Axolot Solutions Holding AB (publ) INTERIM REPORT January - June 2020
Several ongoing customer activities at the same time as Covid-19 affected the customers' long term investment decisions
Summary of the second quarter 2020
- Net sales amounted to 1 019 tsek (607 tsek for the corresponding quarter in 2019), as a consequence of more trial runs and customer cooperation activities, mainly in Sweden and Finland. This was the highest invoicing for Axolot so far, for a separate quarter.
- Other revenues were 11 tsek (107).
- Earnings before interest and tax became -5 309 tsek (-7 604), where the less negative results relate to higher income combined with effects from Axolot´s restructuring measures related to the Covid-19 outbreak.
- Net earnings per share amounted to -0,20 sek (-0,29)
- Liquid funds at the end of June 2020 were 9 700 tsek.
- A number of feasibility study agreements were signed during the quarter, in Finland and Sweden. At the same time, customers postponed commercial investment decisions, as a consequence of Covid-19.
- Axolot aims at being prepared to start delivering commercial equipment as soon as the market situation improves.
- Two patents were granted, whereof one in Sweden and the other in the US.
- Axolot Solutions signed a contract with Fortum Waste Solutions concerning a second step in a colateral development project related to the cleaning of heavily contaminated soil.
January - June 2020
- Net sales for the first half year 2020 were 1 744 tsek (776 for the corresponding period in 2019), which means twice as much as the same period previous year.
- Other revenues were 457 tsek (107), which mainly refers to additional subsidies from a Finnish agricultural authority, for a water purification project initiated in 2019.
- Results before interest and tax for the first six months of the year were -11 546 tsek (-13 273).
Key events during the second quarter 2020
- Axolot Solutions decided on some restructuring measures at the end of March, following the Covid-19 outbreak. Thus, reductions of personnel and consultants have been done, which has not yet given full impact on the results, due to times of notice and the completion of certain customer projects. Also, the Board decided that certain roles within the Management team shall be combined. Research Manager Martin Ragnar was thereby announced to get the role as CEO for Axolot, latest from August 2020. This change of CEO has now been effectuated, as per July 1 2020.
- The Annual General Meeting of 2020 authorized the Board of Directors to make an issue of shares and a directed issue of warrants, according to the proposal made by the Board of Directors.
Key events after the end of the second quarter 2020
- According to previously announced, Martin Ragnar has now assumed the role as President and CEO, as of July 1 2020.
For further information, please contact:
Martin Ragnar, President and CEO Axolot Solutions, tel: +46 70 817 11 16, mail: email@example.com
Anita Haak, CFO Axolot Solutions, tel: +46 70 817 11 12, mail: firstname.lastname@example.org
This information is information that Axolot Solutions Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on July 30, 2020.
About Axolot Solutions
Axolot Solutions is a Swedish environmental technology company, providing systems for industrial water purification. The company offers a holistic solution based upon a proprietary technology within electro-coagulation and flotation. Axolot's water purification concept is cost efficient and enables recirculation of the water. This leads to a reduced environmental footprint.
More information about the Company and its business activities can be found at www.axolotsolutions.com.
Axolot Solutions Holding AB is based in Helsingborg, Sweden, and its shares (ticker: Axolot) are listed at Nasdaq First North Growth Market, Stockholm, since November 21, 2018. FNCA Sweden AB is the Certified Adviser of Axolot Solutions. FNCA Sweden AB can be reached at email@example.com and on tel +46 8 528 003 99.