Realfiction Holding AB announces its Q1 Interim Report for January – March 2023
Realfiction Holding AB (“Realfiction” or the “Company”) announces that the Q1 Interim Report for January – March 2023 is now available. The full report is attached as a separate document and can also be downloaded from the Company’s website (www.realfiction.com/investor-financial-reports). A printed copy can be ordered via investor@realfiction.com. Below is a brief summary of the Q1 Interim Report.
Important key information and figures:
• Successful completion of a first version of an ECHO holographic 3D display in January 2023
• Wow-impact presentations of the first ECHO display to invite-only industry participants
• World premier exhibition of next-gen microLED ECHO proof-of-concept at Display Week, May 2023
• 9% decrease in total revenue Q1, 2023 compared to Q1, 2022
• 10% decrease in gross profit in Q1, 2023 compared to Q1, 2022
• 1% decrease (0.7 points) in gross profit margin in Q1, 2023 compared to Q1, 2022
• Solvency ratio of 80.2% at 31 March 2023 compared to 79.9% at 31 December 2022
During and after the period, Realfiction has experienced the following development in its business:
Project ECHO: Following the completion of our first 17-inch LCD ECHO display in January, and presentations with potential partners from February, we are in continuing discussions with the aim of entering into licensing and/or development agreements. In April, the patentability of ECHO was publicly confirmed for the first time through a notice of allowance in the USA for a patent related to the OLED version. In May, we announced another exciting milestone for ECHO – the world premiere of a next-gen microLED ECHO proof-of-concept display with ferroelectric liquid crystals (FLC) at Display Week 2023 in Los Angeles, USA. While this is merely a 2-inch proof-of-concept display, we have plans to make 85-inch versions with collaboration partners and licensees, and this technology can also be used with OLED technology instead of microLED to shorten the path to mass production.
Sales activities: The sales for our MaaS for Exhibition and Hardware sales segments for the quarter were almost in line with Q1-2022, which we believe is a solid result considering that our ECHO development and commercialization activities has been our key focus during the period. It is pleasing to see that our sales activities continue to support the development of ECHO.
CEO Clas Dyrholm comments: “I am proud of the strong progress that we are making with ECHO, and I sincerely hope that we have conveyed the importance of the recent technology progress, including the next-gen microLED ECHO proof-of-concept display, in a good way to our valued shareholders and the market in general. It is not always easy to get the full story across when working with ground-breaking technology development, NDA’s related to both development and potential commercialization, and capabilities surpassing what is currently available in the market, but we continue to do our best. I look forward to the expected public demonstration of our 17-inch LCD ECHO display later this year. Seeing really is believing when it comes to ECHO.“
We highlight the following key figures from the Q1 Interim Report:
• Revenue: TSEK 2,949 (Q1, 2022: TSEK 3,238)
• Gross profit: TSEK 1,887 (Q1, 2022: TSEK 2,094)
• Gross profit margin: 64.0% (Q1, 2022: 64.7%)
• Result after financial items: TSEK -1,348 (Q1, 20212: TSEK -120)
• Earnings per share: SEK -0.07 (Q1, 2022: 0.02)
• Cash flow from operating activities: TSEK -3,282 (Q1, 2022: TSEK -931)
• Equity: TSEK 73,108 (Q1, 2022: TSEK 72,154)