STOCKHOLM, SWEDEN / ACCESSWIRE / August 30, 2024 / STRAX (STO:STRAX)(FRA:NOBC) STRAX has been navigating through very challenging times and finding ways to save the company, if we are able to complete these activities and stabilize, we are then hopeful to be able to use the experience and upside assets to rebuild the company going forward.
The Group's sales for the period January 1 - June 30, 2024, amounted to MEUR 6.5 (16.6) with a gross margin of -64.0 (36.1) percent.
The Group's result for the period January 1 - June 30, 2024, amounted to MEUR -2.7 (-6.7) corresponding to EUR -0.2 (-0.11) per share.
EBITDA from remaining operations for the period January 1 - June 30, 2024, amounted to MEUR -2.4 (-3.8).
Equity as of June 30, 2024, amounted to MEUR -76.1 (-12.2) corresponding to EUR -0.63 (-0.10) per share.
As of June 30, 2024, STRAX is not fulfilling the special conditions in the loan agreement with PCP due to the development of profitability and financial position in the Group. STRAX board and management is working closely with PCP on a plan to return to compliance of the agreement.
Significant events after the end of the period
Strax Holding GmbH, on July 9, 2024, was notified of a preliminary insolvency proceeding by the court in Bonn, Germany. This initiates a 90-day procedure where the company works together with an administrator to investigate the potential for the business to continue operations as a going concern.
The holding in Strax Holding GmbH has been written down to zero previously in STRAX AB.
"With the divestment of the US assets to Matter Brands we have largely completed the contemplated asset sales and significantly reduced our interest-bearing debt through those transactions. The task of saving the company is however not yet completed as we must reduce operating expenses to a bare minimum and improve short-term liquidity, where we are currently evaluating several alternatives."
Gudmundur Palmason, CEO
For further information
For further information please contact Ingvi T. Tomasson, Chairman and co-founder, STRAX AB, +354 698 2277.
About STRAX
STRAX is a global leader in accessories that empower mobile lifestyles. Our portfolio of branded accessories covers all major mobile accessory brands and categories: Protection, Power, Connectivity, as well as Personal Audio. The remaining own brand is Planet Buddies. We reach a broad customer base, through 70 000 brick and mortar stores around the globe, as well as through online marketplaces and direct-to-consumers.
Founded as a trading company in 1995, STRAX has since expanded worldwide and evolved into a global brand business. Today we have approximately 26 employees in 6 countries. STRAX is listed on the Nasdaq Stockholm stock exchange.
Divested own brands consist of Urbanista, Gear4, Clckr and RichmondFinch.
This information is information that STRAX is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-08-30 18:37 CEST.
Attachments
Q2 2024
SOURCE: STRAX
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