Full Press Release Details
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
| Three Months Ended March 31, | ||||||||
| In thousands of $ (except per share amounts) | 2024 | 2023 | ||||||
| Revenues | $ | 19,834 | $ | 14,700 | ||||
| Cost of sales (exclusive of amortization of intangible assets) | (7,771 | ) | (5,985 | ) | ||||
| Gross profit | 12,063 | 8,715 | ||||||
| Research and development expenses | (2,164 | ) | (1,316 | ) | ||||
| Selling and marketing expenses | (10,028 | ) | (9,099 | ) | ||||
| General and administrative expenses | (5,359 | ) | (5,169 | ) | ||||
| Amortization of intangible assets | (1,125 | ) | (1,124 | ) | ||||
| Other operating income (expense), net | 9 | (724 | ) | |||||
| Operating loss | (6,604 | ) | (8,717 | ) | ||||
| Financial expenses, net | (1,907 | ) | (2,992 | ) | ||||
| Loss before income tax | (8,511 | ) | (11,709 | ) | ||||
| Income tax | - | - | ||||||
| Loss for the period | $ | (8,511 | ) | $ | (11,709 | ) | ||
| Loss per share attributable to parent* | ||||||||
| Basic and diluted | $ | (0.31 | ) | $ | (0.53 | ) |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Thousands of $ | March 31, 2024 | December 31, 2023 | ||||||
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Goodwill | $ | 35,926 | $ | 35,926 | ||||
| Intangible assets | 43,757 | 44,337 | ||||||
| Property, plant and equipment | 4,758 | 4,956 | ||||||
| Right-of-use assets | 4,625 | 4,989 | ||||||
| Financial assets | 693 | 763 | ||||||
| Total non-current assets | 89,759 | 90,971 | ||||||
| Current assets | ||||||||
| Inventories | 3,044 | 2,779 | ||||||
| Trade receivables | 12,669 | 11,088 | ||||||
| Prepaid expenses and other current assets | 1,779 | 1,914 | ||||||
| Cash and cash equivalents | 14,494 | 22,380 | ||||||
| Total current assets | 31,986 | 38,161 | ||||||
| TOTAL ASSETS | $ | 121,745 | $ | 129,132 | ||||
| EQUITY | ||||||||
| Share capital | $ | 173,931 | $ | 173,931 | ||||
| Issuance premium | 153,177 | 153,177 | ||||||
| Accumulated deficit | (339,957 | ) | (331,446 | ) | ||||
| Share-based compensation | 12,307 | 12,139 | ||||||
| Translation reserve | (431 | ) | (593 | ) | ||||
| Total equity | (973 | ) | 7,208 | |||||
| LIABILITIES | ||||||||
| Non-current liabilities | ||||||||
| Loans and borrowings | 35,775 | 35,564 | ||||||
| Lease liabilities | 3,115 | 3,578 | ||||||
| Other non-current financial liabilities | 64,878 | 63,259 | ||||||
| Total non-current liabilities | 103,768 | 102,401 | ||||||
| Current liabilities | ||||||||
| Loans and borrowings | 645 | 643 | ||||||
| Lease liabilities | 1,564 | 1,480 | ||||||
| Trade payables | 8,759 | 8,811 | ||||||
| Other current liabilities | 6,258 | 5,694 | ||||||
| Other current financial liabilities | 1,724 | 2,895 | ||||||
| Total current liabilities | 18,950 | 19,523 | ||||||
| Total liabilities | 122,718 | 121,924 | ||||||
| TOTAL EQUITY AND LIABILITIES | $ | 121,745 | $ | 129,132 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| Three Months Ended March 31, | ||||||||
| Thousands of $ For the years ended December 31 | 2024 | 2023 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Operating loss | $ | (6,604 | ) | $ | (8,717 | ) | ||
| Depreciation | 775 | 512 | ||||||
| Amortization of intangible assets | 1,125 | 1,124 | ||||||
| Share-based compensation | 168 | 158 | ||||||
| Other non-cash transactions | (1 | ) | 815 | |||||
| Cash used in operations before working capital changes | (4,537 | ) | (6,108 | ) | ||||
| Increase (-) / decrease (+) in inventories | (265 | ) | 297 | |||||
| Increase (-) / decrease (+) in receivables | (1,392 | ) | 346 | |||||
| Increase (+) in payables | 679 | 1,197 | ||||||
| Net cash outflow from operating activities | (5,515 | ) | (4,268 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Purchase of property, plant and equipment | (220 | ) | (787 | ) | ||||
| Acquisition and generation of intangible assets | (544 | ) | (455 | ) | ||||
| Interests received | 146 | 4 | ||||||
| Net cash outflow from investing activities | (618 | ) | (1,238 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from issuance of shares, net of transaction costs | - | 39,599 | ||||||
| Repayment of loan obligation | (160 | ) | (158 | ) | ||||
| Payment of lease liability | (475 | ) | (348 | ) | ||||
| Payment of interest | (947 | ) | (831 | ) | ||||
| Other financial expenses | (170 | ) | - | |||||
| Net cash (outflow) inflow from financing activities | (1,752 | ) | 38,262 | |||||
| Net decrease (-) / increase (+) in cash and cash equivalents | (7,885 | ) | 32,756 | |||||
| Cash and cash equivalents at beginning of period | 22,380 | 15,503 | ||||||
| Effect on exchange rate changes | (1 | ) | (5 | ) | ||||
| Cash and cash equivalents at end of period | $ | 14,494 | $ | 48,254 |