Freemelt holding AB (publ) Interim Report Q3 2022

9 Nov 2022 | Regulatory

Freemelt Holding AB (publ), whose groundbreaking solution creates new conditions for rapid growth in 3D printing, is listed on Nasdaq First North Growth Market. The group was first formed 2021-06-17 when Freemelt Holding AB acquired Freemelt AB. There are therefore no comparative figures for the period.

The Group’s key figures

  July-September January-September Full year
(KSEK) 2022 2021 2022 2021 2021
Net sales 8,007 178 23,946 178 302
EBITDA -11,764 -10,350 -35,858 -12,383 -26,899
EBIT -11,768 -10,388 -35,805 -12,421 -26,992
Balance sheet total 298.973 343,652 298,973 343,652 335,382
Equity ratio 97% 98% 97% 98% 97%

Significant events during the period, Q3

  • A Freemelt ONE system has been delivered in accordance with the order received from the University of Maribor, Slovenia.
  • A Freemelt ONE system has been delivered in accordance with the order received from the Georgia Institute of Technology, USA.
  • An order for Freemelt ONE has been received from Carnegie Mellon University, USA.
  • A new patent has been granted for the important ProHeat®technology.

Significant events after the period

  • Daniel Gidlund took up the position as the new CEO on October 3. He replaced the founder Ulric Ljungblad, who on his own initiative left the role of managing director. Daniel Gidlund comes most recently from Sandvik Mining & Rock Solutions, where he has held the role of Vice President Sales, Division Parts & Services. Ulric Ljungblad has taken up the position as CIO, Chief Innovation Officer.
  • The transport damage on previous delivery to the Georgia Institute of Technology is now settled with the insurance company at a full value of 408 KUSD.

CEO words in summary
Freemelt continues to develop as a commercial company, delivering a strong result with sales of approximately SEK 8 million in the third quarter. Summed up to the two previous quarters, sales so far this year are approximately SEK 24 million, which is about the same as Freemelt’s total revenue from the company’s founding in February 2017 until the beginning of 2022.

We have delivered two Freemelt ONE systems during the period, one to Slovenia and another to the USA. We have also received an order for a Freemelt ONE system and been granted a new patent for the important ProHeat®technology during the third quarter. To this can be added that our new CEO Daniel Gidlund has been in place since October 3.

Things are going as planned with the development of the new industrial machine eMELT®, it will be launched at the Formnext trade fair in Frankfurt from 15 to 18 November. eMELT® is being developed for large-scale production with 3D printing, which takes us to a completely new phase as a global supplier of 3D printing solutions and services to industrial customers in selected business verticals. eMELT® is expected to be ready for first delivery to selected key customers by the end of 2023 and it is designed to compete with traditional manufacturing industry in terms of cost, quality, and productivity.

The market for 3D printing in metal is growing strongly and increased by 16 percent in 2021. Market research firm AM Power points out that R&D is the fastest growing market in metal 3D printing, with an estimated annual growth of 37 percent. This is very positive for Freemelt, which via Freemelt ONE has received great recognition from leading universities over the past year. Thus, we see an ever-growing demand for Freemelt ONE both in Europe and in North America.

With Daniel Gidlund as our new CEO, we will continue the commercialization of the company based on the successes we have today and supplement with the development of new products, services, business models and further develop our aftermarket.

Link to the quarterly report (in Swedish)

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Latest update: 2022-11-09