Nov. 2, 2023 - Fiven ASA has released third quarter results 2023 with highlights as below:
1. The total revenues in Q3 2023 reached EUR 34.5m representing a reduction of -23.2% versus Q3 2022. This is sequentially down from the reported EUR 40.7m in Q2 2023.
2. The adjusted EBITDA was EUR 9.7m, versus EUR 14.0m in Q3 2022 (-30.7%). Q2 2023 Adjusted EBITDA was EUR 12.4m.
3. With weaker market conditions for all silicon carbide players, Fiven sales are in line with the market trends for core products but continue to stay above 2022 performance on customized products. EBITDA margins remain healthy.
4. Cash Flow from Operations reached EUR 9.3m compared with EUR 16.4 Q3 LY.
5. The cash balance ended at EUR 27.5m, up from reported EUR 18.9m at year end 2022 and EUR 1.8m higher than last quarter end.
6. The September 30 leverage ratio stood at 0.98.
In an environment marked by heightened geopolitical tensions, disruptions in European energy supply chains, and a macroeconomic climate overshadowed by rising interest rates and inflation, Fiven has demonstrated flexibility and determination. The Group's firm use of its two-pillar strategy demonstrates its ability to navigate different economic challenges and underpins its continued success in different markets. With confidence in its strategic execution, Fiven is well positioned to maintain strong financial results even in the current market uncertainties.
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