Hørsholm, Denmark,May 30th, 2024- Bawat Water Technologies AB (BAWAT) today announces its Q1
Report for 2024. The report is available on Bawat's website (investor.bawat.com)
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.
Delivery of first BaaS (Ballast as a Service) service job in the quarter in Northern Europe with more jobs in April and May.
Q1 2024
Sales is trailing behind prorate for the Full Year due low conversion of back-log and some delay in the actual placement of new orders. However, overall activities are picking up.
Sales guidance for the Year is therefore maintained at SEK 42-54m.
First BaaS (Ballast as a Service) job was performed in Bremen Port in Q1 2024 for a vessel with a non-compliant ballast water system onboard a vessel.
Negotiations with Hamburg Port, the second largest commercial port in Europe, for a permanent presence of Bawat BaaS set-up in the port, took place during the quarter. Post quarter our Bawat BaaS will be permanently present in the Port end May 2024 handling a wide range of customers. A milestone for BAWAT.
Post Q1 more BaaS jobs with our own mobile solution were performed supporting the growing trend of customers asking for this beneficial service.
Bawat have seen a very substantial uptick in approaches from all areas of the world regarding our unique mobile system such as larger fleet owners, ports and terminals, navies as well as various marine and environmental authorities.
FINANCIAL KEY FIGURES Q1 2024
+---------------------------+-------+-------+--------+--------+
|SEK '1.000                 |Q1 2024|Q1 2023|12M 2023|12M 2022|
+---------------------------+-------+-------+--------+--------+
|Sales                      |4.362  |4.159  |19.140  |15.866  |
+---------------------------+-------+-------+--------+--------+
|Gross Profit               |812    |899    |10.704  |2.718   |
+---------------------------+-------+-------+--------+--------+
|Gross Profit %             |18,6%  |21,6%  |55,9%   |17,1%   |
+---------------------------+-------+-------+--------+--------+
|EBITDA*                    |-5.805 |-6.657 |-14.701 |-21.320 |
+---------------------------+-------+-------+--------+--------+
|Result for the period      |-10.407|-10.221|-33.603 |-38.879 |
+---------------------------+-------+-------+--------+--------+
|Earnings per share         |-0,19  |-0,26  |-0,71   |-0,99   |
+---------------------------+-------+-------+--------+--------+
|Cash flow from operations**|-6.328 |-7.229 |-26.568 |-25.378 |
+---------------------------+-------+-------+--------+--------+
|Net working capital        |-1.349 |-6.246 |-732    |-4.469  |
+---------------------------+-------+-------+--------+--------+
|Equity ratio %             |-26,3% |-2,7%  |-17,5%  |17,4%   |
+---------------------------+-------+-------+--------+--------+
*In addition to this, Capital raise and other related non-recurrent items SEK 0.051m in Q1 2024 (SEK 3.4m in 2023 and SEK 6.9m in 2022)
**In addition to this, Capital raise and other related non-recurrent items SEK 0.086m (SEK 6.4m in 2023 and SEK 8.1m in 2022)
Marcus P. Hummer, CEO. "The year started  with a breakthrough order in the BaaS segment in Europe. Bawat BaaS are in dialogue with other major ports around the world, in particular in North Europe for establishing a permanent presence similar to Hamburg".
"The increased focus from Port State Control and regulators seeking solutions regarding non-compliance in ballast water discharge. Hence, we see significant value in our BaaS business going forward. Bawat being the only globally certified provider of a one-pass mobile port system, the opportunities as a land-based BWMS facility in Ports, docks, yards and other places are very significant."
Marcus P. Hummer, CEO. "The year started  with a breakthrough order in the BaaS segment in Europe. Bawat BaaS are in dialogue with other major ports around the world, in particular in North Europe for establishing a permanent presence similar to Hamburg".
"The increased focus from Port State Control and regulators seeking solutions regarding non-compliance in ballast water discharge. Hence, we see significant value in our BaaS business going forward. Bawat being the only globally certified provider of a one-pass mobile port system, the opportunities as a land-based BWMS facility in Ports, docks, yards and other places are very significant."
"The United Nations IMO and US Coast Guards regulations are now firmly being in place with final implementation day for the ballast water convention in September this year which is getting very apparent to all involved. It effectively changes from an installation of ballast water systems to ensuring the discharged ballast water is compliant. Any non-compliance can have significant negative impact on the operation of vessels, ports and yards."
The ordering for ships, especially for New Builds, is experiencing some delays, but with the maturity of actual consolidated sales leads, especially on mobile systems, the yearly guidance is kept unchanged.
Find the full Q12024 report here:https://investor.bawat.com/company-reports/
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-mailjbh@BAWAT.com
Certified Adviser
Svensk Kapitalmarknadsgranskning AB
ca@skmg.se
This press release constitutes inside information that BawatWater Technologies ABis 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 releaseonMay 30th, 2024.
For further information aboutBawatWater Technologies AB, please contact above.
About Bawat
The development of an entirely new approach to ballast water treatment utilizing 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 is a system that is simple, cost-effective, and sustainable, build on a zero environmental impact, using standard marine components. No filters, no chemicals no UV. Bawat is the first to market a USCG/IMO Type Approval BWMS that uses pasteurization to treat ballast water in a one-pass process.
Bawat has built upon its innovative breakthrough and offers ballast water solutions to the maritime industry in three categories:
          Ship BWMS (https://www.bawat.com/ship-bwms/) (https://www.bawat.com/ship-bwms/)for Retrofit and New Builds
          Mobile containerized solution (https://www.bawat.com/mobile-bwms/) (https://www.bawat.com/mobile-bwms/)for multiple vessel usage in a port, on a ship or offshore units
          Bawat BaaS  (https://www.bawat.com/bawat-baas/ballast-as-a-service/)-  (https://www.bawat.com/bawat-baas/ballast-as-a-service/)Ballast as a Service (https://www.bawat.com/bawat-baas/ballast-as-a-service/) (https://www.bawat.com/bawat-baas/ballast-as-a-service/)for contingency or planned ballast treatment in ports
Bawat is an engineer-driven company that is rooted in the tradition of Danish maritime innovation and with a deep maritime insight: (http://www.bawat.com/)www.bawat.com. (http://www.bawat.com/)