A quarter in between larger projects for Goodtech

25 Oct 2024 08:00 CEST

Goodtech ended the quarter with a strong order backlog, and increasing value
contribution from service and after sales. Due to challenges in its Swedish
operation, as well as lower staff utilization from being between larger
projects, the Group experienced a decline in EBITDA in the quarter.

Net revenue after external project costs came in at 107 MNOK (101 MNOK) and
EBITDA ended at 2,1 MNOK (7,7 MNOK). The growth journey at Goodtech continues
and the company reported 5% growth in order backlog, 17% growth in number of
employees, and 1% growth in net revenue after external project costs, compared
to Q3 2023. Several larger projects completed before the quarter while lead-time
on client investment decisions were longer than anticipated.

Goodtech’s capital structure remains strong and robust, where equity ratio grew
to 53% in the quarter, and cash and cash equivalents ended at 106 MNOK.

CEO Margrethe Hauge comments:

«We are between the closing of several larger ongoing projects, and the ramp-up
of new exciting projects, which impacted staff utilization in the quarter. At
the same time, we have underestimated the complexity of entering the Swedish
market with our new solutions, and realised losses in the quarter relating to
two challenging projects. On a positive note, our order backlog remains strong,
our service and aftermarket initiatives are continuing to show results, and we
still see strong demand in the market for our services».

The quarterly report and presentation for Q3 2024 is attached to this press
release.
See also Goodtech's CEO Margrethe Hauge and CFO Øyvind Osjord present the
company's results for Q3 2024 in our webcast – https://youtu.be/WbI-wf2uVC4


Do you have any questions? Feel free to contact CEO Margrethe Hauge or CFO
Øyvind Osjord:

Margrethe Hauge
CEO, Goodtech ASA
Tlf.: +47 95 79 69 20
E-post: margrethe.hauge@goodtech.no

Øyvind Osjord
CFO, Goodtech ASA
Tlf.: +47 95 04 66 49
E-post: oyvind.osjord@goodtech.no

More information:
Access the news on Oslo Bors NewsWeb site

630381_Webcast Q3 2024.pdf
630381_Quarterly report Q3 2024.pdf