CondAlign - Q2-2024 results

Condalign’s market traction in the market continues in the second quarter reaching +300 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 May we signed a commercial agreement with Ynvisible Interactive Inc (“Ynvisible”). Through the collaboration with Ynvisible, CondAlign’s proprietary E-Align anisotropic, conductive film will be used to connect Ynvisible’s displays to a wide range of electronic devices, unlocking new markets and applications. We are looking forward to working with Ynvisible to enable new, innovative, and sustainable products to the market. The first volume orders are expected from Q4 2024.

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.  

In June we received the official ISO9001 certificate, a major milestone for the company and an approval of the company’s quality system for development and manufacturing of our products. ISO9001 certification is an important enabler for successful commercialization of our products and a statement to our global customers and partners. 

Securing the growing interest with large scale production through a CMO is going according to plan, and large volume production with a European CMO is expected to be kicked off in the fall.  

Financially, revenues for the second quarter of 2024 ended at NOK 0.2 million, up from NOK 0.0 million in the same period last year. EBITDA (included capitalized internal development cost) ended at NOK -2.4 million, up from NOK -4.0 million in 2023. At the end of the second quarter a private placement (the "Private Placement") was communicated, and it was completed in the beginning of the third quarter. The company raised gross proceeds of NOK 37.6 million, including conversion of existing debt of NOK 25.8 million. This funding, secures time for building of customer backlog and revenue as well as attracting strategic partners.