Fiven ASA releases first quarter results 2023

2023-05-29

May 26, 2023 - Fiven ASA, the world`s leading producer of silicon carbide has released first quarter results 2023 with highlights as below.

1. The Q1 2023 Total revenues reached EUR 40.5m representing a reduction of -19.4% versus Q1 2022.

2. The adjusted EBITDA was EUR 13.0m, versus EUR 11.9m in Q1 2022 (+9,2%)

3. The EBITDA performance was driven by sustainable growth of the customized products in fast growing end markets in combination with cost reduction effects

4. Cash Flow from Operations reached EUR 2.8m compared with EUR -0.9m Q1 Last Year

5. The cash balance ended at EUR 18.6m, down from EUR 18.9m year end 2022

6. The March 31 leverage ratio stood at 1.01

Fiven's strategy of developing customized products to drive growth in rapidly expanding markets while maintaining sustainability in core and standard applications has consistently resulted in a further increase of 16.0% YoY to customized applications and partial protection from sudden macroeconomic shifts in the core market, especially in the construction market in Europe.