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Freemelt - Record Q2 sales with more to come in H2

05 augusti 2025

<a id="bm-comp-5d09bac3-71d3-4a72-b6af-ebe8e0e39744" name="bm-comp-5d09bac3-71d3-4a72-b6af-ebe8e0e39744" class="BMCustomAnchor"></a><table><tr><td bm-component-id="5d09bac3-71d3-4a72-b6af-ebe8e0e39744" style="vertical-align: top; width:100.000000%;"><ul><li>Six Freemelt ONE orders and sales of SEK 19m mark record quarter</li><li>Estimates intact, deviation from ABGSCe only due to delivery timings</li><li>eMELT machine commitments key to watch for in coming 12 months</li></ul></td></tr></table><a id="bm-comp-86310f34-271e-4a6a-9839-927b772ae79b" name="bm-comp-86310f34-271e-4a6a-9839-927b772ae79b" class="BMCustomAnchor"></a><table><tr><td bm-component-id="86310f34-271e-4a6a-9839-927b772ae79b" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Record quarter for sales &amp; orders</h3><p>Q2 was a record quarter for sales and orders, with quarterly sales of SEK 19m being on par with the 2024 full-year figure of SEK 20m, and the six Freemelt ONE orders in the quarter exceeding the 2024 full-year figure of five orders. Nevertheless sales, driven by four deliveries in the quarter, fell short, as we had expected six deliveries, but this is purely a matter of timing, and we now push the remaining two deliveries into Q3. There were no big surprises on costs, and adj. EBIT was SEK -8.6m (SEK -14.9m). The high activity in the quarter tied up quite a bit of working capital, which we expect will be partially released in H2, leaving FCF at SEK -18m in the quarter, and the cash balance at SEK 54m, compared to R12m FCF of SEK -71m.</p><h3 class="bm-h3">Estimates intact</h3><p>We leave estimates roughly intact despite the lower result compared to our estimates, as we simply push the undelivered systems into Q3. We do however shift some cost from opex to cost of materials, due to the outsourcing of manufacturing to Scanfil, which will commence in Q3. Management called the strong performance in the quarter a clear breakthrough and remains optimistic on the structural growth trends driving additive manufacturing forward, as do we.</p><h3 class="bm-h3">Watch for eMELT orders</h3><p>Other Q2 milestones included the first German industrial order, a feasibility study for the EU fusion programme F4E, and a sales agent agreement with the Chinese industrial company Jiuli. Over the coming 12 months, we think the key milestones to watch for are the company's various ongoing feasibility and proof-of-concept studies converting into order commitments for eMELT machines. Our long-term view of the company remains largely unchanged, and the share is currently trading at 7.8x-3.7x EV/Sales in '25e-'27e vs. its 10-year historical median of 6.0x-1.8x.</p></td></tr></table>

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