Highlights from Q1 2024
· ArcticZymes Technologies (AZT) had Q1 sales of NOK 30.0 million (Q1 2023: NOK 31.2 million
· AZT had a positive EBITDA for Q1 of NOK 2.3 million (Q1 2023: NOK 6.1 million) and a net profit of NOK 3.2 million (Q1 2023: NOK 5.0 million)
· Operating expenses for Q1 were 27.7 million (Q1 2023: NOK 25.1 million) where extraordinary items related to closing of Oslo office accounted for NOK 0.8 million and implementation of a new ERP solution accounted for NOK 1.5 million.
· Cash flow for Q1 was negative NOK -7.9 million (Q1 2023: NOK -12.5 million) explained by increase in receivables by NOK -6.9 million and investment in in tangibles of NOK -4.0 million, giving a cash balance of NOK 173.0 million. In addition, NOK 70 million is invested in low-risk interest rate funds.
· Launch of SAN HQ GMP
· New Research partnership with Austrian Center of Biotechnoloy (acib) to generate SAN benchmarking data, posters and publications – supported by COMET (Competence Centers for Excellent Technologies) grant funding with EUR 100 000
CEO Michael B. Akoh comments:
In Q1, we successfully introduced SAN HQ GMP, ArcticZymes' first GMP grade enzyme with product availability in March. This milestone is an important building block enabling us to serve more customers in the biomanufacturing segment. I was also pleased to see the initiation of a research project with acib that will provide further important data on the performance of our SAN portfolio.
We expect that market conditions will continue to be challenging in Q2 with a potential for gradual improvement in the latter half of the year, as previously discussed. We will continue to strengthen our product portfolio and commercialization of our novel enzymes.
Please visit our Reports & Finances page to find links to the:
- On-demand webcast from Hegnar-TV
- Q1 2024 Presentation
- Q1 2024 Report
For further information, please contact us at:
Børge Sørvoll, CFO
Michael Akoh, CEO