COMMISSIONED THE FOURTH PRODUCTION LINE. COMPLETED THE REPAIR OF THE VENTILATION SYSTEM IN THE PRODUCTION PLANT.
January -
- Revenue 5.4 (4.6) MSEK.
- Production 3.2 MWh.
- Delivered energy storages 73 (53), average size per energy storage 19 (15) kWh.
- Gross profit -69.6 (-41.6) MSEK.
- EBITDA -78.0 (-48.3) MSEK.
- Operating income (EBIT) -96.0 (-60.9) MSEK.
- Net loss -114.4 (-68.0) MSEK.
-
Earnings per share -
22.53 SEK .
Significant events during the first quarter
- The repair of the ventilation system in the production facility in Gävle was completed during the end of the quarter, during the rebuilding period,
Nilar 's production capacity was significantly limited. - The fourth production line was commissioned, and a fourth production shift was introduced.
- The new Energy+ product series was launched.
- The Company received a second and final payment of 8.75 MEUR under the first tranche of 17.5 MEUR of the EIB loan facility.
Significant events after the end of the period
- The Company's shares were listed at Nasdaq First North Premier Growth Market on 30 April.
- In connection with the listing, the Company carried out a new share issue which brought in a total of 750 MSEK before costs and the Company's convertible loan was converted into equity through a new share issue to the convertible holders.
-
For information on covid-19's impact on
Nilar , see the CEO review on page 2. - An EGM was held on 19 April where, among other things, a share split 1:6 was decided.
- An incentive program for the Board and management was introduced at the EGM on 12 March.
CEO Review
On Friday the 30th of April an 09:00,
During the quarter, we delivered 73 BESS (battery electrical storage systems) compared to 53 in Q1-20 and billed 5.4 (4.6) MSEK. In reality, sales could have been higher had it not been for the fact that we had a certain overhang of earlier delivered systems of a previous product version which we needed to exchange and/or update. This reduced the number of systems available for new sales: total production was 3.2 MWh of which 1.5 MWh was reserved for warranty replacements. Despite building out our product capacity rapidly, demand for our systems still significantly outstrips our ability to deliver.
The market outlook remains positive despite Covid-19 challenges. European energy storage installations increased to 1.7 (1.0) GWh in 2021 and are forecast to grow to 3 GWH in 20211, largely driven by national goals of renewables introduction and necessity of storage. While
Closer to home,
Covid-19 remains a serious issue, as it does for everyone, though perhaps somewhat less pressing than I feared a few months ago. While demand remains strong, sick-leave and stringent restrictions in how we handle production shift hand-over has put a lid on our effective production capacity during the past quarter and into Q2 - and especially bothersome as we further ramp up capacity. More alarming, however, is the widely reported Covid-19 related shortage of critical components throughout supply chains, where also certain quality issues have appeared. Electronic circuits, extruded plastic components and raw material supplies are all affected.
As previously reported, our Q4-20 was noticeably depressed due to a relatively minor powder explosion in our air extraction system, which however required us to have it rebuilt. Here again, Covid-19 struck, with almost three months' delivery delay of a critical component from
Still, we used the enforced reduced production period productively to install, commission and test our fourth production line which is now starting to produce; in combination with now a fourth production shift.
Product development has been very satisfactory. During the quarter, we launched a new product, Energy+, which incorporates an energy optimized cell design. For the first time,
Overall, and in the face of strong continued demand for
Täby
1) https://www.energy-storage.news/news/europe-predicted-to-deploy-nearly-twice-as-much-electrical-storage-in-2021
2) https://www.energy-storage.news/news/europe-predicted-to-deploy-nearly-twice-as-much-electrical-storage-in-2021
3) https://valtioneuvosto.fi/sv/marin/regeringen/regeringsprogrammet/klimatneutralt-finland-som-tryggar-den-biologiska-mangfalden
4) https://www.skatteverket.se/privat/fastigheterochbostad/gronteknik.4.676f4884175c97df4192860.html
For further information, please contact:
E-mail marcus.wigren@nilar.com
Mobile +46 767 69 50 75
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Attachments
https://news.cision.com/nilar/r/nilar-interim-report-q1-2021,c3354534
https://mb.cision.com/Main/13450/3354534/1423238.pdf
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