Today, LED iBond International's (LED iBond) Board of Directors approved the interim report for Q1. Martin Løbel, CEO of LED iBond international comments:

"It is positive that LED iBond has demonstrated an increased revenue in our three core verticals: Indoor farming, solar carports, and smart buildings. It is also positive that we see our pipeline and order intake continues to grow. We have also maintained our low-cost base from 2023 and reduced the cash burn by DKK 0.9 million compared to the same quarter last year. The market and customer awareness are increasing due to our intense and focused marketing activities, resulting in a growing pipeline of opportunities, that we expect to materialise in growing sales short term".

Financial key figures

TDKK Q1 Q1 Change Full year
2024 2023 2023
Profit & Loss
Revenue 1,460 875 67% 2,597
Other operating income 481 0 100% 997
EBITDA -2,460 -2,488 1% -10,863
EBIT -3,951 -4,246 7% -18,172
Profit before tax -3,931 -4,453 12% -22,443
Net profit -3,931 -4,453 12% -21,861
Balance Sheet
Total assets 28,594 41,840 -32% 33,945
Total equity 9,412 26,536 -65% 13,350
Net working capital -4,214 3,725 - -1,186
Interest-bearing debt 8,236 7,741 12% 8,235
Cash 1,388 4,937 -72% 4,555
Cash flow statement
Cash flow from operations -2,591 -3,268 21% -5,876
Cash flow from investments -576 -820 30% -3,094
Cash flow from financing 0 0 0% 4,500
Cash flow for the period -3,168 -4,088 22% -4,470

• Smart building market - As announced in company announcement no. 89 23 January a larger order for parking segment was won and LED iBond continue to expect growth in sales within this segment in 2024 due to several promising sales opportunities in Europe. We also continue to see an increasing number of potential partners showing interest in our solutions.

• Indoor farming - The launch of our HORTISABER toplighting lamp in Nov 2023 has been well received from potential customers in Denmark and Sweden which has been target regions in the initial marketing phase. All greenhouse operators are in the process of transiting from old type of HPS based toplighting to the energy saving LED technology, and this transition is also fuelled by State & EU subsidies targeting CO2 savings in the greenhouse industry. The first large scale project of HORTISABER is in the final phase of installation and is an important milestone as show case. LED iBond therefore expects increased sales of the HORTISABER lamp in 2024 and beyond.

• In Q1 2024, LED iBond generated revenues of TDKK 1,460, an increase of TDKK 585 (67%) relative to the same quarter last year.
• Marketing and other external costs increased from TDKK 1,019 to 1,692, why EBITDA were flat.   
• In Q1 2024, staff costs amounted to TDKK 2,262, a decrease of TDKK 176 (7%) compared to Q1 2023. As of 31 March 2024, the number of FTEs was 11.
• Net profit improved by TDKK 522 (12%) compared to the same quarter last year.
• The cash burn rate was reduced by 23% due to working capital optimisation and a more focused investment strategy in development projects.
• Net cash outflows in Q1 2024 amounted to TDKK 3,168 compared to TDKK 4,088 in the year-ago quarter, corresponding to a cash improvement of TDKK 920 (22%)
• At the end of Q1 2024, total equity amounted to TDKK 9,412 compared to TDKK 13,350 on 31 December 2023.
• The cash balance stood at TDKK 1,388 at the end of Q1 2024, as compared to TDKK 4,555 at the end of 2023.
• LED iBond obtained Milestone 1 as announced in Company Announcement no. 100 of 22 April 2024 and thereby received the first payout of DKK 2.75 million in April.

• Nothing to report.

Number of Shares

On 31 March 2024, the number of outstanding shares in LED iBond International A/S was 38,708,015, unchanged from the beginning of the year.

• Q2 2024 Results and Half Year report 2024              20 August 2024
• Interim financial report Q3 2024                                 26 November 2024
• Q4 2024 Results and Annual report 2024                  26 March 2025

Financial outlook 2024 & 2025

• Revenue of DKK 10 - 12 million for 2024
• Positive cash flow from operations during 2025.

The interim Q1 report for 2024 is attached to this company announcement and is also available on: https://ledibond.com/financial-reports