Interim Report Q2 2024
STRAX has been navigating through very challenging times and finding ways to save the company, if we are able to complete these activities and stabilize, we are then hopeful to be able to use the experience and upside assets to rebuild the company going forward.
- The Group’s sales for the period January 1 – June 30, 2024, amounted to MEUR 6.5 (16.6)
with a gross margin of -64.0 (36.1) percent. - The Group’s result for the period January 1 – June 30, 2024, amounted to MEUR -2.7 (-6.7) corresponding to
EUR -0.2 (-0.11) per share. - EBITDA from remaining operations for the period January 1 – June 30, 2024, amounted to
MEUR -2.4 (-3.8).
- Equity as of June 30, 2024, amounted to MEUR -76.1 (-12.2) corresponding to EUR -0.63 (-0.10)
per share.
- As of June 30, 2024, STRAX is not fulfilling the special conditions in the loan agreement with PCP due to the development of profitability and financial position in the Group. STRAX board and management is working
closely with PCP on a plan to return to compliance of the agreement.
Significant events after the end of the period
Strax Holding GmbH, on July 9, 2024, was notified of a preliminary insolvency proceeding by the court in Bonn, Germany. This initiates a 90-day procedure where the company works together with an administrator to investigate the potential for the business to continue operations as a going concern.
The holding in Strax Holding GmbH has been written down to zero previously in STRAX AB.
“With the divestment of the US assets to Matter Brands we have largely completed the contemplated asset sales
and significantly reduced our interest-bearing debt through those transactions. The task of saving the company
is however not yet completed as we must reduce operating expenses to a bare minimum and improve short-term liquidity, where we are currently evaluating several alternatives.”
Gudmundur Palmason, CEO