Ekobot publishes interim report for January-September 2022

Ekobot AB (publ) (FN STO:EKOBOT) today announced that its interim report for the period January – September 2022 is now available on the company’s website.

“In a market undergoing great change, it’s difficult for a developing company with innovative, untested products to keep every promise. The uncertainty factors are often numerous even under normal market conditions. Add to this widespread unrest, inflation, component shortages and general, severe price rises and it becomes almost impossible for a developing company to progress according to plan. But don’t get me wrong, ‘keeping one’s promises’ is naturally just another way of saying that as a developing company we must stick to the goals and milestones we have committed to and communicated to the market. Which is precisely what Ekobot did with such great success during the third quarter of 2022.”

CEO Erik Jonuks

Financial information for July – September 2022

Figures in parentheses refer to the corresponding period of the previous year.

  • Net sales during the period totaled SEK 42 thousand (0).
  • Net earnings for the period totaled SEK -3,057 thousand (-1,540).
  • Earnings per share before dilution totaled SEK -0.86 (-0.65).
  • Total assets at the end of the period totaled SEK 30,836 thousand (24,536).
  • Cash and cash equivalents at the end of the period totaled SEK 2,370 thousand (12,747).

Financial information for January – September 2022

Figures in parentheses refer to the corresponding period of the previous year.

  • Net sales during the period totaled SEK 214 thousand (0).
  • Net earnings for the period totaled SEK -7,604 thousand (-5,559).
  • Earnings per share before dilution totaled SEK -2.57 (-2.63).
  • Total assets at the end of the period totaled SEK 30,836 thousand (24,536).
  • Cash and cash equivalents at the end of the period totaled SEK 2,370 thousand (12,747).

Significant events during the period July – September 2022

  • Almi Företagspartner Mälardalen continued to show confidence in the company and granted a SEK 2 million loan.
  • The first indicative results from the year’s field trials in Sweden were obtained in July. The results show that Ekobot’s agricultural robot WEAI (autonomous weeder) greatly reduces the need for chemicals while also providing the farmer with the ability to increase productivity.
  • In August, the company signed an agreement with a new, major Swedish company for the delivery of Ekobot’s WEAI autonomous weeder. Under the agreement, delivery of the order valued at SEK 900,000 will take place during the 2023 growing season.
  • In September, Almhaga Gård, the southern Swedish onion producer, carried out a large-scale test of the Ekobot robot in their onion crop.
  • On September 23, Ekobot concluded an agreement with Kapitalpartner to support the establishment and growth of field robots in the Danish market.
  • Ekobot is one of six companies in Agtech and Food tech selected to represent Sweden and meet American Agtech investors in Silicon Valley during the Nordic-US Food Summit in November this year.

Significant events during the period January – June 2022

  • In February, the company submitted a patent application to the European Patent Office for a tool carrier unit for autonomous agricultural vehicles.
  • Ekobot signed letters of intent with three customers in the Netherlands.
  • The company received an initial order for a pilot installation for a customer in the Netherlands.
  • The Board resolved on a rights issue, which requires approval by an extraordinary general meeting.
  • Ekobot has received an initial order for a pilot installation with one of Sweden’s biggest vegetable growers.
  • In April, the company was awarded project support of approx SEK 5.7 million from the Swedish Board of Agriculture.
  • An extraordinary shareholders meeting held on April 20 resolved to conduct a proposed share issue.
  • A Rights issue was concluded on May 19, providing the company with SEK 9.3 million before issue expenses.

Significant events after the end of the period

  • The issue price for exercising the T02 series warrants was set at SEK 2.57 per share, and with 47% of the program exercised, the company was provided with approx SEK 700 thousand before issue expenses.
  • In October, the company will conclude a contract with a new customer in the Netherlands for the delivery of Ekobot’s WEAI autonomous weeder for the 2023 growing season.
  • On October 23 and with the authorization of Ekobot’s AGM of May 12, 2022, Ekobot’s Board resolved to carry out a Directed share issue of 474,934 shares to strategic investor Navus Ventures. The issue price was SEK 5.00 per share, corresponding to a discount of around 4.6 percent compared to the Nasdaq First North Growth Market closing price of October 21, 2022 and a premium of around 58.7 percent compared to the volume-weighted average price (VWAP) for the company’s shares on Nasdaq First North Growth Market during the period from October 10, 2022 through October 21, 2022. The issue provided the company with SEK 2.4 million before issue expenses.

The full report is attached as PDF and is available on the company’s website:
https://www.ekobot.se

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