Ekobot enjoyed a very eventful 2022, a year in which the company’s commercial breakthroughs were two of its most important milestones. And since the company also gained a new major strategic shareholder – Dutch venture capital company Navus Ventures – 2022 was all in all a very successful year for Ekobot.
Financial information
October – December 2022
Figures in parentheses refer to the corresponding period for the previous year.
- Net sales during the period totaled SEK 0 thousand (0).
- Net earnings for the period totaled SEK -2,806 thousand (-1,508).
- Earnings per share before dilution totaled SEK -0.69 (-0.64).
- Total assets at the end of the period totaled SEK 31,223 thousand (26,826).
- Cash and cash equivalents at the end of the period totaled SEK 2,943 thousand (9,004).
January – December 2022
Figures in parentheses refer to the corresponding period for the previous year.
- Net sales during the period totaled SEK 214 thousand (0).
- Net earnings for the period totaled SEK -10,410 thousand (-7,067).
- Earnings per share before dilution totaled SEK -3.22 (-3.24).
- Total assets at the end of the period totaled SEK 31,223 thousand (26,826).
- Cash and cash equivalents at the end of the period totaled SEK 2,943 thousand (9,004).
Significant events
October – December 2022
- The issue price for exercising the T02 series warrants was set at SEK 2.57 per share, and with 47% of the program exercised, the company was provided with approx SEK 700 thousand before issue expenses.
- In October, the company concluded a contract with a new customer in the Netherlands for the delivery of Ekobot’s WEAI autonomous weeder for the 2023 growing season.
- On October 23 and with the authorization of Ekobot’s AGM of May 12, 2022, Ekobot’s Board resolved to carry out a targeted emission of 474,934 shares to strategic investor Navus Ventures. The issue price was SEK 5.00 per share, corresponding to a discount of around 4.6 percent compared to the Nasdaq First North Growth Market closing price of October 21, 2022 and a premium of around 58.7 percent compared to the volumetric weighted average price (VWAP) for the company’s shares on Nasdaq First North Growth Market during the period from October 10, 2022 through October 21, 2022. The issue provided the company with SEK 2.4 million before issue expenses.
- In November, the company received official field test results that showed a 6% harvest increase compared to conventional cultivation technology with chemical weed control.
January – September 2022
- In February, the company submitted a patent application to the European Patent Office for a tool carrier unit for autonomous agricultural vehicles.
- Ekobot signed letters of intent with three customers in the Netherlands.
- The company received an initial order for a pilot installation for a customer in the Netherlands.
- Ekobot has received an initial order for a pilot installation with one of Sweden’s biggest vegetable growers.
- In April, the company was awarded project support of approx SEK 5.7 million from the Swedish Board of Agriculture.
- An extraordinary shareholders meeting held on April 21 resolved to conduct a proposed share issue.
- A rights issue was concluded on May 19, providing the company with SEK 9.3 million before issue expenses.
- Almi Företagspartner Mälardalen continued to show confidence in the company and granted a SEK 2 million green loan.
- The first indicative results from the year’s field trials in Sweden were obtained in July. The results show that Ekobot’s agricultural robot WEAI (autonomous weeder) greatly reduces the need for chemicals while also providing the farmer with the ability to increase productivity.
- In August, the company signed an agreement with a new, major Swedish company for the delivery of Ekobot’s WEAI autonomous weeder. Under the agreement, delivery of the order valued at SEK 900,000 will take place during the 2023 growing season.
- In September, Almhaga Gård, the southern Swedish onion producer, carried out a large-scale test of the Ekobot robot in their onion crop.
- On September 23, Ekobot concluded an agreement with Kapitalpartner to support the establishment and growth of field robots in the Danish market.
- Ekobot is one of six companies in Agtech and Food tech selected to represent Sweden and meet American Agtech investors in Silicon Valley during the Nordic-US Food Summit in November this year.
Significant events after the end of the period
- The board resolved, contingent upon subsequent approval by an extraordinary shareholders’ meeting, to carry out a new share issue of no more than 8,564,728 shares with preferential rights for existing shareholders. If fully subscribed, Ekobot will receive share proceeds of around SEK 21.4 million before issue expenses. The issue is subject to around 85% of the subscription rights and guarantees. Also, the board may resolve on an over-allotment issue in the form of a targeted new share issue of no more than SEK 5.4 million on the condition that the rights issue is fully subscribed.
- The company published its strategic goals for 2023.
- In January, the company will sign an agreement with a Swedish customer in the organic vegetable cultivation sector. The agreement concerns a robot system for delivery in time for the 2023 growing season.
The full report is attached as a PDF and is available on the company’s website: https://www.ekobot.se/investors/