Equity Research Svenska Aerogel, Q1 2024: Increasing effectivity and pilot order from key client

Today, Svenska Aerogel published its interim report for Q1 2024. Below is a summary of our first impressions of the report’s outcome and the income statement’s deviations from our forecasts.

• In Q1 2024, Svenska Aerogel decided on an efficiency program that is expected to generate savings of approximately SEK 10 million over the next 12 months. The programme will be implemented in Q2 2024 and will thus have full effect in the second half of 2024. Read our comment about the efficiency program here. Further, The company has also secured a large pilot order from a key customer in the electric vehicle industry in the past quarter.
• Net sales in Q1 2024 amounted to SEK 0.5 million. Our forecast of SEK 1.5 million in net sales was thus higher than the outcome.
• EBIT amounted to minus SEK 10.8 million. Our EBIT forecast was minus SEK 9.0 million. The difference is mainly attributable to lower than expected revenues.
• The net result for Q4 2023 ended up at minus SEK 11.2 million. The outcome was thus lower than our estimates of a net result of minus SEK 9.0 million.

We intend to publish a full research update on Svenska Aerogel shortly.

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