Redeye comments on Ferroamp’s Q1 report, in which sales grew 74% y-o-y. Despite Ferroamp operating a scalable business model, EBITDA improved only modestly due to weaker gross margins caused by an unfavourable product mix. Q1 is typically the weakest quarter of the year due to seasonality; however, the ongoing ramp-up with Elvy and Aira should partly offset this, although developments appear to have progressed somewhat slower than expected. On the other hand, Vattenfall’s rollout appears to have advanced faster than planned, which we view positively. The key highlight of the quarter was the secured financing package from SEB and Almi, which should support Ferroamp until positive cash flow is reached.
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