The traction from 2023 continued into 2024 with a positive operational momentum. 

Our traction in the market was one of the highlights in the first quarter reaching +250 leads after a successful LOPEC conference in Munich in March. The feedback received continue to be consistently positive, often surpassing that of our competitors. As a result, we also see that we continue to grow the number of customers and we experience several inbound interest from new markets. This quarter we have also received high volume RFQ’s that we expect to increase steadily and be materialized throughout 2024 and onwards. 

In March CondAlign attended LOPEC, the leading international exhibition, and conference for flexible, organic and printed electronics. This exhibition brings together all key industry leaders and experts, and was an excellent way to showcase our different end user applications, our products samples and our technology at large. This year’s exhibition had the largest attendance ever and resulted in multiple new customer relations, interesting discussions with existing customers, partners and relevant industry experts. 

On Thermal Interface Materials (TIM) for electric vehicle batteries and electronics applications we continue to see a wider market potential for our products. The TIM market is expected to grow rapidly in the years to come and we see strong interest in the ongoing commercial discussions we have with different parties. 

To support the strong commercial interest, the sales team was further strengthened in the first quarter. In addition to this we continue to strengthen the link between technology employees and sales to support onboarding of our customers in an even stronger way. 

Securing the growing interest with large scale production through a CMO is going according to plan, and we expect to sign an agreement for large volume production with a European CMO within the summer.  

Financially, revenues for the first quarter of 2024 ended at NOK 0.3 million, up from NOK 0.1 million in the same period last year. EBITDA (included capitalized internal development cost) ended at NOK -5.0 million, down from NOK -4.7 million in 2023. To further strengthen liquidity CondAlign completed issuance of a convertible loan with independent subscription rights during the quarter. In total, CondAlign secured NOK 23.1 million, of which the company’s largest shareholder NTG subscribed to NOK 15 million through conversion of a shareholder loan. This funding, together with other debt funding sources, secures time for building of customer backlog and revenue as well as attracting strategic partners.