Svenska Aerogel securing new orders and advancing customer projects

Svenska Aerogel Holding AB has released its financial report for the second quarter ending June 2024. The period saw positive developments in several customer projects, leading to substantial orders and progress in securing new business.

Key events during April-June 2024 included a 1.4-ton container order from an Asian business partner and a pilot order from a European insulation manufacturer, marking entry into a new customer segment with significant potential. The company also implemented an efficiency program aimed at profitable growth. A SEK 4.5 million loan was converted into a grant, providing a positive one-time impact on the financial results. Changes in leadership included the election of a new board chairman and a new board member at the annual general meeting, while participation in European and US trade shows strengthened the company's project pipeline.

Consolidated net sales for the second quarter of 2024 amounted to SEK 0.5 million, compared to SEK 0.3 million in the same period of 2023. For the first half of 2024 (January-June), net sales were SEK 1.0 million, down from SEK 1.7 million in the first half of 2023.

EBITDA (earnings before interest, taxes, depreciation, and amortization) for the second quarter of 2024 was a loss of SEK 4.2 million, an improvement from a loss of SEK 9.7 million in Q2 2023. Operating loss (EBIT) was SEK 6.1 million, compared to SEK 11.8 million in the prior year. Profit after financial items was a loss of SEK 6.2 million, versus a loss of SEK 12.2 million in Q2 2023. For the January-June period, EBITDA was a loss of SEK 13.0 million.

The company is continuing its focus on expanding applications for its aerogel materials and strengthening customer relationships, aiming to improve profitability and drive future growth.