Etrion Releases First Quarter 2024 Results
25 May 2024 - 7:05AM
Etrion Corporation (“Etrion” or the “Company”, and, together with
its subsidiaries, the “Group”) released today its condensed
consolidated interim financial statements and related management’s
discussion and analysis (“MD&A”) for the three months ended
March 31, 2024.
Q1-24 HIGHLIGHTS
- Etrion closed
the first quarter of 2024 with an unrestricted cash balance of
US$6.3 million and a positive working capital of US$6.6
million.
Management Comments
Marco A. Northland, the Company’s Chief Executive
Officer, commented, “The Company going forward will maintain very
limited resources and proceed with a windup of the Company as
previously disclosed.”
FINANCIAL SUMMARY
|
|
Three months ended |
US$ thousands (unless otherwise stated) |
|
|
Q1-24 |
Q1-23 |
|
|
|
|
|
Financial performance from continuing
operations |
|
|
|
|
EBITDA |
|
|
(370 |
) |
(380 |
) |
Net loss |
|
|
(535 |
) |
(1,274 |
) |
|
|
|
|
|
Financial position |
|
|
Mar 2024 |
Dec
2023 |
Unrestricted cash |
|
|
6,330 |
|
9,924 |
|
Working capital |
|
|
6,621 |
|
7,576 |
|
Total assets |
|
|
6,816 |
|
10,217 |
|
|
About Etrion Etrion’s largest
shareholder is the Lundin family, which owns approximately 36% of
the Company’s shares directly and through various trusts.
For additional information, please visit the
Company’s website at www.etrion.com or contact:
Marco Northland – Chief Executive Officer and
Chief Financial Officer ceo-cfo@etrion.com
The information was submitted for publication at
11:05 p.m. CET on May 24, 2024.
Non-IFRS Measures: This press
release includes non-IFRS measures not defined under IFRS,
specifically earnings before interest, taxes, depreciation and
amortization (“EBITDA”) and Adjusted operating cash flow. Non-IFRS
measures have no standardized meaning prescribed under IFRS and
therefore such measures may not be comparable with those used by
other companies. EBITDA is a useful metric to quantify the
Company’s ability to generate cash before extraordinary and
non-cash accounting transactions recognized in the financial
statements. In addition, EBITDA is useful to analyze and compare
profitability between companies and industries because it
eliminates the effects of financing and accounting policy
decisions. The most comparable IFRS measure to EBITDA is net income
(loss). Refer to Etrion’s MD&A for the three months ended March
31, 2024, for a reconciliation of EBITDA and adjusted operating
cash flow reported during the period.
Forward-Looking Information:
This press release contains certain “forward-looking information”.
All statements, other than statements of historical fact, that
address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
(including, without limitation, statements relating to amount of
funds that will be required to satisfy potential warranty claims
under the sale agreements, other corporate level liabilities and
anticipated expenses to cover continuing operations and windup
costs, the possibility of acquiring or commencing an alternative
business and the possibility that the Company may proceed to wind
up its activities and dissolve following the completion of the sale
of its solar assets) constitute forward-looking information. This
forward-looking information reflects the current expectations or
beliefs of the Company based on information currently available to
the Company as well as certain assumptions including, without
limitation, assumptions as to the amount of funds that will be
required to satisfy future obligations and costs associated with
the dissolution of the Company. Forward-looking information is
subject to a number of significant risks and uncertainties and
other factors that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
information, and even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ
materially from current expectations include, but are not limited
to, the risk that the Company may have insufficient funds to
satisfy its future obligations, including without limitation
warranty claims under the agreements pursuant to which its projects
were sold; the risk that the Company may not be successful in
identifying and pursuing an alternative business; and uncertainties
with respect to the timing of the any alternative business venture
or the windup and the dissolution of the Company.
Any forward-looking information speaks only as
of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking information, whether as a
result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.