Q2 revenue of $12.7 million compared with $24.5 million in Q2 2023 Q2 gross margin of 45%, level with Q2 2023 Q2 adjusted EBITDA of $0.2 million, compared with $6.2 million in Q2 2023 SimSports revenue was in line with expectations at $1.7 million in the quarter. Q2 2023 SimSports revenue of $2.4 million was unusually high due to initial shipments to a large reseller First-half 2024 revenue of $24.9 million and adjusted EBITDA of $0.2 million, compared with $39.3 million and $8.9 million in first-half 2023, respectively Group revenue expectation updated on July 1 to reflect a decrease of 28% to 32% compared to 2023 with an adjusted EBITDA margin of 1% to 4% Cost reductions initiated which are expected to yield annual cost savings of ~$3 million with full effect from Q1 2025 AALBORG, Denmark, Aug. 13, 2024 /PRNewswire/ — Asetek reported second-quarter revenue of $12.7 million compared with $24.5 million in the same period of 2023. The second quarter of 2023 was among the top three quarters ever for the Company. First-half 2024 revenue was $24.9 million compared with $39.3 million in the first half 2023. The change in both periods mainly reflects fewer shipments of liquid cooling products. Gross margin was level at 45% for both the second quarter and first half of 2024 and the respective periods of 2023. “With several factors currently impacting the liquid cooling business, we have taken steps to reduce costs, support profitability and ensure we are positioned to capture the long-term potential when the market stabilizes. Our SimSports business is progressing as planned supported by market-leading products, superior customer service and a strong brand name,” says André S. Eriksen, the CEO of Asetek. Adjusted EBITDA was $0.2 million in the second quarter of 2024, compared with $6.2 million in the second quarter of 2023. First-half 2024 adjusted EBITDA was $0.2 million, compared with $8.9 million in the same period of 2023. Adjusted EBITDA in the second quarter and first half of 2023 includes $0.8 million of non-recurring charges related to the dual listing of shares on Nasdaq Copenhagen. During the first half of 2024, the Company invested $5.8 million in property and equipment, including development of a new …
Asetek – Q2 2024: Lower demand impacting Liquid cooling business, SimSports on track
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