Midsummer today presented its interim report for the first quarter of 2019. For the first three months of the year, Midsummer reported net sales of SEK 18.68 million [USD 1.9m; EUR 1.73m] and an operating loss of SEK -4.94 million [USD -513,000; EUR -456,000]. During the first quarter of 2019, the company has focused on developing a new offering to its machine customers, with more favourable payment terms, financed by the green bond issued in April 2019.
Midsummer's revenues for the first three months of 2019 amounted to TSEK 18,688, which can be compared with net sales of TSEK 53,021 for the fourth quarter of 2018.
Operating loss for the first three months of 2019 was TSEK -4,943, which can be compared with operating profit of TSEK 5,037 for the fourth quarter of 2018.
During the quarter Midsummer has worked to develop a new offering for their customers, with more favourable payment terms, financed by the green bond issued in April. This explains the low sales during the quarter.
"Our customers have waited for the outcome of the green bond before making new investments. With the green bond in place, the sales discussions have taken off and reached a new momentum, and we anticipate accelerated sales in the future thanks to these new opportunities", said Sven Lindström, CEO of Midsummer AB.
During the first quarter of 2019, the company worked out a Green Bond Framework, and prepared the Green Bond that was issued at the beginning of the second quarter. It entails a contribution of SEK 200 million to Midsummer's cash, minus issue costs.
The interim report for the first quarter of 2019 shows, among other things, the following important events during the period:
- Net sales for the first three months of 2019 amounted to SEK 18,688 thousand, which can be compared with net sales of SEK 53,021 thousand for the fourth quarter of 2018.
- The operating loss for the first three months of 2019 was TSEK -4,943, which can be compared with an operating profit of TSEK 5,037 for the fourth quarter of 2018.
- Midsummer published a Green Bond Framework with the aim of issuing green bonds, and mandated DNB Markets and Nordea as financial advisors and organizers for this.
- Sven Lindström, Midsummer's CEO and one of its founders, received the THINGS Wall of Fame award, which is awarded each year to a person who has built a large Swedish technology company.