Asetek A/s · OMXCOP:ASTK
Asetek A/s — Q4 2024 Earnings Presentation
25 slides from Asetek A/s's earnings presentation, Mar 7, 2025
Slide 1: Q4 2024
Q4 2024 March 7, 2024
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements concerning As k’s financial condition, results of operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of fu
Slide 3: Q4 2024 financial highlights
Q4 2024 financial highlights Group revenue Group Gross profit Group adj. EBITDA USD million USD million USD million 16,6 15,4 12,2 12,7 12,2 7,7 5,8 6,4 5,3 4,4 2,2 0,0 0,2 0,6 (0.5) Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 • Q4 SimSports revenue grew
Slide 4: Delivering on 2024 adjusted expectations
Delivering on 2024 adjusted expectations Annual Group revenue USD million • Full-year Group revenue in line with adjusted guidance 100 ‒ EBITDA margin of 1% in the low end of the range 90 • Liquid Cooling revenue of $42.8 million vs. guidance of 80 $42 – $44 million 70 ‒ Gross margin of 45% 60 • Sim
Slide 5: Liquid cooling
Liquid cooling 5
Slide 6: Long-term profitable Liquid Cooling business
Long-term profitable Liquid Cooling business Liquid cooling revenue, gross margin and EBIDTA margin USD million 25,0 24,1 LC Revenue LC EBITDA margin LC Gross margin 160% 21,7 21,7 22,0 140% 20,0 19,2 17,5 120% 14,4 100% 15,0 14,3 13,4 11,9 12,2 80% 11,0 10,7 11,1 10,0 10,0 9,0 9,3 60% 47% 48% 49% 4
Slide 7: Market leader in premium liquid cooling solutions
Market leader in premium liquid cooling solutions No. of liquid cooling products started shipping • 9 new liquid cooling products started shipping in Q4 2024 • 7 new products estimated to start shipping in Q1 2025 23 • Shipping to over 20 OEMs • Agreement with tier 1 PC manufacturer for multiple liq
Slide 8: Positioned for profitable Liquid Cooling growth
Positioned for profitable Liquid Cooling growth • Stabilizing revenue in the short-term ‒ Ending 2024 with Q4 as highest revenue quarter ‒ Declining volumes from two major customers due to dual sourcing, as previously communicated ‒ Impact offset by growth across the remaining customer base ‒ Reflec
Slide 9: Slide 9
Slide 10: Record quarter on strong year-end holiday sales and distribution agreements
Record quarter on strong year-end holiday sales and distribution agreements Quarterly SimSports revenue and gross margin USD million • Q4 2024 revenue of $4.2 million vs. $2.2 million in Q4 2023 36,4% 37,0% 4,2 ‒ Launch of Invicta wheel 29,5% 32,0% ‒ Two new distribution agreements 29,1% 29,0% 25,2%
Slide 11: New products and distribution channels to drive growth
New products and distribution channels to drive growth • Moderate demand in start of 2025 reflects the high year-end activity and no major product releases in Q1 • Competitive mass-market product line set for launch in H2 2025 • Initial mass-market products with console support expected in H2 2025 •
Slide 12: Console market access to accelerate SimSports long-term growth
Console market access to accelerate SimSports long-term growth PC segment currently served by • Preparations for launch in H2 2025 progressing to plan Asetek 16% • Designed for Xbox partnership significantly expanding addressable end-user market • An estimated 60 million potential players1 of sim ra
Slide 13: 2025 group financial guidance
2025 group financial guidance Annual Group revenue USD million • Group revenue is expected in the range of $52 to $58 100 million 90 ‒ Adjusted EBITDA margin of 3-5% 80 • Liquid Cooling segment revenue is expected in the range 70 of $40 to $43 million Guidance ‒ Gross margin expected in the range of
Slide 14: Financials
Financials 14
Slide 15: Quarterly revenue development
Quarterly revenue development Quarterly Group revenue USD million 27,9 25,0 24,5 23,2 20,5 18,1 16,9 16,6 15,4 14,8 13,5 13,9 12,2 12,7 12,2 10,4 9,5 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 15
Slide 16: Income statement
Income statement Figures in USD (000's) Q4 2024 Q4 2023 2024 2023 • Liquid cooling revenue impacted by lower YoY Unaudited Unaudited Revenue 15,368 16.598 52,502 76,332 demand Cost of sales 8,927 8,875 30,557 41,624 Gross profit 6,441 7,723 21,945 34,708 ‒ Sales of 204,000 sealed loops in Q4 2024, d
Slide 17: Gross margin development
Gross margin development Quarterly Group gross margin development 50% 9,0 • Q4 2024 gross margin of 41.9% vs. 48% 46,5% 45,9% 46.5% in Q4 2023 46% 45,3% 45,4% 8,5 44,0% 43,9% • FY 2024 gross margin of 41.8% vs. 44% 41,9% 8,0 45.5% in 2023 42% 41,1% 40% 7,5 • Product- and segment mix and price 38% se
Slide 18: Balance sheet
Balance sheet USD million, at December 31, 2024 80 • $10.5 million proceeds from rights issue received in early Current January following completion of rights issue 70 liabilities ‒ Year-end cash of $3.3 million, stable from end Q3 2024 60 Non-current • In compliance with loan covenants post rights
Slide 19: Summary and outlook
Summary and outlook Annual Group revenue USD million • 2025 Group revenue development expected flat to 10% 100 growth vs. 2024 90 • Build on SimSports commercial progress and execute 80 growth plan supported by strengthened financial 70 position Guidance 60 • Position Liquid Cooling business for gro
Slide 20: Q&A
Q&A 20
Slide 21: Appendix
Appendix 21
Slide 22: Balance sheet summary
Balance sheet summary Figures in USD (000's) 31 Dec 2024 31 Dec 2023 ASSETS Total non-current assets 55,974 71,954 Total current assets 23,389 30,785 Total assets $ 79,363 $ 102,739 EQUITY AND LIABILITIES Total equity 41,135 66,126 Total non-current liabilities 19,201 2,596 Total current liabilities
Slide 23: Statement of equity summary
Statement of equity summary Year ended Figures in USD (000's) 31 Dec 2024 31 Dec 2024 Equity at January 1 $ 66,126 $ 42,748 Total comprehensive income for the period Income for the period (23,936) 6,001 Foreign currency translation adjustments (1,337) 721 Total comprehensive income for the period (2
Slide 24: Summary cash flow statement
Summary cash flow statement Year ended Figures in USD (000's) 31 Dec 2024 31 Dec 2024 Net cash provided by (used in) operating activities 1,213 16,280 Net cash used in investing activities (10,096) (27,373) Net cash provided by (used in) financing activities 4,959 11,836 Effect of exchange rate chan
Slide 25: www.asetek.com
® OQ Asetek www.asetek.com