51-55m . The first charter contract under the frame term agreement was signed on 25 March. oIWS Fleet has on 20 February entered a time charter contract at market terms for a minimum of 4 months that will start in June withTenneT TSO B.V ., a leading European Transmission System Operator owned by the Dutch government. oIWS announced on 27 May that it has entered a strategic partnership withSumitomo Corporation ("Sumitomo"). IWS Fleet AS will raiseEUR 60 million in equity by issuing new shares to Sumitomo based on a pre-money valuation ofEUR 176 million . Upon completion of the transaction, Sumitomo will own 25.38% of IWS Fleet AS, withIntegrated Wind Solutions ASA continuing to own the remaining shares. In partnership with Sumitomo, we are looking forward to continuing to build IWS Fleet and exploring further expansion opportunities. Lars-Henrik Røren, CEO, commented: "We leave an eventful first quarter behind with our first newbuilding, IWS Skywalker, having commenced operation atDogger Bank Wind Farm , and the successful delivery of the IWS Windwalker with subsequent mobilisation toEurope . We are pleased to see our focus on growth and financing initiatives result in the strategic partnership agreement with the Japanese integrated trading companySumitomo Corporation . IWS Services experienced a soft Q1; although the project-driven business model will experience quarterly earnings fluctuations, we have initiated strategic measures to improve profitability. We also keep our 2024 guidance unchanged, with a record year in terms of revenues backed by firm orders. IWS is now on a solid business- and financial track, and we are continuously exploring further growth of the Group." Company contacts: Lars-Henrik Røren CEOIntegrated Wind Solutions Phone: +47 98 22 85 06 E-mail: lhr@integratedwind.com Marius Magelie CFOIntegrated Wind Solutions Phone: +47 920 27 419 E-mail: mm@integratedwind.com About:Integrated Wind Solutions ASA offers a fleet of state-of-the-art service vessels to the offshore wind industry combined with a suite of adhering services to reduce the levelised cost of energy ("LCOE") for offshore wind. The Company has two Commissioning Service Operation Vessels ("CSOV") delivered and four CSOVs under construction with delivery in 2024 and 2025. Furthermore, IWS owns the offshore wind supply-chain service company, IWS Services A/S and has a 30% ownership in the independent advisor, consultancy, data intelligence and wind farm operator firmPEAK Wind Group . This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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