“I’m pleased to have this opportunity to share the latest successes and events in Ekobot AB during the third quarter, 2023. During this period, we intensified our work with implementing the updated strategy presented in August. Our focus is directed toward accelerating growth through extended collaboration with our distributors and securing the upcoming funding for the commercial ramp-up.”

CEO Jonas Eklind

Financial information

July – September 2023

Figures in parentheses refer to the corresponding period for the previous year.

• Net sales during the period totaled SEK 150 thousand (42).
• Net earnings for the period totaled SEK -2,479 thousand (-3,057).
• Earnings per share before dilution totaled SEK -0.16 (-0.86).
• Total assets at the end of the period totaled SEK 32,607 thousand (30,836).
• Cash and cash equivalents at the end of the period totaled SEK 5,614 thousand (2,370).

January – September 2023

Figures in parentheses refer to the corresponding period for the previous year.

• Net sales during the period totaled SEK 410 thousand (214).
• Net earnings for the period totaled SEK -16,315 thousand (-7,604). The company’s R&D work has now taken the robot system to a significantly higher level, resulting in the write-off of old prototypes. While earnings were affected negatively during the second quarter by this impairment loss, cash flow was not affected.
• Earnings per share before dilution totaled SEK -1.34 (-2.57).
• Total assets at the end of the period totaled SEK 32,607 thousand (30,836).
• Cash and cash equivalents at the end of the period totaled SEK 5,614 thousand (2,370).

Significant events

July – September 2023

• Ekobot presented an updated strategy with a focus on sales through distributors with the goal of achieving a market share of 5 percent within the EU by 2030.
• On September 1, Jonas Eklind took up his position as the new CEO for the company; Eklind succeeds the company’s previous CEO, Erik Jonuks.

January – June 2023

• The Board resolved Jan 15, contingent upon subsequent approval by an extraordinary general meeting, to carry out a new share issue of no more than 8,564,728 shares with preferential rights for existing shareholders. If fully subscribed, Ekobot will receive share proceeds of around SEK 21.4 million before issue expenses. The issue is subject to around 85% of the subscription rights and guarantees. Also, the Board may resolve on an over-allotment issue in the form of a targeted new share issue of no more than SEK 5.4 million on the condition that the rights issue is fully subscribed.
• The company published its strategic goals for 2023.
• In January, the company signed an agreement with a Swedish customer in the organic vegetable cultivation sector. The agreement concerns a robot system for delivery in time for the 2023 growing season.
• An extraordinary general meeting held on February 16 approved the Board’s proposal concerning a new share issue and resolved on the incentive program 2023/2026A-B to issue warrants to senior executives, employees, consultants and Board members.
• A new share issue was concluded on March 14, providing the company with SEK 26.8 million before issue expenses. The rights issue was subscribed to around 130.3% and the Board resolved to issue further shares through a targeted issue to meet the great demand.
• On March 21, 258,043 targeted shares were issued to the guarantors who preferred payment in shares. The issue price of SEK 3.59 in the compensation issue was based on the volume-weighted average price of the company’s shares during the rights issue subscription period, which ran from February 23, 2023 through March 9, 2023.
• On March 28, preliminary results were published showing that Ekobot can help reduce storage losses in Swedish onion farming.
• The company held its annual general meeting on May 12, 2023.
• On May 16, the Board announced that Erik Jonuks is leaving his position as CEO for Ekobot AB (publ) and will step down during the fall of 2023.
• On May 23, the company announced that it had signed a letter of intent with AllagBots Nordic APS for the sale of robots in Denmark and Norway.
• On June 27, the Board announced the appointment of Jonas Eklind as the company’s new CEO. Jonas will succeed Erik Jonuks, the company’s previous CEO, and take up his position on September 1, 2023. Jonas Eklind’s extensive leadership experience in technology-based industrial companies undergoing strong growth makes him an excellent fit as Ekobot’s new CEO. His successful background demonstrates his ability to create growth in companies from research-based ideas to profitable operations.

Significant events after the end of the period

• On October 24, the company announced that validation of its in-house developed autonomous tool-carrying robot had begun. The initial validation confirmed that the precision in navigation and positioning for the in-house developed robot platform is at least equivalent to the earlier purchased versions.
• On October 27, Telia releases the 5G onion. A yellow onion grown where the weed control was carried out by an autonomous robot from Ekobot instead of traditional chemical weed management. It’s also much tastier according to Gustav Leonhardt, winner of the Chef of the Year award in 2021 and Sweden’s representative in Bocuse D’Or 2024.
• The company announces on November 9 that the European Patent Office (EPO) intends to grant the company's patent application regarding the mechanical tool system to be approved.

The full report is attached as PDF and is available on the company’s website:

https://www.ekobot.se

The information was submitted, through the care of the contact person below, for publication on November 24, 2023 at 08:00 CET.