Etrion Releases Third Quarter 2024 Results

GENEVA, Switzerland, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Etrion Corporation ("Etrion" or the "Company", and, together with its subsidiaries, the "Group") released today its condensed consolidated interim financial statements and related management's discussion and analysis ("MD&A") for the three and nine months ended September 30, 2024.

Q3-24 HIGHLIGHTS

Etrion closed the third quarter of 2024 with an unrestricted cash balance of US$7.1 million and a positive working capital of US$6.5 million.

On September 30, 2024, the Group's Luxembourg subsidiary received an earn-out payment of US$1.2 million. This payment relates to a reimbursement for grid connection costs associated with a former Japanese asset that was sold in 2021.

In September 2024, the Group's Japanese subsidiary realized US$0.2 million in proceeds from the sale of specific permits and rights associated with a wind project previously abandoned.         

Management Comments:

Marco A. Northland, the Company's Chief Executive Officer, commented, "The Company going forward will maintain very limited resources and proceed with a windup of the Company as previously disclosed".

FINANCIAL SUMMARY

 

Three months ended

Nine months ended

US$ thousands (unless otherwise stated)

Q3-24

Q3-23

Q3-24

Q3-23

 

 

 

 

 

Financial performance

 

 

 

 

EBITDA

916

(806)