Kebni: Q3-numbers in line

Net sales is lower Y/Y as well as Q/Q following lower sales of maritime antennas to the Israeli customer IAI. As a consequence, EBITDA is now back in the reds. Kebni still has some remaining revenue and cash flow recognition coming from the shipments to Israel. Due to Covid-19 related travel restrictions, the final tests on site have not yet been made. Hopefully this will be resolved in Q4. However, we do not know the amount of these remaining revenues. Also, in this report Kebni has not stated orders received or order backlog.

Total revenues in Q3 were SEK 11m, including SEK 3m of capitalized development costs. Total costs for the period were in line with our estimate and cost items, other than COGS, seem to be basically unchanged Q/Q.

Only minor changes in forecasts and valuation
Q3-number were virtually as expected. However. We had hoped for a little more info on the current business pipeline, e.g. order backlog. We will get back with updated estimates and valuation shortly. Probably no big changes at this point.