SECOND QUARTER 2022
- Order intake increased by 69.3 percent to 54.9 MSEK (32.4). Adjusted for foreign exchange rate effects between the comparison periods, order intake increased by 47.2 percent.
- Net sales increased by 111.4 percent to 56.1 MSEK (26.5). Adjusted for foreign exchange rate effects between the comparison periods, net sales increased by 89.3 percent.
- Operating profit before depreciation (EBITDA) amounted to 1.5 MSEK (-1.6) and operating profit before financial items (EBIT) amounted to 0.3 MSEK (-2.7).
- Profit before tax amounted to 0.2 MSEK (-2.8).
-
Earnings per share amounted to
0.02 SEK (-0.4) - Cash flow amounted to -0.1 MSEK (3.1), of which -8.8 MSEK (3.9) from operating activities, -1.9 MSEK (-0.8) from investment activities and 10.6 MSEK (-0.0) from financing activities.
- Cash and cash equivalents amounted to 35.5 MSEK (15.4) at the end of the period.
-
Amazon places follow-up order worth about
SEK 15 million for additional robots and carts. L'Oréal orders eQart® Line robot carts fromFlexQube worthSEK 2.9 million .FlexQube is one of the winners of the Robotics Innovation Award 2022 for the new eQart® Navigator concept.-
The company receives follow-up order of approximately
SEK 3.7 million from an existing customer inNorth America . FlexQube receives order of approximatelySEK 2.8 million from an American technology company active in automation and robot solutions.-
The company participates in two major trade shows, LogiMAT in
Germany and Automate in the US with great interest from both current and potential customers. - The 2022 Annual General Meeting voted to issue 233,000 warrants in the company. The Board of Directors has also decided to cancel 31,000 options from the previous year's option program.
THE PERIOD 1 JANUARY -
- Order intake increased by 64.9 percent to 102.9 MSEK (62.4). Adjusted for foreign exchange rate effects between the comparison periods, order intake increased by 49.6 percent.
- Net sales increased by 138.4 percent to 99.6 MSEK (41.8). Adjusted for foreign exchange rate effects between the comparison periods, net sales increased by 116 percent.
- Operating profit before depreciation (EBITDA) amounted to -3.3 MSEK (-6.6) and operating profit before financial items (EBIT) amounted to -5.6 MSEK (-8.9).
- Profit before tax amounted to -5.9 MSEK (-9.2).
-
Earnings per share amounted to
-0.7 SEK (-1.2). - Cash flow amounted to 0.3 MSEK (2.0), of which -13.6 MSEK (3.3) from operating activities, -3.7 MSEK (-1.2) from investment activities and 17.7 MSEK (-0.0) from financing activities.
- Cash and cash equivalents amounted to 35.5 MSEK (15.4) at the end of the period.
EVENTS AFTER THE END OF QUARTER
- An international car manufacturer places orders of approximately
SEK 5 million for carts to the Swedish manufacturing unit. -
The company begins moving its warehouse and head office to a new property in Mölndal,
Sweden . The move is expected to be completed at the beginning of the third quarter and entails a number of efficiency improvements for the European operations. Among other things, consolidation of the business into a physical premises, larger storage space and expanded area for testing and assembly.
Link to the report for the second quarter 2022: https://www.flexqubegroup.com/secure-file.php?file=a5f3739a1be60dc372a2b67d23874d38.pdf
The entire quarterly report is also attached to this press release.
CEO LETTER
RECORD SALES, POSITIVE EBITDA AND STABLE CASH FLOW
Our development in the second quarter is very strong. We have seen continued high growth in our order intake and sales. Total sales of
In
In
During the quarter, we exhibited at two major trade shows; LogiMAT in
Although the market has been more challenging due to external factors such as the war in
SALES & PROFIT
For the first half of 2022, sales grew by 138% and in the second quarter sales growth amounts to 111%. Sales amount to
The second quarter was a new record quarter for order intake on our eQart® Line concept, both in the number of robots and total sales value. Tesla has continued to place orders to several of its factories. We have a strong order intake from existing customers but also see that we continuously add new customers and customer segments to our customer list. All our main markets (
The underlying product margin was our highest to date. We improved our product margin by 11 percentage points compared to the second quarter of 2021. Through various initiatives, we have improved our margin by focusing on more profitable projects, charging higher for customer-unique design, working with new suppliers, economies of scale at higher volumes, and increasing the proportion of robot sales that have a higher gross margin.
The first six months is burdened by larger marketing costs compared to the corresponding period in 2021 when there were no trade shows due to the pandemic. In total, these costs are
FLEXQUBES ROBOTIZED EQART®
After the initial project together with Amazon, which was worth about
Moving forward, we are also working on similar projects as the one with Amazon, i.e. customer projects where we utilize our unique ability to develop customer-unique robots in a very efficient way through our mechanical and digital modules.
We see a clear effect of our strategy with more dedicated geographical resources for eQart® Line, which has had a positive sales effect in
Lead times for electronic components are starting to balance but remain challenging and we would have achieved higher sales in the second quarter if we had not had delays in component supply. This will probably also affect the second half of the year and 2023. However, our volumes in the robot segment are on the rise and still far from the levels we plan for and thus the impact is not that large right now.
From the autumn, all eQart® Line robots sold will have a new control computer with a more powerful processor, better camera and completely new possibilities for integration with other systems such as roller tables and other equipment with sensors. The speed will increase by 60%, providing improved performance and increased efficiency.
DEVELOPMENT
Our business has developed well in line with the objectives we set for 2022.
Within our operations, we have expanded capacity and delivery capacity through more suppliers but also more internal capacity for picking and assembly. It has also meant that we have reached new record levels for delivery volumes in individual months in 2022. Our fourth focus area on cash flow and profitability has also developed very positively where we reach positive cash flow for the first half of the year, and we also have a positive result on the bottom line in this second quarter.
At the end of the summer, we will consolidate our operations in Mölndal,
The company is getting stronger every quarter and our brand is becoming better known which increases the stability of our future revenue. The product portfolio, which includes robot carts of varying complexity together with our mechanical carts and tugger train solutions, gives us the ability to help our customers streamline their internal logistics regardless of which development phase of logistics they are in.
The fact that we deliver to so many countries and to so many different customer segments also allows us to focus on the markets that currently have more positive development.
After a very strong first half of the year, we can now look ahead towards new well-defined goals and set the bar even higher for what we will achieve.
CEO
About
For more information, contact:
CEO,
anders.fogelberg@flexqube.com
+46 702 86 06 74
CFO,
mikael.lindback@flexqube.com
+46 761 04 10 28
The share (FLEXQ) is traded on Nasdaq First North.
This information is insider information that
https://news.cision.com/flexqube/r/flexqubes-report-for-the-second-quarter-2022,c3612663
https://mb.cision.com/Main/14828/3612663/1613595.pdf
https://mb.cision.com/Public/14828/3612663/b500ba593baab134.pdf
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