Revenue increase in all verticals and growing order intake

COMPANY ANNOUNCEMENT NO. 103

Interim financial report for Q1 2024

Today, LED iBond International’s (LED iBond) Board of Directors approved the interim report for Q1. Martin Løbel, CEO of LED iBond international comments:

“It is positive that LED iBond has demonstrated an increased revenue in our three core verticals: Indoor farming, solar carports, and smart buildings. It is also positive that we see our pipeline and order intake continues to grow. We have also maintained our low-cost base from 2023 and reduced the cash burn by DKK 0.9 million compared to the same quarter last year. The market and customer awareness are increasing due to our intense and focused marketing activities, resulting in a growing pipeline of opportunities, that we expect to materialise in growing sales short term”.

Financial key figures

Business development

• Smart building market - As announced in company announcement no. 89 23 January a larger order for parking segment was won and LED iBond continue to expect growth in sales within this segment in 2024 due to several promising sales opportunities in Europe. We also continue to see an increasing number of potential partners showing interest in our solutions.

• Indoor farming - The launch of our HORTISABER toplighting lamp in Nov 2023 has been well received from potential customers in Denmark and Sweden which has been target regions in the initial marketing phase. All greenhouse operators are in the process of transiting from old type of HPS based toplighting to the energy saving LED technology, and this transition is also fuelled by State & EU subsidies targeting CO2 savings in the greenhouse industry. The first large scale project of HORTISABER is in the final phase of installation and is an important milestone as show case. LED iBond therefore expects increased sales of the HORTISABER lamp in 2024 and beyond.

Financial Development

• In Q1 2024, LED iBond generated revenues of TDKK 1,460, an increase of TDKK 585 (67%) relative to the same quarter last year.
• Marketing and other external costs increased from TDKK 1,019 to 1,692, why EBITDA were flat.   
• In Q1 2024, staff costs amounted to TDKK 2,262, a decrease of TDKK 176 (7%) compared to Q1 2023. As of 31 March 2024, the number of FTEs was 11.
• Net profit improved by TDKK 522 (12%) compared to the same quarter last year.
• The cash burn rate was reduced by 23% due to working capital optimisation and a more focused investment strategy in development projects.
• Net cash outflows in Q1 2024 amounted to TDKK 3,168 compared to TDKK 4,088 in the year-ago quarter, corresponding to a cash improvement of TDKK 920 (22%)
• At the end of Q1 2024, total equity amounted to TDKK 9,412 compared to TDKK 13,350 on 31 December 2023.
• The cash balance stood at TDKK 1,388 at the end of Q1 2024, as compared to TDKK 4,555 at the end of 2023.
• LED iBond obtained Milestone 1 as announced in Company Announcement no. 100 of 22 April 2024 and thereby received the first payout of DKK 2.75 million in April.

Patents and IPR update

• Nothing to report.

Number of Shares

On 31 March 2024, the number of outstanding shares in LED iBond International A/S was 38,708,015, unchanged from the beginning of the year.

Financial calendar

• Q2 2024 Results and Half Year report 2024              20 August 2024
• Interim financial report Q3 2024                                 26 November 2024
• Q4 2024 Results and Annual report 2024                  26 March 2025

Financial outlook 2024 & 2025

Based on the current orders and pipeline, the board of directors and the executive management maintain the financial outlook stated in company announcement no. 95 of 26 March 2024:

• Revenue of DKK 10 – 12 million for 2024
• Positive cash flow from operations during 2025.

The interim Q1 report for 2024 is attached to this company announcement and is also available on: https://ledibond.com/financial-reports

Further Information

Martin Løbel, CEO
Mobile: +45 2722 6237
Email: mlo@ledibond.com

Company contact
LED iBond International A/S
Agern Allé 5A
2970 Hørsholm
Denmark

CVR 36041609

+45 7070 7855
info@ledibond.com
www.ledibond.com

Certified adviser

Västra Hamnen Corporate Finance
Stortorget 13A
211 22 Malmö
Sweden

Telephone: +46 40 200 250
Email: ca@vhcorp.se

About LED iBond International A/S

Founded in 2014, LED iBond International offers innovative lighting solutions, based on years of development and deep knowledge of modern LED technology combined with advanced packaging and assembly technology. Our patented technology platform includes a very thin formfactor of only 6 mm for the light panels, offering a unique value proposition based on high design flexibility, robustness, IoT integration, and low total costs of ownership due to market leading energy efficiency and superior cooling properties. The technology platform also reduces the installation cost due to a modular design with a limited need for traditional electrical wiring.    

LED iBond’s technology has been installed in many projects, ranging from intelligent shelf lighting to numerous large scale illumination projects such as various parking facilities and as the indoor installation of 3.2 kilometres of TRACY®, the company’s innovative flagship product, at the Technical University of Denmark. LED iBond’s has also developed software-based advanced light management systems for control of lighting solutions.

LED iBond is focusing on three key business lines: Smart Building (Industry & Home), Indoor and Vertical Farming, and UV Disinfection, all projected to show significant growth in the years to come. For Indoor and Vertical Farming segments, LED iBond’s roadmap includes lighting solutions which incorporate advanced IT management with monitoring using sensors, cameras, and plant analysis.

Manufacturing takes place in Denmark in LED iBond’s own production facility with highly automated assembly lines.

LED iBond International A/S is admitted to trading on Nasdaq First North Growth Market Denmark (ticker: LEDIBOND).