Slide 1: Q1 2024
Q1 2024 April 30, 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: Q1 2024 highlights
Q1 2024 highlights Group revenue Group Gross profit Group adj. EBITDA USD million USD million USD million 11,1 6,2 24,5 9,4 20,5 4,8 7,7 16,6 6,5 14,8 12,2 5,3 2,8 2,2 0,0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 • Continued low revenue visibility and
Slide 4: Asetek – a leading gaming hardware company
Asetek – a leading gaming hardware company 10.5% $73.7 million of revenue invested in R&D Revenue last 12 months1 last 12 months 1 LIQUID COOLING ASETEK SIMSPORTS Solutions for competitive and Immersive sim racing equipment for $33.6 million +11 million committed gamers and enthusiasts gamers, racin
Slide 5: Global platform and flexible production set-up supporting long-term growth
Global platform and flexible production set-up supporting long-term growth • 138 employees • Two main contract manufacturers based in China and Malaysia • Great flexibility and risk management in terms of moving production and starting up new production lines • Cost efficient set-up, positive effect
Slide 6: Liquid cooling
Liquid cooling 6
Slide 7: New OEM Partner – China based company TRYX
• New OEM Partner – China based company TRYX • PANORAMA line of AIO CPU liquid coolers powered by Asetek Gen8 cooling technology • One of first globally released with a curved AMOLED screen • Screen attached to pump and facing user • Starting shipping in China in Q2 2024 7
Slide 8: Long-term profitable Liquid Cooling business
Long-term profitable Liquid Cooling business Liquid cooling EBITDA and margin Accumulated EBITDA 2020 – Q1 2024: $84 million USD million 9,0 8,8 100% 8,4 8,0 90% 7,6 7,3 7,1 7,1 80% 7,0 70% 6,0 5,3 5,0 60% 5,0 4,7 4,2 50% 3,9 4,0 3,4 40% 3,0 40% 2,6 2,6 37% 37% 34% 35% 35% 35% 33% 2,4 35% 34% 30% 2,
Slide 9: Market leading premium liquid cooling solutions
Market leading premium liquid cooling solutions • 10 new liquid cooling products started No. of liquid cooling products started shipping Top 5 liquid shipping in Q1 cooling customers1 • 2 new products estimated to start 23 shipping in Q2 2024 • Investing in product development and branding to expand
Slide 10: Broadening addressable liquid cooling market
Broadening addressable liquid cooling market • A value offering tailored for a new and larger market segment ‒ Demand from larger customers to address the lower end of the Liquid Cooling premium segment with price competitive high-quality solutions ‒ Targeting China and other value-oriented markets
Slide 11: SimSports
SimSports
Slide 12: A high-quality offering in a fast-growing market
A high-quality offering in a fast-growing market • Q1 2024 revenue of $2.2 million vs. $1.3 million in Q1 2023 Quarterly SimSports revenue USD million ‒ On track to reach profitability • Gross margins improving but still reflect scale up phase • New accessories released in Q1 2024 2,4 ‒ For example,
Slide 13: Building full range of high-quality sim racing products
Building full range of high-quality sim racing products • On track for a full range of high-quality sim racing products by H1 2025 • Ambition to take pole position and build market share based on an open ecosystem • Maintain focus on high-end segment to anchor the Asetek brand name in the premium ma
Slide 14: Financials
Financials 14
Slide 15: Income statement
Income statement Figures in USD (000's) Q1 2024 Unaudited Q1 2023 Unaudited 2023 • Liquid cooling revenue impacted by lower Revenue 12,177 14,760 76,332 Liquid Cooling quantities sold, partly Cost of sales 6,835 8,268 41,624 Gross profit 5,342 6,492 34,708 offset by increased SimSports shipments Res
Slide 16: Quarterly revenue volatility continues
Quarterly revenue volatility continues Quarterly Group revenue USD million 27,9 25,0 24,5 23,2 21,6 20,5 18,1 16,9 16,6 14,8 14,1 13,9 13,5 12,2 10,4 9,1 9,5 Q1 2020 Q2 2020 Q3 2020 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 16
Slide 17: Continued solid gross margin development
Continued solid gross margin development Quarterly Group gross margin development 50% 9,0 • Q1 2024 gross margin of 43.9% on par 48% 46,5% with 44.0% in Q1 2023 45,9% 8,5 45,3% 46% 44,0% 43,9% • Margin development driven by product 44% 42,3% 42,5% 8,0 mix, product volumes and impacted by 42% 41,1% f
Slide 18: Balance sheet
Balance sheet USD million at March 31, 2024 120 100 • USD 6.2 million cash position at end Q1 2024 Current 80 liabilities • Total investment in new HQ amounts to $51.3 million Non-current ‒ $2.2 million invested in Q1 Non-current 60 liabilities ‒ Q2 investment estimated around 2 million assets • Tot
Slide 19: Nearing completion of new development center and HQ
Nearing completion of new development center and HQ • Area with scarce supply of large properties offering a combined office, manufacturing and warehouse space • Progressing on schedule and budget for completion in fall-2024 • Signed three-year lease for 20% of the space at attractive terms • To eva
Slide 20: Summary and outlook
Summary and outlook • Full-year 2024 guidance maintained Annual Group revenue USD million • Customers entering 2024 with elevated inventories, clearly 100 impacting demand and revenue in H1 2024 90 • Indications from the industry of increased activity towards 80 Guidance second half of 2024, support
Slide 21: Q&A
Q&A 21
Slide 22: Appendix
Appendix 22
Slide 23: Balance sheet summary
Balance sheet summary Figures in USD (000's) 31 Mar 2024 31 Dec 2023 ASSETS Unaudited Total non-current assets 73,399 71,954 Total current assets 25,545 30,785 Total assets $ 98,944 $ 102,739 EQUITY AND LIABILITIES Total equity 65,001 66,126 Total non-current liabilities 881 2,596 Total current liab
Slide 24: Statement of equity summary
Statement of equity summary Three months ended Figures in USD (000's) 31 Mar 2024 31 Mar 2023 Unaudited Unaudited Equity at January 1 $ 66,126 $ 42,748 Total comprehensive income for the period Income for the period (564) 582 Foreign currency translation adjustments (597) 377 Total comprehensive inc
Slide 25: Summary cash flow statement
Summary cash flow statement Three months ended Figures in USD (000's) 31 Mar 2024 31 Mar 2023 Unaudited Unaudited Net cash provided by (used in) operating activities (2,299) (3,354) Net cash used in investing activities (2,968) (6,329) Net cash provided by (used in) financing activities 2,657 7,172
Slide 26: www.asetek.com
Asetek www.asetek.com