Full Press Release Details
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
| Three Months Ended March 31, | ||||||||
| In thousands of $ (except per share amounts) | 2025 | 2024 | ||||||
| Revenues | $ | 24,292 | $ | 19,834 | ||||
| Cost of sales (exclusive of amortization of intangible assets) | (8,788 | ) | (7,771 | ) | ||||
| Gross profit | 15,504 | 12,063 | ||||||
| Research and development expenses | (2,499 | ) | (2,164 | ) | ||||
| Selling and marketing expenses | (9,821 | ) | (10,028 | ) | ||||
| General and administrative expenses | (5,842 | ) | (5,359 | ) | ||||
| Amortization of intangible assets | (1,322 | ) | (1,125 | ) | ||||
| Other operating (expense) income, net | (608 | ) | 9 | |||||
| Operating loss | (4,588 | ) | (6,604 | ) | ||||
| Financial income | 692 | 1,371 | ||||||
| Financial expenses | (5,176 | ) | (3,278 | ) | ||||
| Loss before income tax | (9,072 | ) | (8,511 | ) | ||||
| Income tax | (137 | ) | - | |||||
| Loss for the period | $ | (9,209 | ) | $ | (8,511 | ) | ||
| Loss per share attributable to parent | ||||||||
| Basic and diluted | $ | (0.19 | ) | $ | (0.31 | ) |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| Thousands of $ | March 31, 2025 | December 31, 2024 | ||||||
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Goodwill | $ | 35,926 | $ | 35,926 | ||||
| Intangible assets | 39,270 | 40,592 | ||||||
| Property, plant and equipment | 4,328 | 4,363 | ||||||
| Right-of-use assets | 8,199 | 8,617 | ||||||
| Financial assets | 777 | 936 | ||||||
| Total non-current assets | 88,500 | 90,434 | ||||||
| Current assets | ||||||||
| Inventories | 3,326 | 3,869 | ||||||
| Trade receivables | 15,542 | 14,440 | ||||||
| Prepaid expenses and other current assets | 1,793 | 1,788 | ||||||
| Cash and cash equivalents | 65,672 | 46,798 | ||||||
| Total current assets | 86,333 | 66,895 | ||||||
| TOTAL ASSETS | $ | 174,833 | $ | 157,329 | ||||
| EQUITY | ||||||||
| Share capital | $ | 214,670 | $ | 214,670 | ||||
| Issuance premium | 153,177 | 153,177 | ||||||
| Accumulated deficit | (378,724 | ) | (369,515 | ) | ||||
| Share-based compensation | 17,515 | 17,124 | ||||||
| Translation reserve | (670 | ) | (615 | ) | ||||
| Total equity | 5,968 | 14,841 | ||||||
| LIABILITIES | ||||||||
| Non-current liabilities | ||||||||
| Loans and borrowings | 75,368 | 50,967 | ||||||
| Lease liabilities | 7,056 | 7,413 | ||||||
| Other non-current financial liabilities | 43,281 | 41,445 | ||||||
| Total non-current liabilities | 125,705 | 99,825 | ||||||
| Current liabilities | ||||||||
| Loans and borrowings | 162 | 324 | ||||||
| Lease liabilities | 1,392 | 1,360 | ||||||
| Trade payables | 7,552 | 8,001 | ||||||
| Other current liabilities | 6,474 | 6,567 | ||||||
| Other current financial liabilities | 27,580 | 26,411 | ||||||
| Total current liabilities | 43,160 | 42,663 | ||||||
| Total liabilities | 168,865 | 142,488 | ||||||
| TOTAL EQUITY AND LIABILITIES | $ | 174,833 | $ | 157,329 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
| Thousands of $ | Three Months Ended March 31, | |||||||
| For the years ended December 31 | 2025 | 2024 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Operating loss | $ | (4,588 | ) | $ | (6,604 | ) | ||
| Depreciation | 925 | 775 | ||||||
| Amortization of intangible assets | 1,322 | 1,125 | ||||||
| Share-based compensation | 391 | 168 | ||||||
| Other non-cash transactions | 619 | (1 | ) | |||||
| Cash used in operations before working capital changes | (1,331 | ) | (4,537 | ) | ||||
| Decrease (+) / increase (-) in inventories | 543 | (265 | ) | |||||
| Increase (-) in receivables | (1,107 | ) | (1,392 | ) | ||||
| Decrease (-) / increase (+) in payables | (737 | ) | 679 | |||||
| Net cash outflow from operating activities | (2,632 | ) | (5,515 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Purchase of property, plant and equipment | (476 | ) | (220 | ) | ||||
| Acquisition and generation of intangible assets | - | (544 | ) | |||||
| Interests received | 489 | 146 | ||||||
| Net cash outflow from investing activities | 13 | (618 | ) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from loan obligation, net of fees | 24,250 | - | ||||||
| Repayment of loan obligation | (162 | ) | (160 | ) | ||||
| Payment of lease liability | (516 | ) | (475 | ) | ||||
| Payment of interest | (1,959 | ) | (947 | ) | ||||
| Other financial expenses | (127 | ) | (170 | ) | ||||
| Net cash (outflow) / inflow from financing activities | 21,486 | (1,752 | ) | |||||
| Net increase (+) / decrease (-) in cash and cash equivalents | 18,867 | (7,885 | ) | |||||
| Cash and cash equivalents at beginning of period | 46,798 | 22,380 | ||||||
| Effect on exchange rate changes | 7 | (1 | ) | |||||
| Cash and cash equivalents at end of period | $ | 65,672 | $ | 14,494 |