CondAlign AS Q1 2023 Financial and operational update
Company news
2023-06-12 14:00:32
Please find the Q1 2023 Financial and operational update attached.
The update can also be found on the investor section on our web page. Operational update
Progress on E-Align100 and E-Align025
CondAlign has made significant advancements on the E-Align100 product development and qualifications. Testing and quality assurance procedures are in place and tests, trials and design in processes are ongoing with multiple international clients. Upon completion of E-Align100’s launch, focus will shift to the commercial development of E-Align025.
Contract Manufacturing Organization (CMO) Negotiations
CondAlign is in active negotiations with CMOs to secure volume production for delivery of E-Align to the market in 2024. A decision on the preferred CMO partner is expected in the coming period, securing the production capacity needed for large volume deliveries.
Expanding Customer Base and Sales Efforts
CondAlign has seen substantial interest from potential customers, generating 23 new leads. The Company has received two purchase orders for commercial delivery of E-Align100 in Q2. The focus remains on converting the growing customer interest into sales orders and further expanding the customer base. Sales organization will be strengthened in Q2 with the onboarding of a new VP Sales & Business Development.
Organization Growth and Development
CondAlign has continued to grow its team. The company has taken actions to strengthen the sales organization, and additionally hired one PhD to the technology team, both joining the team in Q2. Over the next period CondAlign will continue to strengthen the sales, production and technology teams as needed.
Collaboration with Saint-Gobain on Thermal Interface Materials
CondAlign and Saint-Gobain are progressing well in their joint development of thermal interface materials for EV batteries and electronics applications. Work package III is expected to be successfully completed in the coming period, laying the groundwork for future commercial discussions.
Financial Summary The accounts for Q1 2023 show a negative net profit of NOK 6.6m, compared to negative net profit of NOK 5.2m in Q1 2022. Capitalized internal costs were NOK 3.2m in Q1 2023, up from NOK 2.5m in the same period in 2022, due to the Innovation Norway EL-Tape project.
The Company has a cash position of NOK 23.4m as of Q1 2023, with liquidity strengthened in March by a shareholder loan of NOK 15m and the payment of tranche 1 of Innovation Norway funding (NOK 2.4m, received in April).
The Company has an undrawn credit facility of NOK 5.0m. Total liabilities at the end of the period equal NOK 13.3m, including accrued interest and leasing obligations.
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