Earnings Release • Apr 18, 2023
Earnings Release
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Asetek - Update on Q1 2023 Selected Preliminary Financial Figures and Updated Medium-term Ambitions
Aalborg, Denmark - April 18, 2023. Asetek today reports selected preliminary,
unaudited, financial figures for the first quarter of 2023.
Asetek expects to report revenue of USD 14.7 million for the three months ended
March 31, 2023. Gross profit is expected at USD 6.5 million and operating income
(EBIT) at USD 1.0 million.
The results are primarily a function of revenues on par with the first quarter
of 2022, an improved gross margin and significantly lower operating expenses.
The gross margin improvement is attributable to, among other factors, a 'richer'
product mix, increased sales prices and reduced cost prices. The lower operating
expenses are primarily related to the 2022 staff reductions and the ending of
litigation efforts.
The figures have been derived from internal management accounts and has not been
audited nor reviewed by the Company's auditor. Asetek will provide more details
on the first quarter's operational and financial performance on May 22, 2023.
On 8 March 2023, Asetek announced an intention to strengthen its financial
position through a fully underwritten rights issue and intention to list on
Nasdaq Copenhagen. A prospectus will be prepared in connection with the
contemplated rights issue and listing.
Medium term ambitions
In 2021, Asetek announced medium-term ambitions of an average annual revenue
growth of 15% until 2025, based on certain assumptions. Asetek hereby updates
its medium-term ambitions to averaging a 15% annual increase in revenue until
2025, however, with significant variations from year to year.
The assumptions on which Asetek has based its medium-term ambition includes the
following:
· Asetek expects to further develop new products and gain new customers within
liquid cooling.
· Asetek's ability to further consolidate its market position within SimSports
and its ability to further develop a cutting-edge and diversified product
portfolio.
For further information, please contact:
Peter Dam Madsen, Chief Financial Officer
Mobile: +45 2080 7200
About Asetek
Asetek (ASTK.OL), a global leader in mechatronic innovation, is a Danish garage
-to-stock-exchange success story. Founded in 2000, Asetek established its
innovative position as the leading OEM developer and producer of the all-in-one
liquid cooler for all major PC & Enthusiast gaming brands. In 2013, Asetek went
public while expanding into energy-efficient and environmentally friendly
cooling solutions for data centers. In 2021, Asetek introduced its line of
products for next level immersive SimSports gaming experiences. Asetek is
headquartered in Denmark and has operations in China, Taiwan and the United
States.
This information is subject to the disclosure requirements pursuant to Section 5
-12 of the Norwegian Securities Trading Act.
Forward looking statements
This announcement includes forward-looking statements which may include
statements regarding the Asetek's business strategy, financial condition,
profitability, results of operations and market data, as well as other
statements that are not historical facts. Forward-looking statements include
statements concerning our plans, objectives, goals, future events, performance
and/or other information that is not historical information. By their nature,
forward-looking statements are subject to numerous factors, risks and
uncertainties that could cause actual outcomes and results to be materially
different from those projected. Readers are cautioned not to place undue
reliance on these forward-looking statements. Except for any ongoing obligation
to disclose material information as required by the applicable law, the Company
does not have any intention or obligation to publicly update or revise any
forward-looking statements after it distributes this announcement, whether to
reflect any future events or circumstances or otherwise.
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