BAWAT is a leading supplier of sustainable ballast water treatment technology and services. BAWAT was listed on Nasdaq First North Premier Growth Market in Stockholm in March 2022.
Highlights H1 2022 - Strong increase in quoting activity and order intake
Order intake increased noticeably to SEK 9.3m (H1 2021: SEK 1.9m) as a consequence of increased market penetration due to improved customer acknowledgement and expanded global sales coverage.
Sales amounted to SEK 10.2m (H1 2021: SEK 4.5m) which is significantly higher than last year and a function of improved order intake in previous periods
For the full year 2022, order intake is expected to amount to SEK 35-50m based on the current pipeline and quoting activity.
Gross profit is expected to increase gradually in coming quarters due to increased scalability through repeat-orders, consolidated procurement and a larger portion of the sales being within the Mobile Solutions business activity.
Bawat is active in three market segments within ballast water management. The company estimates the market opportunities to be:
Ship installations USD 3bn per annum until '24- thereafter in excess of USD 0,5bn
Mobile installations USD 2bn total market
Ballast-water-as-a-treatment USD 5bn per annum
FINANCIAL KEY FIGURES H1 2022
+---------------------------+-------+--------+------+
|SEK '1000                  |H1 2022|H1 2021*|Change|
+---------------------------+-------+--------+------+
|Order intake               |9.286  |1.900   |388%  |
+---------------------------+-------+--------+------+
|Sales                      |10.162 |4.516   |125%  |
+---------------------------+-------+--------+------+
|Gross Profit               |504    |79      |538%  |
+---------------------------+-------+--------+------+
|Gross Profit %             |5,0%   |1,8%    |-     |
+---------------------------+-------+--------+------+
|EBITDA**                   |-10.490|-10.904 |4%    |
+---------------------------+-------+--------+------+
|Result for the period      |-23.807|-16.654 |-43%  |
+---------------------------+-------+--------+------+
|Earnings per share         |-0,60  |-1,83   |67%   |
+---------------------------+-------+--------+------+
|Cash flow from operations**|-10.141|-9.175  |-10%  |
+---------------------------+-------+--------+------+
|Net working capital        |-6.284 |-5.285  |19%   |
+---------------------------+-------+--------+------+
|Equity ratio %             |38%    |-3,9%   |-     |
+---------------------------+-------+--------+------+
* Parent of the Group was changed from Bawat A/S to Bawat Water Technologies AB
**In addition to this, IPO and other related non-recurrent items SEK 8.1m
Marcus P. Hummer, CEO comments on the developments in the first half: "We are pleased to report that order intake has developed positively in the first half year, and we are experiencing good commercial development in all three business legs. It is comforting to witness a continued increasing interest in our patented sustainable heat-based ballast water treatment system - both for our existing on-board vessel solution, but also for our mobile port-side solution and service offering.
We will continue to build out our global presence, which was one of the main purposes of raising capital through our successful IPO earlier this year. I would like to take this opportunity to extend my gratitude to our more than seven hundred new and existing shareholders for investing in the future of BAWAT".
Find the full H1 2022 report here: https://investor.bawat.com/company-reports/
CONFERENCE CALL
BAWAT invites investors to participate in a live video event on 7 September 2022 at 10:30-10:55 CET. The company's CEO, Marcus P. Hummer, and CFO John B. Henriksen will present the company technology and comment the half year report in English. Link will be published on the company investor page and LinkedIn profile in due time.
FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements. Words such as `believe', `expect', `may', `will', `plan', `strategy', `prospect', `foresee', `estimate', `project', `anticipate', `can', `intend', `outlook', `guidance', `target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions regarding future events which may prove incorrect.
FOR MORE INFORMATION, PLEASE CONTACT:
Investors & Media:
Marcus P. Hummer, CEO, E-mail: mph@BAWAT.com
John B. Henriksen, CFO, E-mail jbh@BAWAT.com
Certified Adviser
Svensk Kapitalmarknadsgranskning AB
Telephone: +46 11 32 30 732
ca@skmg.se
This press release constitutes inside information that Bawat Water Technologies AB is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was sent for publication, through the agency of the contact persons set out above, at the time stated by the Company's news distributor, Cision, at the publication of this press release on August 23, 2022.
For further information about Bawat Water Technologies AB, please contact above.
About Bawat
The development of an entirely new approach to ballast watertreatmentutilizing onboard waste heat to treat ballast water led to the founding of Bawat in 2011. A ballast water treatment system avoids disposal of untreated water in seas and harbors.
Bawat's BWMS isa system that is simple, cost-effective, and sustainable,build on a zero environmental impact,using standard marine components.No filters, no chemicals no UV.Andis the first to market a USCG/IMO Type ApprovalBWMS that usespasteurizationto treat ballast water in a one-pass process.
Bawat has built upon its innovative breakthrough, andnow offers ballast water solutions to the maritime industry in three categories:
A ship BWMSforRetrofit and New Builds
Mobile containerized solution for multiple vessel usage in a port, on aship (https://bawat.com/ship-bwms/)or for rigs
Ballast Water as a Service for contingency services in ports
Bawat is an engineer-driven company that is rooted in the tradition of Danish maritimeinnovation and with a deep maritime insight:www.bawat.com.