KebNi AB (publ)

Hi, and welcome to this interview with Kebni. You reported your fourth quarter for 2024. And with us to tell us more about this is our CEO Torbjörn Saxmo. Welcome, Torbjörn. Thank you. Torbjörn will start with a short introduction and tell you more about the quarter, and then we will end with a question time. With that, I hand over the sound and picture to you, Torbjörn.

Thank you. We will start by taking a short look at what Kebni is. We are a company that focuses on stabilization, navigation and satellite communication. We have two product areas, satellite communication where we manufacture antennas, satellite antennas for use during movement and we have inertial sensing where we manufacture IMUs, a kind of sensor that measures relative movement. In total, our focus is to measure traffic and build stabilized platforms. We do this mainly to customers in the defense segment, where there are high demands on performance and where the environments are often difficult. Examples of customers are Saab and Epiroc. If we start by looking at the end of 2024, the fourth quarter, we sum up a turnover of 40.4 million. This means that we are increasing by 8% compared to the corresponding period last year. EBITDA falls to 5.2 million, which corresponds to 13%, and the last row 1.6 million, which corresponds to 4%. In total, an operational positive cash flow of 10 million. With that, we can also sum up the whole year 2024 and then we end up with a total of 130.6 million, which is 99% compared to the previous year. A adjusted EBITDA of 14.1 million, which corresponds to 11% and the last row 2 million corresponding 2%. Last year an operational positive cash flow of 7.7 million. If we summarize this and look at the highlights for this year, I think that to begin with, we do not reach the goals we set up two years ago regarding the revenue. But on the other hand, we show that in terms of results, we exceeded the goals we predicted two years ago. And in total, I think it is very positive, because it means that despite the fact that we do not get up in the turnover that we had intended to do, we deliver a result that is better than we thought. And I think both have gone before 2025. Then it is also nice to be able to note that the operating cash flow ended at a positive 7.7 million. During the quarter, we have also started the serial production of Sensation. This is an important step because it means that we can now predict deliveries, we can predict quality and we can take care of the customers in a good and reasonable way. Vi har dessutom skrivit ett avtal med Ace Antenna i Korea där de har valt Sensation som IMU för en Future Soldier lösning som man jobbar på. Det är fantastiskt roligt för det visar också att Sensation är konkurrenskraftig prisprestandamässigt. Finally, we have put down our business in Calix and that will probably strengthen us with 1.8 million per quarter when that cost disappears from our cost. So in summary, I think we are now summing up a strong 2024. End.

Well, I can only agree. It's the first year when you really sell and deliver and you show direct profit. So I think it's exciting. We'll talk more about scalability here in the business later on. But I think we'll start on the revenue side. How did the sales mix look here under Q4? Did you sell any antennas or was it mostly IMUs? Was there any sensation or how did it look here?