Q2 2024 Qleanair AB Earnings Call Transcript
Key Points
- Strong recurring revenues of SEK 74 million, amounting to SEK 304 million by the end of the quarter.
- Continued growth in air cleaners and new cabin sales on track in Japan.
- Significant growth in the French market, with a 40% overall increase in the first half and close to 150% growth from air cleaners.
- Stable and strong cash flow despite lower operating profit.
- Successful launch of new solutions targeting secondary filtration of oil mist and measurement-led air cleaning projects.
- Sales declined by 14% compared to last year, with a 10% drop when currency-adjusted.
- Significant negative impact on gross margin and EBIT due to lower renewal sales in Japan and weak Japanese yen.
- Higher service costs in Germany, partly due to the return and refurbishment of units related to COVID-based school orders.
- Operating profit dropped significantly from SEK 21 million to SEK 2 million.
- Delay in a significant U.S. order from Curexa, with uncertain implications for future revenue.
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Hi, and welcome to the QleanAir investor presentation for Q2 2024. My name is Sebastian Lindström, I'm the CEO of QleanAir. Joining me in today's call is Henrik Resmark, our CFO at QleanAir. Henrik and I will go through the presentation and then open up for Q&As towards the end. Starting off with the numbers for Q2.
In short, we closed the quarter with a lot of activity but where the numbers were weak. Remembering that we in Q2 in comparison to last year, meet our strongest quarter in 2023. We delivered SEK115 million in sales, which was 14% behind last year and currency-adjusted, 10% below last year. The main reason of the decline in revenue were the low base of renewal contracts to be sold to finance companies in Japan and the weak Japanese yen versus the Swedish crown. The yen versus the Swedish crown was down 11% in Q2.
For Q2, these two things affected us roughly with SEK16 million in revenue. Our recurring revenues remained strong at SEK74 million and amounting to SEK304 million by the end of the quarter. Our gross
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