Goodtech

Earnings Release • Oct 25, 2024

A quarter in between larger projects for Goodtech

A quarter in between larger projects for Goodtech

Goodtech ended the quarter with a strong order backlog, and increasing value contribution from service and after sales. Due to challenges in its Swedish operation, as well as lower staff utilization from being between larger projects, the Group experienced a decline in EBITDA in the quarter.

Net revenue after external project costs came in at 107 MNOK (101 MNOK) and EBITDA ended at 2,1 MNOK (7,7 MNOK). The growth journey at Goodtech continues and the company reported 5% growth in order backlog, 17% growth in number of employees, and 1% growth in net revenue after external project costs, compared to Q3 2023. Several larger projects completed before the quarter while lead-time on client investment decisions were longer than anticipated.

Goodtech’s capital structure remains strong and robust, where equity ratio grew to 53% in the quarter, and cash and cash equivalents ended at 106 MNOK.

CEO Margrethe Hauge comments:

«We are between the closing of several larger ongoing projects, and the ramp-up of new exciting projects, which impacted staff utilization in the quarter. At the same time, we have underestimated the complexity of entering the Swedish market with our new solutions, and realised losses in the quarter relating to two challenging projects. On a positive note, our order backlog remains strong, our service and aftermarket initiatives are continuing to show results, and we still see strong demand in the market for our services».

The quarterly report and presentation for Q3 2024 is attached to this press release.

See also Goodtech's CEO Margrethe Hauge and CFO Øyvind Osjord present the company's results for Q3 2024 in our webcast – https://youtu.be/WbI-wf2uVC4

Do you have any questions? Feel free to contact CEO Margrethe Hauge or CFO Øyvind Osjord:

Margrethe Hauge

CEO, Goodtech ASA

Tlf.: +47 95 79 69 20

E-post: margrethe.hauge@goodtech.no

Øyvind Osjord

CFO, Goodtech ASA

Tlf.: +47 95 04 66 49

E-post: oyvind.osjord@goodtech.no