Full Press Release Details
CONDENSED UNAUDITED CONSOLIDATED STATEMENT OF
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| Thousands of $ (except per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | 23,317 | 19,350 | 65,310 | 50,795 | ||||||||||||
| Cost of sales (exclusive of amortization of intangible assets) | (9,042 | ) | (6,797 | ) | (25,686 | ) | (19,537 | ) | ||||||||
| Gross Profit | 14,275 | 12,553 | 39,624 | 31,258 | ||||||||||||
| Research and development expenses | (2,697 | ) | (1,557 | ) | (7,764 | ) | (4,547 | ) | ||||||||
| Selling and marketing expenses | (10,619 | ) | (9,060 | ) | (31,280 | ) | (27,431 | ) | ||||||||
| General and administrative expenses | (5,735 | ) | (5,381 | ) | (16,936 | ) | (16,280 | ) | ||||||||
| Amortization of intangible assets | (1,327 | ) | (1,128 | ) | (3,575 | ) | (3,367 | ) | ||||||||
| Other operating income (expense), net | 11 | 12 | (183 | ) | (654 | ) | ||||||||||
| Operating loss | (6,092 | ) | (4,561 | ) | (20,114 | ) | (21,021 | ) | ||||||||
| Financial income | 197 | 564 | 1,772 | 1,570 | ||||||||||||
| Financial expense | (4,960 | ) | (6,048 | ) | (12,552 | ) | (12,929 | ) | ||||||||
| Loss before income tax | (10,855 | ) | (10,045 | ) | (30,894 | ) | (32,380 | ) | ||||||||
| Income tax | (334 | ) | - | (334 | ) | - | ||||||||||
| Loss for the period | (11,189 | ) | (10,045 | ) | (31,228 | ) | (32,380 | ) | ||||||||
| Loss per share attributable to parent | ||||||||||||||||
| Basic and diluted | (0.40 | ) | (0.37 | ) | (1.14 | ) | (1.27 | ) |
CONDENSED UNAUDITED CONSOLIDATED STATEMENT OF
| Thousands of $ | as of September 30, 2024 | as of December 31, 2023 | ||||||
| ASSETS | ||||||||
| Goodwill | 35,926 | 35,926 | ||||||
| Intangible assets | 41,924 | 44,337 | ||||||
| Property, plant and equipment | 4,672 | 4,956 | ||||||
| Right-of-use assets | 3,870 | 4,989 | ||||||
| Financial assets | 822 | 763 | ||||||
| Non-current assets | 87,214 | 90,971 | ||||||
| Inventories | 4,384 | 2,779 | ||||||
| Trade receivables | 14,993 | 11,088 | ||||||
| Prepaid expenses and other current assets | 1,545 | 1,914 | ||||||
| Cash and cash equivalents | 49,272 | 22,380 | ||||||
| Current assets | 70,194 | 38,161 | ||||||
| Total assets | 157,408 | 129,132 | ||||||
| EQUITY | ||||||||
| Share capital | 213,931 | 173,931 | ||||||
| Issuance premium | 149,859 | 153,177 | ||||||
| Accumulated deficit | (362,674 | ) | (331,446 | ) | ||||
| Share-based compensation | 16,458 | 12,139 | ||||||
| Translation reserve | (580 | ) | (593 | ) | ||||
| Total equity | 16,994 | 7,208 | ||||||
| LIABILITIES | ||||||||
| Loans and borrowings | 50,873 | 35,564 | ||||||
| Lease liabilities | 2,537 | 3,578 | ||||||
| Other non-current financial liabilities | 41,463 | 63,259 | ||||||
| Non-current liabilities | 94,873 | 102,401 | ||||||
| Loans and borrowings | 485 | 643 | ||||||
| Lease liabilities | 1,440 | 1,480 | ||||||
| Trade payables | 10,385 | 8,811 | ||||||
| Other current liabilities | 7,331 | 5,694 | ||||||
| Other current financial liabilities | 25,900 | 2,895 | ||||||
| Current liabilities | 45,541 | 19,523 | ||||||
| Total liabilities | 140,414 | 121,924 | ||||||
| Total equity and liabilities | 157,408 | 129,132 |
CONDENSED UNAUDITED CONSOLIDATED STATEMENT OF
| Nine Months Ended September 30, | ||||||||
| Thousands of $ | 2024 | 2023 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Operating loss | (20,114 | ) | (21,021 | ) | ||||
| Depreciation | 2,271 | 1,910 | ||||||
| Amortization of intangible assets | 3,575 | 3,367 | ||||||
| Share-based compensation | 1,059 | 457 | ||||||
| Other non-cash transactions | (85 | ) | 276 | |||||
| Cash used in operations before working capital changes | (13,294 | ) | (15,011 | ) | ||||
| Changes in operating assets and liabilities | ||||||||
| Increase (-) in inventories | (1,605 | ) | (541 | ) | ||||
| Increase (-) / decrease (+) in receivables | (3,536 | ) | 1,278 | |||||
| Increase (+) in payables | 3,023 | 151 | ||||||
| Net cash outflow from operating activities | (15,412 | ) | (14,123 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Purchase of property, plant and equipment | (996 | ) | (2,399 | ) | ||||
| Acquisition and generation of intangible assets | (971 | ) | (1,612 | ) | ||||
| Interest received | 560 | 756 | ||||||
| Net cash outflow from investing activities | (1,407 | ) | (3,255 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from issuance of shares, net of transaction costs | 37,206 | 39,599 | ||||||
| Proceeds from loan obligation | 53,051 | - | ||||||
| Repayment of loan obligation, loan modification, and debt extinguishment costs | (39,929 | ) | (1,239 | ) | ||||
| Payment of lease liability | (1,409 | ) | (1,121 | ) | ||||
| Payment of interest | (4,899 | ) | (2,666 | ) | ||||
| Other financial expense | (306 | ) | - | |||||
| Net cash inflow from financing activities | 43,714 | 34,573 | ||||||
| Net increase in cash and cash equivalents | 26,895 | 17,195 | ||||||
| Cash and cash equivalents at beginning of the period | 22,380 | 15,503 | ||||||
| Effect of exchange rates | (3 | ) | 16 | |||||
| Cash and cash equivalents at end of the period | 49,272 | 32,714 |