Second quarter 2021 in brief
• Daniel Wedberg took over as CEO of Inzile
• Additional order from Tier Mobility received
• Agreements signed with resellers in the Swedish market
• Inzile qualified for SKR's framework agreement
• Conditional agreement on the acquisition of Spanish QEV Tech Holdings concluded
• Conditional order from Spanish eFashion Championship received
Second quarter 2021 in numbers
• Net sales amounted to MSEK 3.6 (2.0)
• Operating profit (EBIT) amounted to MSEK -28.2 (-11.1)
• The result for the period amounted to MSEK -28.2 (-11.1)
• Earnings per share before and after dilution amounted to SEK -1.42 (-0.85)
First six months 2021 in numbers
• Net sales amounted to MSEK 4.8 (2.0)
• Operating profit (EBIT) amounted to MSEK -47.5 (-21.2)
• The result for the period amounted to MSEK -47.7 (-21.2)
• Earnings per share before and after dilution amounted to SEK -2.44 (-1.66)
Events during the period
Inzile received an additional order for four electric trucks of the model Pro4 from Tier Mobility in Sweden. Inzile had before delivered seven vehicles to the electric scooter company Tier and during the second quarter, another seven vehicles were delivered. As of the summer of 2021, a total of 14 Inzile vehicles are in operation in Tier Mobility's Swedish operations.
Inzile continued its international expansion by establishing a sales company in Germany for the sale of the electric light truck Pro4. The registration of the company is in progress.
Inzile was one of eight bidders who qualified for a framework agreement with Adda Purchasing Center within SKR (Sweden's Municipalities and Regions) regarding procurement of electric work vehicles. The framework agreement, which is worth up to SEK 500 million and is valid for four years, makes it easier for municipalities to procure electric work vehicles.
Inzile made a top recruitment from Scania and hired Daniel Wedberg as CEO with effect from 1 June. Daniel Wedberg had most recently been Director of Strategy and Business Development and reported to Scania's CEO.
In light of the fact that Inzile had intensified its sales and marketing activities in the Swedish and Norwegian markets during the first quarter, the sales channels were expanded to resellers. The purpose was to reach more and new customers and sales are made with the support of Inzile's digital sales platform.
Inzile signed an agreement with West Coast based Mera Maskin AB as a reseller. The agreement followed Inzile's strategic decision to expand its sales channels through partnerships with locally strong players in Sweden and Norway.
Inzile entered a conditional agreement to acquire 50% of the Spanish company QEV Tech Holdings, which is a partner in QEV Technologies. The agreement requires the approval of Inzile's shareholders at Extraordinary General Meeting and the approval of Nasdaq First North Growth Market.
Inzile received an order from the Spanish company eFashion Championship PTE Ltd that includes 96 electric hypercars for competition use. The total order value is EUR 80 million and Inzile will take care of project management of the order, including the purchase of delivery capacity. The order is subject to Inzile's acquisition of 50% of QEV Tech Holdings being approved at Extraordinary General Meeting in Inzile.
Events after the period
The main owner and board member of Inzile, Ragnar Åhgren, was elected Chairman of the Board. Until May 31, 2021, he was CEO of Inzile. Ragnar Åhgren thus succeeded Johan Svärd, who left Inzile's board due to demanding involvement as a partner and board member in other companies.
Following intensive negotiations between Inzile and Spanish QEV Tech Holdings, a revised solution was reached in early August regarding the structural deal presented at the end of June. A conditional agreement was hereby signed, which gives Inzile 80% of the shares in QEV Tech Holdings, which in turn owns 19.64% of QEV Technologies. The agreement is subject to decision at Extraordinary General Meeting in Inzile and that Nasdaq approves the transaction.
For further information, please contact:
Daniel Wedberg, CEO Inzile, email@example.com, +46 70 285 42 55
Peter Wergens, CFO Inzile, firstname.lastname@example.org, +46 73 325 75 04
This information is such that Inzile AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation (MAR). The information was provided by the above contact persons, for publication on August 17, 2021 at 08.00 CET.