Equity Research Svenska Aerogel, Q4 2023: Increased sales of Quartzene™ and lower than expected costs

Today, Svenska Aerogel published its interim report for Q4 2023. Below is a summary of our first impressions of the report’s outcome and the income statement’s deviations from our forecasts.

• Net sales in Q4 2023 amounted to SEK 1.0 million. Our forecast of SEK 1.1 million in net sales was thus slightly, but not significantly, higher than the outcome. Despite negative growth compared with Q4 2022, it is important to emphasise that sales of Quartzene™ increased from SEK 0.3 million in Q4 2022 to SEK 1.0 million in Q4 2023. In Q4 2022, sales of services amounted to just over SEK 2.6 million. The development in net sales is thus to be seen as positive, as the Company has shown over the past year that it has succeeded in significantly increasing sales of Quartzene™, which is in line with the ongoing commercialisation process.
• EBIT amounted to minus SEK 9.6 million. Our EBIT forecast was minus SEK 11.5 million. The difference is mainly attributable to lower than expected cost of goods sold and administrative costs.
• The net result for Q4 2023 ended up at minus SEK 10.2 million. The outcome was thus more positive than our forecast of a net result of minus SEK 11.5 million.

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

Read our latest research report here.

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