The Danish-based company revealed its interim report for Q3 2022 registering a revenue increase of 40% in Q3 and a successful DKK 8 million (USD 1.11M) capital raise. Commenting on the results, Martin Løbel, CEO of LED iBond International says:
“I’m thrilled that LED iBond was able to raise DKK 8 million in such a competitive market. I’m also happy to note that we had a 40% rise in topline compared to Q3 of the prior year. For the second consecutive quarter, revenue has increased. The third quarter highlights the significance of the strategic efforts to prioritize our smart building sales operations, where Tracy has a competitive advantage, and secondly to create long-term vertical farming solutions. Since the completion of the strategic review at the end of Q2, we have given increased priority to our targeted marketing activities, and we are continuing to see increased lead generation as a result. I anticipate that having more leads and a larger pipeline will lead to higher sales “.
LED iBond anticipates significant global potential within the emerging vertical farming market. In Q3, the company received an order from an international organization for a pilot vertical mini farm. The first phase of the farm consists of 32 growth light panels covering approximately 17 square meters of the growth area. LED iBond’s revenues increased by TDKK 288 (40%) (USD 40K) in Q3 2022 relative to the same quarter last year. YTD, revenue fell from TDKK 5,008 (USD 696K) in 2021 to TDKK 2,725 (USD 379K) in 2022 because most of the revenue in 2021 was generated by sales to spin-off companies.
The company continues to operate with tight cost control, with further cost reduction initiatives towards the end of the year. Despite a revenue increase in Q3 2022 of 40% compared to Q3 2021, EBITDA decreased by TDKK 2,350 (USD 327K). The reason for this was fewer grants reported, lower capitalization of development costs, and higher cost of sales. Cash flow from operations deteriorated by TDkk 1,753 (USD 244K) primarily due to the development in EBITDA. LED iBond has acquired full ownership of several patent applications from LED Livestock ApS regarding a Teat Cup Steriliser apparatus incorporating UV disinfection.
Image provided by iBond International.
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