Ovzon — Interim / Quarterly Report 2024

Nov 15, 2024

Commercialization of Ovzon 3 and strengthened order book

July–September 2024

• Revenue totaled 95 MSEK (73)
• Operating loss totaled -23 MSEK (-29)
• Loss after tax totaled -32 MSEK (-30)
• Earnings per share totaled -0.29 SEK (-0.54)
• Cash flow for the quarter totaled -42 MSEK (-55)

January–September 2024

• Revenue totaled 227 MSEK (199)
• Operating loss totaled -64 MSEK (-81) Adjusted operating loss totaled -64 MSEK (-92)
• Loss after tax totaled -91 MSEK (-72)
• Earnings per share totaled -0.81 SEK (-1.36)
• Cash flow for the quarter totaled -161 MSEK (-222)

Significant events during the quarter

• On July 5, 2024, Ovzon 3 entered into commercial service, delivering Ovzon Pegasus SATCOM-as-a-Service to the French government organization GIGN
• First major Ovzon 3 order from U.S. DOD of 6.2 MUSD
• Initial limited Ovzon 3 order from Swedish Space Corporation
• Additional order on mobile satellite terminals, Ovzon T7 included, from the U.S. DOD totaling 0.7 MUSD
• Renewal from Swedish Space Corporation of 115 MSEK

Significant events after the end of the quarter

• Cooperation with FMV for demonstration on Unmanned Ground Vehicle (UGV)
• Ovzon receives extended order from Swedish Space Corporation. The new total order value of 132 MSEK will be paid in full during 2024
• Increased estimated lifespan for Ovzon 3 to 18 years

KEY PERFORMANCE MEASURES

MSEK	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Jan–Dec 2023
Revenue	95	73	227	199	290
EBITDA	12	-22	-17	-61	-66
Operating profit/loss	-23	-29	-64	-81	-95
Profit/loss for the period after tax	-32	-30	-91	-72	-60
Order book	222	55	222	55	143
Earnings per share, SEK	-0.29	-0.54	-0.81	-1.36	-1.09
Equity/assets ratio, %	66	73	66	73	70
OVZON INTERIM REPORT JAN – SEP 202 4 Share price at end of period, SEK	15.5	22.4	15.5	22.4	PAGE 1 OF 2 4 14.5

Ovzon offers world-class mobile satellite-based communication services to global customers with critical missions

Vision

Connecting the world's critical missions via satellite.

Business idea

Ovzon provides a unique satellite-based communication service for demanding customers who have a need for sending and receiving at high data rates from small mobile satellite terminals.

Operational goals

Ovzon's goals are to drive profitable growth and to continue to grow and expanding its current services, with its own satellite Ovzon 3.

PERFORMANCE MOBILITY RESILIENCY

60 Mbps Average transmission

speed

2.8 kg

Weight of the Ovzon T7 terminal

100%

Service uptime

Commercialization of Ovzon 3 and strengthened order book

The continued development of Ovzon during and after the third quarter implies a commercial breakthrough. Our order intake has accelerated since our first own propertiery sattelite Ovzon 3 entered into commerical service during the summer of 2024. Our order book has clearly improved during the last quarter, providing improved financial predictability. Given this, the companys growth rate, profitability and cash flow is expected to strengthen in the coming year. Additionally, we have reduced risk for the business through a launched, proven and commercially established technology platform in Ovzon 3. Above all, we have a more diversified customer base who benefits from our advanced satellite communication solutions with leading performance, mobility and resiliency to support their critical missions.

On July 5, our first proprietary developed satellite Ovzon 3 entered commercial service, allowing us to actively continue and intensify dialogues with our current and potential customers about the new unique SATCOM-services we launched in the spring.

In August, we received the first major order from the U.S. Department of Defense (U.S. DOD), our longest tenured and historically largest customer. The agreement entails that U.S. DOD will transition from Ovzon SATCOM-as-a-service based on leased satellite capacity to now utilizing the powerful Ovzon 3. The order is for twelve months with an order value of 6.2 MUSD (65 MSEK). This extends the agreement signed in December 2023. During the quarter, we also received additional orders from this key customer for our mobile satellite terminals Ovzon T6 and our revolutionary terminal Ovzon T7.

Expansion of customer base and stronger presence in Europe

What has truly delivered results over the past few months are the long-term and focused efforts we have made to broaden our business, primarily in Europe. In September, we received another order from our partner Swedish Space Corporation (SSC) for 12 months with an order value of 115 MSEK. This is an extension of the agreement signed in December 2023. The initial order included terminals. This extension was only for Ovzon SATCOM-as-a-Service. After the end of the quarter, we received a further expansion of this order, to now also include On-The-Move mobile satellite terminals. The new total order value amounts to 132 MSEK, which will be paid in full before the end of 2024. This strengthens our liquidity and flexibility.

We have also initiated a collaboration with The Swedish Defence Materiel Administration (FMV) and received an order for a demonstration of an integrated solution based on Ovzon 3 to carry out a unique implementation of a SATCOM solution for Unmanned Ground Vehicle (UGV). The demonstration will take place during the second half of November in Sweden.

The 12–month rolling order intake at the end of the quarter amounted to 474 MSEK, and the order book at the end of the quarter amounted to 222 MSEK.

Gradual improvement in profit

Revenues during the third quarter continued to increase, both compared to the second quarter and the corresponding

quarter of the previous year. The EBITDA result improved, and we are pleased to report a positive EBITDA result for the quarter of 12 (-22) MSEK. This is a result of higher revenues, solid cost control, and full utilization of leased satellite capacity. The operating result (EBIT) improved by 6 MSEK, despite increased

depreciation due to the commissioning of Ovzon 3.

It is also positive that the estimated lifespan of Ovzon 3 has been extended from 15 to 18 years after updated data analysis from the manufacturer. This will improve the return on investment with a reduced depreciation of 20 MSEK annually.

We continuously perform analyses and forecasts for the Ovzon Group's financial strength and liquidity based on expected business outcomes and cash flows. Thanks to our solid business position and comprehensive customer dialogues, management and the board of directors' assessment is that we have sufficient financing to sustain the company's growth and operational capacity.

2024 a breakthrough year for Ovzon

During 2024, we have achieved many important milestones and yet, the year is not over. We have created a very strong commercial position. Our focus remains on delivering and supporting our customers with vital satellite communication in connection with their critical missions. Sales to governmental organizations with rigorous procurement and evaluation processes are both complex and time-consuming.

With Ovzon 3 commercially available, we have intensified and continued our focus on in-depth meetings with customers in our prioritized markets. This has already provided results with some new customers, more businesses, and larger contracts.

With Ovzon 3 in operation, we will be able to deliver an integrated satellite communications systems with a mix of our own and leased satellite capacity. This creates flexibility in terms of geographic coverage, high performance, resiliency and cost effectiveness. Above all, it provides opportunities to grow faster, scale the company and increase profitability.

The geopolitical tensions in the world along with the increased number of natural disasters, have made satellite communication a critical part of every nation's comprehensive strategy for securing a more resilient and autonomous communication infrastructure.

Over the past few months, we have demonstrated that Ovzon's solutions are well-positioned to meet the needs for performance, mobility, and resiliency required in today's challenging communication environment. The order intake from the latest quarter provides new customer references for future sales efforts. This sets a positive outlook for 2025.

PER NORÉN, CEO OVZON

U.S Department of Defense first customer on Ovzon 3

This order, which fulfills the U.S. DOD highly specific requirements, marks the first transition from leased satellite capacity to Ovzon 3. It both replaces and extends the previous eight-month contract that was signed in December 2023.

"The U.S. Department of Defense has been a valued long-term customer for Ovzon. They were the first to rely on Ovzon SATCOM-as-Service for their critical missions, the first to order the Ovzon T7 mobile satellite terminal, and now first to take advantage of the unique capabilities of the industry first Ovzon 3 satellite. Transitioning from leased satellite networks to Ovzon 3 is in progress, and we are confident it will play a critical role for the U.S. DOD and other key customers in the years to come", comments Per Norén, CEO of Ovzon.

Financial overview

Revenue and order intake

The quarter (July 1– September 30) Revenue totaled 95 MSEK (73) in the third quarter, which is an increase of 31 percent. Adjusted for currency exchange effects, the increase was 34 percent. Increased sales of mobile satellite terminals account for most of the increase in revenue, refer further to Note 5.

Order intake in the quarter totaled 17.8 MUSD (0.4), corresponding to 173 MSEK (4). The increase in order intake is attributed to a shift in order placement between quarters. The increase in order intake can be attributed to two eightmonth contracts from December 2023, which during the quarter have been extended with two twelve-month contracts.

The period (January 1–September 30) Revenue totaled 227 MSEK (199) for the period January–September. Adjusted revenue totaled 225 MSEK (199). Growth during the period was 14 percent and adjusted for currency effects growth was 14 percent. The increase is attributed to a different mix of Ovzon SATCOM-as-a-Service and Ovzon terminals between periods, refer further to Note 5.

Revenue for Ovzon SATCOM-as-a-Service amounted to 159 MSEK (178), refer further to Note 5.

Order intake for the period amounted to 29.8 MUSD (6.4), corresponding to 301 MSEK (70) which relates to higher demand from new customers along with that two eight-months contracts from December 2023 has been extended with two twelve-months contracts during the period.

The order book at the end of the period amounted to 22.0 MUSD (5,1), corresponding to 222 MSEK (55). The higher order book compared to the previous year is related to higher demand from new customers.

PERFORMANCE, QUARTERLY OVERVIEW

MSEK	Jul–Sep 2024	Apr–Jun 2024	Jan–Mar 2024	Oct–Dec 2023	Jul–Sep 2023	Apr–Jun 2023	Jan–– 2023	Oct–Dec 2022
Revenue	95	67	65	91	73	69	57	101
EBITDA	12	-12	-18	-6	-22	-22	-17	-36
Operating profit/loss	-23	-17	-25	-14	-29	-28	-23	-43
Profit/loss for the period after tax	-32	-16	-43	12	-30	-24	-19	-43
Order book	222	140	204	143	55	124	134	218
Earnings per share, SEK	-0.29	-0.14	-0.39	0.23	-0.54	-0.45	-0.37	-0.83
Total cash flow	-42	-42	-77	191	-55	-238	-72	-57
OVZON INTERIM REPORT JAN – SEP 202 4 Equity/assets ratio,%	66	66	68	70	73	72	74	PAGE 5 OF 2 4 73

FINANCIAL OVERVIEW

EBITDA

The quarter (July 1–September 30) EBITDA for the quarter amounted to 12 MSEK (-22). EBITDA was positively affected by higher utilization of leased satellite capacity, sales of mobile satellite terminals, and start of sales on Ovzon 3.

The period (January 1–September 30) EBITDA for the period amounted to -17 MSEK (-61). EBITDA was positively affected by higher utilization of leased satellite capacity, sales of mobile satellite terminals, and start of sales on Ovzon 3.

Operating profit/loss

The quarter (July 1–September 30) The operating loss for the quarter amounted to -23 MSEK (-29). Operating income was positively affected by higher utilization of leased satellite capacity and sales of mobile satellite terminals. During the quarter, part of Ovzon 3 was capitalized and scheduled depreciation began in accordance with what has been communicated during the second quarter.

The operating margin in the quarter amounted to -24 percent (-40). The operating margin in the quarter was positively impacted by improved satellite capacity utilization but negatively impacted by the start of depreciation of Ovzon 3.

The period (January 1–September 30) The operating loss for the period amounted to -64 MSEK (-81). Adjusted operating loss amounted to -64 MSEK (-92). The comparative period was positively affected by a currency effect of 11 MSEK, which is excluded from the adjusted operating income. Operating income and adjusted operating income were positively affected by higher utilization of leased satellite capacity and sales of mobile satellite terminals. Increased overhead costs related to sales efforts in connection with the launch of the services for Ovzon 3, and higher personnel costs had a negative impact on the result. During the period, part of Ovzon 3 was capitalized and scheduled depreciation began in accordance with what has been communicated during the second quarter.

The operating margin for the period amounted to -28 percent (-41). The

operating margin for the period was positively affected by improved satellite capacity utilization but negatively impacted by the start of depreciation of Ovzon 3.

Profit/loss after tax

The quarter (July 1–September 30) Loss after tax for the quarter totaled -32 MSEK (-30). Adjusted for unrealized currency translations, the loss amounted to -46 MSEK (-30). Earnings per share for the quarter amounted to -0.29 SEK (-0.54).

The period (January 1–September 30) Loss after tax for the period totaled -91 MSEK (-72). Adjusted for unrealized currency translations, the loss amounted to -89 MSEK (-72). Earnings per share for the period amounted to -0.81 SEK (-1.36).

Cash flow

The quarter (July 1–September 30) Cash flow from operating activities for the quarter amounted to -14 MSEK (-12). Starting from the activation of Ovzon 3 in the third quarter, interest paid amounting to -23 MSEK (0) is reported. The cash flow from operating activities, excluding interest paid, amounted to 9 (-12) MSEK.

Cash flow from investing activities for the quarter amounted to -27 MSEK (-42). The investments are attributable primarily to the company's first proprietary satellite, Ovzon 3 (refer further to Note 8) as well as the development of new mobile satellite terminals.

During the quarter, the company paid loan fees totaling 27 MSEK (25). Of this expenditure, interest paid for the quarter totaled 27 MSEK (19). Loan expenses related to ongoing new constructions have been capitalized and thus recognized as part of investing activities in the statement of cash flows. Of the above loan expenses, 5 MSEK was capitalized during the quarter, which is attributable to the part of Ovzon 3 that is not yet completed and activated, while the remaining portion is reported as interest paid.

Cash flow from financing activities for the quarter amounted to -1 MSEK (-1).

EBITDA MSEK -30 -20 -10 0 10 20

3Q23 4Q23 1Q24 2Q24 3Q24

Operating profit/loss MSEK

Cash flow from operating activities MSEK

The period (January 1–September 30) Cash flow from operating activities for the period amounted to -9 MSEK (-24). The improvement is linked to improved working capital, mainly advance customer payments. Starting from the activation of Ovzon 3 in the third quarter, interest paid amounting to -23 MSEK (0) is reported. The cash flow from operating activities, excluding interest paid, amounted to 14 MSEK (-24).

Cash flow from investing activities for the period amounted to -150 MSEK (-389). The investments are attributable primarily to the company's first proprietary satellite, Ovzon 3 (refer further to Note 8) as well as the development of new mobile satellite terminals.

Cash flow from financing activities for the quarter amounted to -2 MSEK (191). During the period, the company paid loan fees totaling 82 MSEK (64). Of this expenditure, interest paid for the period totaled 81 MSEK (55).

Loan expenses related to ongoing new constructions have been capitalized and thus recognized as part of investing activities in the statement of cash flows. Of the above loan expenses, 60 MSEK was capitalized during the period. Remaining part is reported as interest paid, given that the company's propriety satellite Ovzon 3 has been commissioned.

Financial position

The Group's cash and cash equivalents amounted to 87 MSEK at the end of the reporting period, compared to 247 MSEK at the beginning of the year. Equity at September 30, 2024 totaled 1,691 MSEK (1,504). The equity/assets ratio was 66 percent (73). Interest-bearing net debt totaled 636 MSEK (433), an increase year-on-year owing to investments in above all Ovzon 3 and the development of a new mobile satellite terminal, both of which impacted cash and cash equivalents negatively.

Of the company's total credit facility of 65 MUSD (652 MSEK), 0 MUSD (0 MSEK) was unutilized as of the end of the reporting period. Refer further to Note 6 Financing and Note 4 Significant judgements, financial risks and going concern.

Interest-bearing net debt

MSEK

Other information

Employees

At the end of the quarter, the number of employees in the Group was 41 (44).

Shares, share capital, and shareholders

The total number of shares in Ovzon AB on September 30, 2024 was 111,530,516 with a par value of 0.1, corresponding to share capital of 11,153,051.60 SEK. The total number of shareholders was 7,559.

Shareholder	Number of shares	%
Bure Equity	14,209,525	12.7
Investment AB Öresund	13,527,970	12.1
Grignolino AB	12,574,192	11.3
Handelsbanken Fonder	10,431,666	9.4
Fjärde AP-fonden	10,144,082	9.1
Futur Pension	5,679,271	5.1
Avanza Pension	3,739,093	3.4
Stena	2,588,768	2.3
Per Wahlberg	2,551,254	2.3
Patrik Björn	1,810,000	1.6

Significant risks and uncertainties

Risks associated with the Group's operations can generally be divided into strategic and operational risks related to business activities and risks related to financial activities.

In times of unrest, it is natural that minor currencies such as the Swedish krona weaken against the dollar and euro, which the company has noticed recently as a result of its exposure to the dollar. Once the situation in the business environment has stabilized, the krona will likely strengthen against the dollar, which could result in currency effects having an impact on the company's earnings.

Owing to the prevailing global turbulence, the company sees a risk of potential disruptions in the customer and supply chains as well as to financial stability among the company's customers and suppliers. This could impact delivery times and the quality of components from suppliers, or customers' shortterm ability to pay.

The Group has unpaid accounts receivables related to the former Italian distributor of 8.2 MUSD (82 MSEK), which is reserved as an anticipated credit loss since September 30, 2023. The company is working actively to ensure settlement of the debt.

The Board of Directors and the Management Group are monitoring the course of events and the altered global security policy situation in order to evaluate and proactively manage potential risks and opportunities. A detailed report of Ovzon's risks and uncertainties and their management can be found in Ovzon's 2023 Annual Report.

As the company does not yet generate positive cash flows, there is also a financing risk, refer further to Note 4.

Warrants outstanding

The Annual General Meeting on April 21, 2022 resolved to issue a maximum of 450,000 options under two incentive plans: The 2022/2025 warrants program (maximum 225,000 warrants transferred at market value) and the 2022/2025 employee stock option program (maximum 225,000 employee stock options that were issued at no charge). In May 2022, the company's Management Group subscribed for the maximum number of warrants allotted – 250,000 in total – and other personnel subscribed for a total of 140,000 options. In December 2022, new employees in the second half of 2022 were offered the opportunity to subscribe for the remaining options, of which a total of 25,000 options and 10,000 employee stock options were subscribed. Each warrant and employee stock option provides entitlement to subscribe for one new share in the company at a price of SEK 62.72 per share. The exercise period for the warrants runs from June 1, 2025 until June 30, 2025.

At the annual general meeting on April 19, 2024, it was decided to launch a long-term incentive program for senior executives and other employees in the company and its subsidiaries. Participation requires a self-financed acquisition, that is tied up for a period, of a certain number of Ovzon shares in LTIP 2024 (Savings shares). For each Savings Share, the participant is entitled, if still employed, to receive an allocation of Performance Shares if certain performance requirements are met during the period 2024–2027. The performance requirements are linked to Ovzon's earnings per share (EPS) and total shareholders return (TSR).

In total, employees have invested in 109,014 Savings Shares for which a maximum of 427,024 Performance Shares can be allocated.

If all options issued are used in the warrants programs and all Performance-shares are allocated, a dilution of 0.8 percent of the shares and votes in the company will occur.

Parent Company

The Parent Company's operations comprise senior management and staff functions and other central expenses. The Parent Company invoices the subsidiaries for these expenses.

The Parent Company's revenue for the quarter totaled 5 MSEK (5) with a profit after financial items of -36 MSEK (-1). Cash and cash equivalents at the end of the reporting period are 12 MSEK and at the beginning of the year 191 MSEK. Equity totaled 1,498 MSEK, compared with 1,613 MSEK at the beginning of the year. The number of employees was 2 (3).

Webcast

In conjunction with this interim report, a webcast will be conducted at 2:00 pm CET on November 15, 2024. Ovzon's CEO Per Norén and Interim CFO Viktor Bremer will present the results and answer questions.

The webcast can be reached via the following link: https://www.finwire.tv/webcast/ovzon/q3-2024/

The telephone number to participate in the teleconference is +46 850 539 728 (then enter the meeting ID: 810 0189 0085).

To ask a question, enter *9 on your telephone and to activate your sound *6.

The presentation will be given in English, with the possibility of asking questions in Swedish.

Financial calendar

Year-end report Jan–Dec 2024: February 21, 2025 Annual report 2024: April 4, 2025 Annual General Meeting 2025: April 24, 2025 Interim report Jan–Mar 2025: April 25, 2025 Interim report Jan–Jun 2025: August 15, 2025

Review by the auditors

This interim report has been subject to review by the company's auditors.

Board member

Assurance of the Board of Directors and the CEO

The Board of Directors and CEO give their assurance that this interim report provides a true and fair overview of the development of the operations, financial position and earnings of the Parent Company and the Group, and describes material risks and uncertainties faced by the Parent Company and the companies included in the Group.

Stockholm, November 15, 2024

Board member

Per Norén CEO

Regina Donato Dahlström Chairman of the Board Cecilia Driving Board member Dan Jangblad Board member Nicklas Paulson Lars Højgård Hansen Peder Ramel

Board member

Contact information

Per Norén CEO Viktor Bremer Ovzon AB

pno@ovzon.com +1 206 931 7232 Interim CFO vbr@ovzon.com +46 730 78 06 87 Anderstorpsvägen 16 SE-171 54 Solna, Sweden +46 8 508 600 60 Corp. ID No. 559079-2650

ovzon.com

This information is such that Ovzon AB (publ) is obligated to make public pursuant to the EU Market Abuse Regulation, (EU) No. 596/2014. The information was submitted, through the agency of the contact person set out above, on the date indicated by Ovzon AB's (publ) news distributor MFN.

Review report

To the Board of Directors of Ovzon AB (publ) Corp. id. 559079-2650

Introduction

We have reviewed the condensed interim financial information (interim report) of Ovzon AB (publ) as of 30 September 2024 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.

Emphasis of matter

We draw attention to Note 4 of the interim report, which states that the Company has certain covenants to the lender where the loan facility is conditional on the Company meeting certain financial conditions. Furthermore, it states that the Company has not met two of the covenants during the period but has received the necessary waiver from the lender. It states that the waiver currently extends until 20 January 2025, and that the Company after the end of the reporting period has received an expended order with payment in 2024, which means that the company expects to meet one of the two covenants before the end of the year. It is further stated that the Company is actively working to meet the covenants or alternatively to extend the waiver to secure a longterm financing solution. Until the covenants are met or the waiver has been extended to secure a long-term financing solution, there are indications that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our conclusion is not modified in respect of this matter.

Stockholm 15 november 2024

KPMG AB

Marc Karlsson Auktoriserad revisor

Consolidated financial statements

Consolidated income statement

MSEK	Note	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Jan–Dec 2023
Revenue	5	95	73	227	199	290
Other operating income		3	5	7	26	38
Capitalized own development		1	3	8	10	14
Purchased satellite capacity and other direct costs		-51	-53	-128	-161	-219
Other external costs		-18	-21	-55	-50	-75
Employee benefit expenses		-20	-21	-72	-66	-89
Depreciation/amortization and impairment of property, plant and equipment, and intangible assets		-35	-7	-47	-20	-28
Other operating expenses		2	-8	-4	-18	-25
Operating profit/loss		-23	-29	-64	-81	-95
Financial income	7	0	0	0	2	30
Financial expenses	7	-9	0	-26	-0	-2
Profit/loss after financial items		-32	-29	-90	-79	-67
Tax	9	0	-0	-1	7	7
PROFIT/LOSS FOR THE PERIOD		-32	-30	-91	-72	-60
Net profit/loss for the period attributable to:
Shareholders of the Parent Company		-32	-30	-91	-72	-60
Basic earnings per share, attributable to shareholders of the Parent Company, SEK		-0.29	-0.54	-0.81	-1.36	-1.09
Diluted earnings per share, SEK		-0.29	-0.54	-0.81	-1.36	-1.09
Weighted average number of shares		111,530,516	55,765,258	111,530,516	53,230,204	54,728,671

Consolidated statement of comprehensive income

MSEK	Note	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Jan–Dec 2023
Profit/loss for the period		-32	-30	-91	-72	-60
Other comprehensive income:
Items that have been subsequently reclassified to the income statement:
– Exchange differences on translating foreign operations		17	1	1	-9	11
Other comprehensive income net after tax		17	1	1	-9	11
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		-15	-29	-90	-82	-49
Comprehensive income for the period attributable to:
Shareholders of the Parent Company		-15	-29	-90	-82	-49

Consolidated balance sheet

MSEK	Note	Sep 30, 2024	Sep 30, 2023	Dec 31, 2023
ASSETS
Fixed assets
Intangible assets		95	79	84
Equipment, tools, fixtures and fittings		1,812	32	31
Construction in progress and advance payments	8	452	1,804	2,071
Right-of-use assets		10	5	4
Total fixed assets		2,374	1,919	2,190
Current assets
Inventory		58	56	41
Trade receivables		20	20	35
Other receivables		8	8	5
Prepaid expenses and accrued income		16	10	26
Cash and cash equivalents		87	60	247
Total current assets		190	153	355
TOTAL ASSETS		2,564	2,072	2,545

Consolidated balance sheet, cont.

Note MSEK	Sep 30, 2024	Sep 30, 2023	Dec 31, 2023
EQUITY AND LIABILITIES
Equity
Share capital	11	6	11
Other paid-in capital	2,266	2,005	2,243
Reserves	-4	-27	-6
Accumulated deficit including loss for the year	-581	-481	-468
Equity attributable to the Parent Company's shareholders	1,691	1,504	1,780
Total equity	1,691	1,504	1,780
Non-current liabilities
Borrowing	606	488	640
Other long-term liabilities, interest-bearing	60	–	–
Other long-term liabilities	3	–	–
Lease liabilities	7	5	4
Other provisions	3	1	1
Total non-current liabilities	678	495	646
Current liabilities
Borrowing	50	–	13
Trade payables	52	51	84
Current tax liabilities	0	–	0
Other liabilities	18	4	3
Accrued expenses and deferred income	74	19	20
Total current liabilities	195	74	119
TOTAL EQUITY AND LIABILITIES	2,564	2,072	2,545

Consolidated statement of changes in equity

MSEK	Share capital	Other contributed capital	Reserves	Accumulated deficit including loss for the year	Total Equity
Equity at January 1, 2023	5	1,813	-17	-408	1,393
Profit/loss for the year	–	–	–	-72	-72
Other comprehensive income	–	–	-10	–	-10
Total comprehensive income	–	–	-10	-72	-82
Rights issue	0	200	–	–	200
Costs attributable to the issue	–	-7	–	–	-7
Total transactions with shareholders	–	192	–	–	193
Equity at September 30, 2023	5	2,005	-27	-481	1,504

MSEK	Share capital	Other contributed capital	Reserves	Accumulated deficit including loss for the year	Total Equity
Equity at January 1, 2024	11	2,243	-6	-468	1,780
Profit/loss for the year	–	–	–	-91	-96
Other comprehensive income	–	–	1	–	1
Total comprehensive income	–	–	1	-91	-90
Equity at September 30, 2024	11	2,243	-4	-559	1,691

Consolidated cash flow statement

Note MSEK	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Jan–Dec 2023
Operating activities
Operating profit/loss	-23	-29	-64	-81	-95
Adjustments for non-cash items	36	14	48	24	28
Interest received, etc.	0	–	–	2	4
Interest paid, etc.	-23	0	-23	0	-0
Income tax paid	-1	0	-1	7	7
Cash flow from operating activities before changes in working capital	-11	-16	-40	-48	-57
Decrease(+)/increase(-) in inventory	5	0	-17	-2	13
Decrease(+)/increase(-) in trade receivables	51	-2	15	-28	-44
Decrease (+)/increase (-) in current receivables	-7	9	7	0	-14
Decrease (-)/increase (+) in trade payables	14	7	-32	31	64
Decrease (–)/increase (+) in current liabilities	-66	-11	58	24	24
Total change in working capital	-3	4	31	24	42
Cash flow from operating activities	-14	-12	-9	-24	-14
Investing activities
Acquisition of intangible assets	-2	-6	-14	-19	-27
Acquisition of property, plant and equipment	-25	-36	-137	-377	-648
Sale of property, plant and equipment	–	–	2	8	8
Cash flow from investing activities	-27	-42	-150	-389	-668
Financing activities
New share issue	–	–	–	200	451
Costs in conjunction with issue	–	–	–	-7	-15
Amortization of lease liability	-1	-1	-2	-2	-4
Loans raised	–	–	–	–	219
Cash flow from financing activities	-1	-1	-2	191	651
Cash flow for the period	-42	-55	-161	-222	-31
Cash and cash equivalents at beginning of period	130	115	247	276	276
Exchange rate difference in cash and cash equivalents	-1	0	1	6	2
Cash and cash equivalents at end of period	87	60	87	60	247

Parent Company financial statements

Parent Company income statement

MSEK	Jul–Sep 2024 Note	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Jan–Dec 2023
Operating income, etc.
Revenue	5	5	15	15	39
Other operating income	0	0	0	1	1
	5	5	15	16	41
Operating expenses
Other external expenses	-5	-7	-21	-18	-28
Employee benefit expenses	-2	-2	-8	-8	-11
	-7	-9	-29	-26	-39
Operating profit	-2	-4	-14	-11	1
Income from financial items
Other interest income and similar items	61	27	103	69	143
Interest expenses and similar items	-39	-25	-84	-64	-96
Income from participations in Group companies	-56	–	-120	–	-750
	-34	3	-101	5	-703
Profit/loss after financial items	-36	-1	-115	-5	-702
Tax	–	–	–	–	–
PROFIT/LOSS FOR THE PERIOD	-36	-1	-115	-5	-702

Parent Company statement of comprehensive income

MSEK	Note	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Jan–Dec 2023
Profit/loss for the period		-36	-1	-115	-5	-702
Other comprehensive income:		–	—	–	—	–
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		-36	-1	-115	-5	-702

Parent Company balance sheet

MSEK	Note	Sep 30, 2024	Sep 30, 2023	Dec 31, 2023
ASSETS
Fixed assets
Intangible assets		0	0	0
Tangible assets		0	0	0
Financial assets
Participations in Group companies		1,719	2,169	1,719
Receivables from Group companies	12	405	294	344
Total non-current assets		2,124	2,464	2,064
Current assets
Current receivables
Receivables from Group companies	12	25	62	19
Other receivables		1	1	2
Prepaid expenses and accrued income		1	1	1
Cash and cash equivalents		12	42	191
Total current assets		38	106	214
TOTAL ASSETS		2,163	2,570	2,278
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital		11	6	11
		11	6	11
Unrestricted equity
Profit brought forward		1,602	2,066	2,304
Profit/loss for the period		-115	-5	-702
		1,487	2,061	1,602
Total equity		1,498	2,066	1,613
Non-current liabilities
Borrowing		606	488	640
		606	488	640
Current liabilities
Borrowing		50	–	13
Trade payables		2	4	6
Current tax liabilities		2	7	–
Other liabilities		1	1	1
Accrued expenses and deferred income		4	4	5
		59	16	25
TOTAL EQUITY AND LIABILITIES		2,163	2,570	2,278

Notes

Note 1 Basis for preparation and accounting policies for the Group

The consolidated financial statements for Ovzon AB (publ) have been prepared in accordance with IFRS® Redovisningsstandarder (IFRS) as adopted by the EU, the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 1 Supplementary Accounting Rules for Groups. The Parent Company financial statements have been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. The Group interim report for the period January–September 2024 has been prepared in accordance with IAS 34 Interim Financial Reporting and the interim report for the parent company is prepared in accordance with Annual Accounts Act chapter 9. Disclosures under IAS 34 are provided both in the notes and elsewhere in this interim report. The accounting policies and calculation methods applied are in agreement with those described in the 2023 Annual Report. New and amended IFRS and interpretations applied as of 2024 have not materially impacted the financial statements.

Figures may be rounded up or down in tables and statements.

Note 2 Operating segment reporting

The regular internal reporting to the CEO of financial performance that meets the criteria for constituting a segment is done for the Group in its entirety. The Group in total is therefore reported as the company's only segment. Disclosures for the Group are otherwise provided as a whole, regarding disaggregation of revenue from various products and services and geographic areas, respectively, refer to Note 5.

Note 3 Fair value of financial instruments

The Group has no derivatives or other financial instruments measured at fair value. Fair value for long- and short-term interest-bearing liabilities are not deemed to have deviated materially from their carrying amounts. For financial instruments measured at amortized cost (trade receivables, other receivables, cash and cash equivalents, trade payables, and other interest-free liabilities), their fair value is considered to be a reasonable approximation to their carrying amount.

Note 4 Significant judgements, financial risks and going concern

The Group's liquidity reserve shall provide freedom of action to execute decided investments and fulfill payment obligations. The Group management actively monitors the liquidity situation to promptly address any liquidity risks.

The Group has a granted credit facility amounting to 65 MUSD (65 MUSD as of September 30, 2023). consists of cash and cash equivalents as well as the unutilized portion of the credit facility. As of the balance sheet date, 65 (45) MUSD had been utilized, and the remaining credit facility was 0 (20) MUSD.

Ovzon has commitments toward creditors, known as covenants, where the credit facility is conditional on the company meeting certain financial covenants including key financial metrics such as loans to cost (loans in relation to the investment in Ovzon 3), a lowest level of cash balances, a ratio in the valuation of the subsidiaries and debt-to-EBITDA ratio. During the period, the company was unable to fulfil two of these covenants but obtained the necessary waiver from the creditor for these covenants. The waiver currently extends until 20 January 2025, and the company is actively working to meet the covenants, alternatively, to extend the waiver to secure a longterm financing solution. A long-term financing solution may include renegotiation with the current creditor, but the company also sees an opportunity for refinancing the existing loan structure from other financing sources.

Management regularly prepares forecasts for the Group's liquidity based on expected cash flows. The company is in a highly favorable business position, with extensive negotiations regarding the sale of services on its first proprietary satellite, Ovzon 3, leading management and the board to assess that there is a high probability of successful renegotiation of the current waiver or refinancing with other debt instruments. Contractual and undiscounted interest payments and repayments of financial liabilities are presented in the 2023 Annual Report, Note 27, "Supplementary information on financial assets and liabilities."

The loan facility runs for up to six years, with maturity on December 31, 2025, at an interest rate of USD 3m LIBOR + 10 percentage points. Contractual amortization will take place quarterly, with an aggregate amount of 5 MUSD per year starting in the fourth quarter of 2024.

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. The estimates are based on experience and assumptions that management and the Board of Directors believe are reasonable under the circumstances. The areas requiring a high degree of judgment, which are complex or areas in which assumptions and estimates are of material importance for the consolidated financial statements, are described below.

The financial statements have been prepared under the assumption of a going concern. By confirming the assumption of a going concern when preparing the reports, the Group took the following specific factors into consideration:

• The management group prepares an annual budget and long-term strategy plans, including an assessment of cash flow needs, and continues to monitor actual outcome against budget and plans throughout the reporting period. Based on these facts, the management group has

reasonable expectations that the Group has, and will have, adequate resources to continue its operations.

• There is a risk that anticipated transactions might take longer than estimated or may not proceed, which would directly impact liquidity negatively. Delayed transactions could also negatively impact negotiations with current creditors or result in less favorable terms in refinancing.
• The Groups solid capital base and the fact that the business outlook is positive, increases the likelihood of a successful renegotiation of the waiver or refinancing of the company.
• A new major customer and new business have been secured during the year, and the number of prospects has increased.
• The most recent, extended, order from SSC in November, with full payment in 2024, strengthens liquidity. Thereby one of the two unmet covenants will be met.

The Board of Directors and Executive Management assess that the long-term earning capacity and positive business situation provide a basis for applying the going concern principle in preparing this financial report. However, if the waiver with the current creditor is not extended to secure a long-term financing solution, it cannot be excluded that significant uncertainties may arise, which could lead to substantial doubt about the Group's ability to continue as a going concern.

In December 2023, the company conducted an impairment test regarding construction in progress. The impairment test did not indicate an impairment requirement, but the difference between the book value and the estimated recoverable amount had decreased during 2023. The estimated value of the Ovzon 3 asset is dependent on the company's ability to achieve a certain capacity utilization at an expected price level in 2024 and 2025. An impairment test is based on estimates and the outcome may vary. A smaller adjustment of significant assumptions in the impairment test, such as price level, capacity utilization and WACC, could therefore result in an impairment requirement. The company conducted a simplified impairment test in the third quarter, which did not indicate an impairment need. A full impairment test will be conducted in the fourth quarter.

There is some uncertainty regarding Ovzon's assessment of the Ovzon 3 asset's value, which depends on the company's ability to increase capacity utilization to the expected price level. Impairment testing of the Group's satellite is described in the 2023 Annual Report, Note 16.

Note 5 Disaggregation of revenue

Ovzon SATCOM as-a-Service	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Jan–Dec 2023
Sweden	32	–	83	–	7
Italy	1	1	4	2	4
UK	3	14	8	27	30
USA	15	43	49	93	186
Rest of World	14	4	16	56	8
Total	65	62	160	178	235

Terminals	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Jan–Dec 2023
Sweden	–	–	29	–	30
UK	–	11	–	17	23
USA	4	–	13	–	–
Rest of World	25	–	25	3	3
Total	29	11	67	20	55
Total	95	73	227	198	290

Note 6 Financing

In 2019, the company signed a senior credit facility of 60 MUSD (606 MSEK) in order to ensure financing of its proprietary satellite, Ovzon 3. 35 MUSD (353 MSEK) of the credit facility was utilized in 2021, and a further 10 MUSD (101 MSEK) was utilized in 2022. In January 2023, a change in the credit facility was agreed on, expanding it to 65 MUSD (656 MSEK). The remaining unutilized facility of 20 MUSD (202 MSEK) was utilized in the fourth quarter of 2023, the loan facility is thus fully utilized. The loan is due for payment on December 31, 2025 with an interest rate, in USD, of LIBOR 3m + 10 percentage points.

Note 7 Net financial items

Consolidated net financial items comprise primarily currency effects on that part of the company's interest-bearing net debt and Group balances held in USD. Aggregate currency effects are recognized accumulated, net, which means that individual quarters may present negative earnings or positive costs depending on whether the accumulated net items have gone from an exchange-rate gain in one quarter to an exchangerate loss in the subsequent quarter, or vice versa.

Other financial expenses in the Parent Company pertain to financing costs that are invoiced onward in the Group and capitalized there as fixed assets in the Ovzon 3 project.

Note 8 Construction in progress pertaining to property, plant and equipment, and advance payments

Ongoing investment pertained to the company's proprietary satellite, Ovzon 3, which was launched on January 3, 2024 and reached its orbit in the end of the second quarter 2024. The satellite has entered commercial service during the third quarter and has therefore been reclassified to a fixed asset and depreciation started. The remaining construction in progress is the Ovzon 3 On-Board-Processor, which is expected to be commissioned during the first half of 2025.

Ongoing investment MSEK	Sep 30, 2024	Dec 31, 2023
Opening balance, accumulated cost	2,084	1,447
Investments for the period	188	636
Reclassification	-1,829	–
Closing balance, accumulated cost 1)	443	2,084
Impairment, opening balance	-12	-12
Reclassification	12	–
Accumulated impairment, closing balance	–	-12
Carrying amount, closing balance	443	2,071

¹⁾ Of total investments in Ovzon 3, 46 MSEK (39) pertains to capitalized labor costs.

Of the periods investments, 60 MSEK (64) consist of capitalized borrowing expenses.

On July 5, 2024, Ovzon 3 entered commercial service, and has therefore been capitalized as a tangible fixed asset. The manufacturer of the satellite has previously estimated the lifespan to be 15 years, but after commissioning, the company, based on new information from the manufacturer, has revised the estimated lifespan to 18 years, with operations now expected to continue until 2042. This results in an annual reduction in depreciation costs of 20 million SEK.

Note 9 Tax

At the end of the 2023 financial year, a total of 233 MSEK (170) in tax loss carryforwards had been saved. The tax loss carry forwards has not been activated as deferred tax asset in the balance sheet.

Tax income of 7 MSEK attributable to the correction of tax paid in the US for fiscal year 2019 was recognized in June 2023. A deferred tax receivable of an equal amount had not been previously recognized owing to uncertainty around the matter. The correction was approved and the amount was disbursed in July 2023.

Note 10 Other long-term liabilities

Other long-term liabilities include liabilities to suppliers relating to the production of Ovzon 3. Of the other long-term liabilities, 3 (0) MSEK is due for payment within 1-2 years and 60 (0) MSEK within 4-9 years. Other long-term liabilities, interestbearing, carry an interest rate of US Prime rate + 2 percentage points.

Note 11 Pledged assets and contingent liabilities

11 MSEK (4) of the Group's cash and cash equivalents consist of restricted funds.

In conjunction with the utilization of the credit facility in April 2021, the Parent Company and its subsidiaries have pledged central assets under the loan agreement and appurtenant collateral agreements, including but not limited to the following: shares in the company's subsidiaries, certain intellectual property rights, certain intra-Group receivables, central supplier contracts in the Ovzon 3 project (and signed direct contracts between certain suppliers and creditors) as well as certain bank balances, and the subsidiaries have taken over the loan agreement and guarantee the loans during the tenor of the loan agreement.

	Group				Parent Company
Pledged securities	Sep 30, 2024	Sep 30, 2023	Dec 31, 2023	Sep 30, 2024	Sep 30, 2023	Dec 31, 2023
Shares in subsidiaries 1,932		1,631	1,909	1,719	2,169	1,719
Receivables from Group companies	–	–	–	322	301	306
Restricted bank funds	11	4	4	–	–	–
Total	1,943	1,635	1,913	2,041	2,470	2,025

Note 12 Events after the end of the reporting period

• Cooperation with FMV for demonstration of Unmanned Ground Vehicle (UGV)
• Ovzon receives extended order from Swedish Space Corporation. The new total order value of 132 MSEK will be payed in full during 2024
• Increased estimated lifespan for Ovzon 3

Note 13 Transactions with related parties

Total receivables in Group companies, MSEK	Sep 30, 2024	Sep 30, 2023	Dec 31, 2023
Ovzon Sweden AB	47	-6	0
OverHorizon OHO 1 Limited	37	41	39
Ovzon LLC	334	301	304
Ovzon US LLC	10	14	2
Total	428	350	344

Ovzon AB (publ) is the Parent Company of the Group, which also comprises the subsidiaries Ovzon Sweden AB, OverHorizon OHO 1 Ltd, and Ovzon US LCC, as well as Ovzon LLC, a wholly owned subsidiary of Ovzon US LLC.

All related-party transactions are conducted on market conditions.

Alternative performance measures

In addition to the financial performance indicators that have been prepared in accordance with IFRS, Ovzon presents alternative performance measures that are not defined under IFRS. These alternative performance measures are considered to be important earnings and performance indicators for investors and other users of the annual and interim reports. These alternative performance measures should be regarded as a supplement to, but not a replacement for, the financial information that has been prepared in accordance with IFRS. Ovzon's definitions of these measures, which are not defined under IFRS, are presented in this note and under Definitions. These terms can be defined differently by other companies and are therefore not always comparable with similar measurements used by other companies.

Key performance measures	Definition	Justification
Operating profit	Profit/loss before financial items and tax.	This metric is used to monitor the performance of the business independent of how the company has been financed, or its tax position.
Adjusted operating profit/loss	Operating profit/loss adjusted for items affecting comparability.	Items affecting comparability are adjusted so as to facilitate a fair comparison between two comparable periods of time, and to show the underlying performance in operating activities excluding non-recurring items.
Operating profit/loss, last 12 months	Operating profit/loss for the current period, plus operating profit/loss for the preceding year less operating profit/loss for the comparison period from the preceding year.	This metric is used to monitor adjusted operating profit/loss over a twelve-month period to be able to routinely compare with the latest full-year outcome and budgeted full year.
EBITDA	Operating profit/loss before depreciation, amortization, and impairment.	This metric is used to monitor the company's profit/loss generated by operating activities, and facilitates comparisons of profitability among different companies and industries.
Adjusted EBITDA	EBITDA adjusted for items affecting comparability.	Items affecting comparability are adjusted to facilitate a fair comparison between two comparable periods of time, and to show the underlying performance in operating activities excluding non-recurring items.
Adjusted EBITDA, 12 months	Adjusted EBITDA calculated over a twelve month period.	This metric is used to monitor adjusted EBITDA over a twelve-month period so as to be able to routinely compare with the latest full-year outcome and budgeted full year. It is also a partial component in the alternative performance indicator Interest-bearing net debt / adjusted EBITDA 12 months, multiple.
Items affecting comparability	Items that are not expected to recur, and complicate comparability between two given periods.	Items affecting comparability are adjusted to facilitate a fair comparison between two comparable periods of time, and to show the underlying performance in operating activities excluding non-recurring items.
Cash flow from operating activities excluding interest paid	Cash flow from operating activities excluding interest paid	This metric is used to monitor the company's cash flow from operating activities, independent of its fi nancing structure.
Order book	The aggregate value of orders for SATCOM as-a-Service and terminals that have been received but not yet delivered at the end of each reported period.	This metric is used to monitor the company's outstanding deliveries of SATCOM-as-a-Service and terminals.
Order intake	Value of new SATCOM-as-a-Service and terminal orders received.	This metric is used to monitor orders received for SATCOM-as-a-Service and terminals.
Adjusted revenue	Revenue adjusted for items affecting comparability.	Items affecting comparability are adjusted to facilitate a fair comparison between two comparable periods

Key performance measures	Definition	Justification
		of time, and to show the underlying performance in operating activities independent of exchange-rate fluctuations or items affecting comparability.
Adjusted revenue growth	Growth in local currency for comparable companies adjusted for items affecting comparability.	This metric is used for monitoring revenue growth in the underlying business, excluding items affecting comparability and exchange-rate fluctuations.
Profit/loss excluding currency effects	Profit/loss for the period adjusted for unrealized financial currency effects in the period.	Unrealized financial currency effects are adjusted because the company's earning can vary drastically depending on the performance of the USD. The company's internal loans, a large part of its cash and cash equivalents, and the company's external financing are denominated in USD.
Interest-bearing net debt	Borrowing excluding interest-rate derivatives, less cash and cash equivalents and interest bearing assets.	The metric is used to easily illustrate and assess the Group's possibilities for fulfilling its financial commitments.
Interest-bearing net debt excluding lease liabilities	Borrowing excluding interest-rate derivatives, less cash and cash equivalents and interest-bearing assets.	The metric is used to easily illustrate and assess the Group's possibilities for fulfilling its financial commitments.
Interest-bearing net debt / adjusted EBITDA, 12 months, multiple	Interest-bearing net debt divided by adjusted EBITDA.	This metric shows the Group's indebtedness in relation to adjusted EBITDA. It is used to illustrate the Group's possibility of fulfilling its financial commitments.
Operating margin (%)	Operating profit/loss divided by operating income, multiplied by 100.	This metric is used to understand the generation of the Group's profit.
Equity/assets ratio (%)	Equity including non-controlling interests, divided by the balance sheet total and multiplied by 100.	This metric shows how large a share of the assets are financed with equity. The purpose is to be able to assess the Group's ability to pay over the long term.

Reconciliations

Adjusted operating profit/loss	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Jan–Dec 2023
Operating profit/loss	-23	-29	-64	-81	-95
Realized positive foreign exchange rate effect related to repayment of advances from launch partner	–	–	–	-11	-11
Adjusted operating profit/loss	-23	-29	-64	-92	-106
Operating profit/loss, last 12 months Operating profit/loss, last 12 months, MSEK			Oct 2023– Sep 2024		Oct 2022– Sep 2023
Operating profit/loss, current period			-64		-81
+ Operating profit/loss, preceding year			-95		-81
– Operating profit/loss from last year			81		38
Operating profit/loss, last 12 months			-78		-124
EBITDA and adjusted EBITDA	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Jan–Dec 2023
Operating profit/loss	-23	-29	-64	-81	-95
Excluding depreciation/amortization	35	7	47	20	28
EBITDA	12	-22	-17	-61	-66
Realized positive foreign exchange rate effect related to repayment of advances from launch partner	–	–	–	-11	-11
Adjusted EBITDA	12	-22	-17	-72	-77
Adjusted revenue and adjusted revenue growth	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Jan–Dec 2023
Revenue	95	73	227	199	290
Sale of production inventory	-1	–	-2	–	–
Adjusted revenue	94	73	225	199	290
Average exchange rate for the period, SEK/USD	10.4282	10.8098	10.4975	10.5887	10.6128
Adjusted revenue, MUSD	9	7	21	19	27
Revenue growth	31%	-7%	14%	-22%	-19%
Adjusted revenue growth adjusted for currency effects	34%	-9%	14%	-26%	-22%
	Jul–Sep	Jul–Sep	Jan–Sep	Jan–Sep	Jan–Dec
Profit/loss excluding currency translations	2024	2023	2024	2023	2023
Profit/loss for the period	-32	-30	-91	-72	-60
Excluding unrealized financial currency effects	-15	0	-2	0	-26
Profit/loss excluding currency translations	-46	-30	-89	-72	-86
Cash flow from operating activities excluding interest paid	Jul–Sep 2024	Jul–Sep 2023	Jan–Sep 2024	Jan–Sep 2023	Jan–Dec 2023
Cash flow from operating activities	-14	-12	-9	-24	-14
Adjustment for interest paid	23	0	23	0	0
	9	-12	14	-24	-14

Interest-bearing net debt, and interest-bearing net debt excluding lease liabilities, MSEK	Sep 30, 2024	Sep 30, 2023	Dec 31, 2023
Non-current liabilities, interest-bearing	673	493	644
Current liabilities, interest-bearing	50	–	13
Cash and cash equivalents	-87	-60	-247
Interest-bearing net debt	636	433	410
of which, lease liabilities	7	5	4
Interest-bearing net debt excluding lease liabilities	629	428	406
Equity/assets ratio	66%	73%	70%
Interest-bearing net debt / Adjusted EBITDA, 12 months, multiple	Neg	Neg	Neg
Closing rate at the end of the reporting period	Sep 30, 2024	Sep 30, 2023	Dec 31, 2023
EUR	11.3000	11.4923	11.0960
GBP	13.5260	13.2748	12.7680
USD	10.0929	10.8413	10.0416