Operational report
Airobot Technologies achieved a total revenue of €593,418 in the first half of 2024, of which €564,976 is recognized as sales revenue, and €28,442 is recorded as advance payments under the balance sheet item "liabilities and prepayments".
Sales revenue increased by nearly 20% compared to the first half of 2023.
The company's confirmed order volume for the first half of the year was €669,230, representing a 25% decrease compared to the same period in 2023. The total loss for the first half of the year amounted to €121,123, a decrease of 36.5% compared to the first half of 2023. However, the actual loss was lower, as the advance payments totaling €28,442, which represent future sales revenue, are not reflected in the half-year turnover report. Given the significant decline in the construction market volume during the first half of the year, Airobot’s results can be considered very strong.
Airobot continues to invest and seek opportunities to increase export volumes. To this end, an international sales manager has been added to the team, focusing on the Polish and Central European markets. Additionally, a local representative has been appointed for the Dutch market, tasked with preparing for market entry.
Operational Plans for the Second Half of 2024
Airobot's turnover has steadily increased, even in a declining market. Feedback from the second half of the summer shows the first signs of market activity resuming, and if this trend continues, the primary objective is to prepare for the anticipated growth in 2025.
The company believes that with continuous product development and the ongoing introduction of innovative solutions, it is capable of competing with large international companies in export markets. If markets remain in a downturn for an extended period, the majority shareholder is prepared to finance the ongoing product development with additional working capital.
The company has the option to reduce product development and thereby significantly cut costs. However, considering the current trends and opportunities, this would come at the expense of future growth and would deprive Airobot of the opportunity to grow faster than others when the market recovers.
| Financial Ratios | ||||||
| 01.01.2024 - | 01.01.2023 - | |||||
| 30.06.2024 | 30.06.2023 | |||||
| Sales Revenue | 564 976 | 472 114 | ||||
| Increase of revenue | 20% | 30,0% | ||||
| Net profit (loss) | -121 123 | -190 744 | ||||
| Net profit margin = Net Profit : Sales Revenue *100 | -21,4% | -40,4% | ||||
| Working Capital = Current Assets - Current Liabilities | 75 980 | 37 933 | ||||
| Return of Assets (ROA) = Net Profit : Assets *100 | -18,9% | -25,6% | ||||
| Return of Equity (ROE) = Net Profit : Equity *100 | -37,2% | -93,7% | ||||
| Financial Statements | ||||||
| Statement of financial position | ||||||
| (in Euros) | ||||||
| 30.06.2024 | 31.12.2023 | 30.06.2023 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 113 034 | 318 211 | 263 115 | |||
| Receivables and prepayments | 70 129 | 37 269 | 23 922 | |||
| Inventories | 209 186 | 174 758 | 292 623 | |||
| Total current assets | 392 350 | 530 238 | 579 660 | |||
| Non-current assets | ||||||
| Tangible fixed assets | 95 785 | 98 970 | 98 781 | |||
| Intangible assets | 153 986 | 146 864 | 66 797 | |||
| Total non-current assets | 249 771 | 245 834 | 165 578 | |||
| Total assets | 642 121 | 776 072 | 745 238 | |||
| Liabilities and equity | ||||||
| Liabilities | ||||||
| Current liabilities | ||||||
| Short-term loans | 137 028 | 137 028 | 137 028 | |||
| Payables and prepayments | 179 342 | 192 171 | 404 699 | |||
| Total current liabilities | 316 370 | 329 199 | 541 727 | |||
| Non-current liabilities | ||||||
| Long-term loans | 0 | 0 | 0 | |||
| Total non-current liabilities | 0 | 0 | 0 | |||
| Total liabilities | 316 370 | 329 199 | 541 727 | |||
| Equity | ||||||
| Issued capital | 251 107 | 251 107 | 251 107 | |||
| Share premium | 593 136 | 764 308 | 764 308 | |||
| Other reserves | 2 631 | 230 751 | 230 751 | |||
| Retained earnings (loss) | -400 000 | -851 911 | -851 911 | |||
| Reporting period profit (loss) | -121 123 | 52 619 | -190 744 | |||
| Total equity | 325 751 | 446 873 | 203 511 | |||
| Total liabilities and equity | 642 121 | 776 072 | 745 238 | |||
| Income statement | |||||
| (in Euros) | |||||
| 01.01.2024 - | 01.01.2023 - | ||||
| 30.06.2024 | 30.06.2023 | ||||
| Revenue | 564 976 | 472 114 | |||
| Other income | 6 344 | 7 | |||
| Raw materials and consumables used | -261 150 | -225 753 | |||
| Other operating expenses | -157 608 | -205 775 | |||
| Employee expenses | -229 481 | -211 214 | |||
| Depreciation and impairment loss (reversal) | -32 044 | -14 165 | |||
| Other expenses | -3 873 | -3 114 | |||
| Operating profit (loss) | -112 837 | -187 900 | |||
| Interest income | 10 | 13 | |||
| Interest expenses | -3 464 | -2 857 | |||
| Other financial income and expenses | -4 833 | 0 | |||
| Profit (loss) before tax | -121 123 | -190 744 | |||
| Reporting period profit (loss) | -121 123 | -190 744 | |||
| Statement of cash flows | |||||
| (in Euros) | |||||
| 01.01.2024 - | 01.01.2023 - | ||||
| 30.06.2024 | 30.06.2023 | ||||
| Cash flows from operating activities | |||||
| Operating profit (loss) | -112 837 | -187 900 | |||
| Adjustments | |||||
| Depreciation and impairment loss (reversal) | -32 044 | 14 165 | |||
| Total adjustments | -32 044 | 14 165 | |||
| Changes in receivables and prepayments | -32 860 | 28 573 | |||
| related to operating activities | |||||
| Changes in inventories | -34 428 | -102 809 | |||
| Changes in payables and prepayments | 42 961 | 214 685 | |||
| related to operating activities | |||||
| Interest received | 10 | 13 | |||
| Other cash flows from operating activities | 0 | 0 | |||
| Total cash flows from operating activities | -169 198 | -33 273 | |||
| Cash flows from investing activities | |||||
| Purchase of property, plant and equipment and | -35 980 | -87 200 | |||
| intangible assets | |||||
| Total cash flows from investing activities | -35 980 | -87 200 | |||
| Cash flows from financial activities | |||||
| Interest paid | 0 | -4 052 | |||
| Proceeds from issuing shares | 0 | 0 | |||
| Total cash flows from financial activities | 0 | -4 052 | |||
| Total cash flows | -205 177 | -124 525 | |||
| Cash and cash equivalents at beginning of period | 318 211 | 387 640 | |||
| Change in cash and cash equivalents | -205 177 | -124 525 | |||
| Cash and cash equivalents at end of period | 113 034 | 263 115 | |||
| Statement of changes in equity | |||||||
| (in Euros) | |||||||
| Issued capital | Share | Other | Retained | Total | |||
| premium | reserves | earnings (loss) | |||||
| 31.12.2022 | 251 107 | 764 308 | 230 751 | -851 911 | 394 255 | ||
| Reporting period profit | -190 744 | -190 744 | |||||
| (loss) | |||||||
| Issue of equity | 251 107 | 764 308 | 230 751 | -1 042 655 | 203 511 | ||
| 30.06.2023 | 243 362 | 243 362 | |||||
| Reporting period profit | |||||||
| (loss) | 251 107 | 764 308 | 230 751 | -799 293 | 446 873 | ||
| 31.12.2023 | -121 123 | -121 123 | |||||
| Reporting period profit | |||||||
| (loss) | |||||||
| Other changes in equity | -171 172 | -228 120 | 399 293 | 0 | |||
| 30.06.2024 | 251 107 | 593 136 | 2 631 | -521 123 | 325 751 | ||
Airobot Technologies AS is an indoor climate technology and manufacturing company, distinct for its strong software and air analytics capabilities. Airobot's main product is innovative ventilation devices with demand-driven control algorithms, developed in collaboration with researchers from the University of Tartu and TalTech. The devices are developed, designed and produced in Estonia.
Additional information:
Heiki Aulik
Airobot Technologies AS
Management Board member
Ph: +372 528 3181
E-mail: heiki@airobothome.com