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Analytikerkommentar

Bawat: Maintains its full-year 2023 order intake guidance after reaching SEK 20.6m in H1 2023

Af Kasper LihnHead of Research
Bawat Water Technologies

Earlier today, Bawat released its Q2 2023 report. Order intake was SEK 11.2m in Q2 2023, totaling an order intake of SEK 20.6m in H1 2023 (SEK 9.3m in H1 2022). Bawat maintains its full-year 2023 guidance of an order intake in the range of SEK 40-60m. However, the order intake for the year will to a large extent be affected by the timing of mobile BWMS orders.

Revenue was SEK 4.1m in Q2 2023 and SEK 8.3m in H1 2023 (SEK 10.2m in H1 2022), and EBITDA (excluding capital raise and other related non-recurrent items) was SEK -5.9m in Q2 2023 and SEK -12.6m in H1 2023 (SEK -11.9m in H1 2022). Approx. 75% of the revenue in H1 2023 is generated by progress on mobile units with higher margins (gross margin of 28.3% in H1 2023 following a higher gross margin of 35% in Q2 2023).

Highlights from Q2 2023 include the closing of its financing round as earlier communicated, a fleet order for a European customer with more than 10 vessels to be delivered in 2023 and 2024, and the first long-term service contract for BaaS (12-18 months service) with a US customer. Bawat has also signed a term sheet agreement with Damen Green Solution, aiming to establish a 50/50 joint venture with a focus on the assembly and sales of mobile BWMS systems with the brand name ‘Invasave powered by Bawat’. Moreover, Bawat received from both the European and US Patent authorities an intention to grant and notice of allowance for the Bawat mobile solutions patent application. During H2 2023, Bawat expects that the patent will be issued in relevant jurisdictions. 

Read the full Q2 report here: https://view.news.eu.nasdaq.com/view?id=b3b69148428c0a0f632456e2d1bf75e6b&lang=en&src=listed

Tomorrow, we expect to release an interview with Bawat's management, where you can get an update on the recent results and highlights.

Disclaimer: HC Andersen Capital receives payment from Bawat for a DigitalIR/Corporate Visibility agreement. /Kasper Lihn, 14:15, 22 August 2023.

Bawat Water Technologies operates in the maritime and industrial sectors. The company provides heat-based BWMS systems used for ballast water treatment. The system is suitable for ship solutions on board and for container facilities. Today, the company operates on a global level with the largest presence in the Nordic region and Europe. Bawat Water Technologies was founded in 2011 and is headquartered in Stockholm.

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