Ekobot releases interim report for January-June 2023

The second quarter of 2023 was characterized by extensive operational work in the field and rewarding sales and marketing work in the Swedish and Dutch markets. A number of our robots were in operation with both organic and conventional farmers, in both Sweden and the Netherlands, and this placed great demands on Ekobot’s operational organization. Important lessons learned during the season contributed to an updated strategic plan for the period 2023–2030.

Financial information

April – June 2023
Figures in parentheses refer to the corresponding period for the previous year.
· Net sales during the period totaled SEK 185 thousand (172).
· Net earnings for the period totaled SEK -10,964 thousand (-2,122).
· The company’s R&D work has now taken the robot system to a significantly higher level, resulting in the write-off of old prototypes. While earnings were affected negatively by this impairment loss, cash flow was not affected.
· Earnings per share before dilution totaled SEK -0.72 (-0.72).
· Total assets at the end of the period totaled SEK 35,991 thousand (32,810).
· Cash and cash equivalents at the end of the period totaled SEK 12,017 thousand (5,182).
 
January – June 2023
Figures in parentheses refer to the corresponding period for the previous year.
· Net sales during the period totaled SEK 260 thousand (172).
· Net earnings for the period totaled SEK -13,837 thousand (-4,547).
· The company’s R&D work has now taken the robot system to a significantly higher level, resulting in the write-off of old prototypes. While earnings were affected negatively by this impairment loss, cash flow was not affected.
· Earnings per share before dilution totaled SEK -1.30 (-1.71).
· Total assets at the end of the period totaled SEK 35,991 thousand (32,810).
· Cash and cash equivalents at the end of the period totaled SEK 12,017 thousand (5,182).
 
Significant events

April – June 2023
· The company held its annual general meeting on May 12, 2023.
· On May 16, the Board announced that Erik Jonuks is leaving his position as CEO for Ekobot AB (publ) and will step down during the fall of 2023.
· On May 23, the company announced that it had signed a letter of intent with AllagBots Nordic APS for the sale of robots in Denmark and Norway.
· On June 27, the Board announced the appointment of Jonas Eklind as the company’s new CEO. Jonas will succeed Erik Jonuks, the company’s previous CEO, and take up his position on September 1, 2023. Jonas Eklind’s extensive leadership experience in technology-based industrial companies undergoing strong growth makes him an excellent fit as Ekobot’s new CEO. His successful background demonstrates his ability to create growth in companies from research-based ideas to profitable operations.
 
January – March 2023
· The Board resolved, contingent upon subsequent approval by an extraordinary general meeting, to carry out a new share issue of no more than 8,564,728 shares with preferential rights for existing shareholders. If fully subscribed, Ekobot will receive share proceeds of around SEK 21.4 million before issue expenses. The issue is subject to around 85% of the subscription rights and guarantees. Also, the Board may resolve on an overallotment issue in the form of a targeted new share issue of no more than SEK 5.4 million on the condition that the rights issue is fully subscribed.
· The company published its strategic goals for 2023.
· In January, the company signed an agreement with a Swedish customer in the organic vegetable cultivation sector. The agreement concerns a robot system for delivery in time for the 2023 growing season.
· An extraordinary general meeting held on February 16 approved the Board’s proposal concerning a new share issue and resolved on the incentive program 2023/2026A-B to issue warrants to senior executives, employees, consultants and Board members.
· Ekobot published the prospectus on February 17 in conjunction with the rights issue.
· A new share issue was concluded on March 14, providing the company with SEK 26.8 million before issue expenses. The rights issue was subscribed to around 130.3% and the Board resolved to issue further shares through a targeted issue to meet the great demand.
· On March 21, 258,043 targeted shares were issued to the guarantors who preferred payment in shares. The issue price of SEK 3.59 in the compensation issue was based on the volume-weighted average price of the company’s shares during the rights issue subscription period, which ran from February 23, 2023 through March 9, 2023.
· On March 28, preliminary results were published showing that Ekobot can help reduce storage losses in Swedish onion farming.
 
Significant events after the end of the period
· Ekobot presents an updated strategy with a focus on sales via distributors and the goal of achieving a 5 percent market share within the EU by 2030.