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Interim Report Asetek A/S – Third Quarter Report 2020 2020 Asetek A/S Assensvej 2 DK9220 Aalborg East Denmark Interim Report Third Quarter and Nine Months Ended September 30, 2020 Published October 23, 2020 Company Registration (CVR) Number 34 88 05 22 Asetek A/S – Third Quarter Report 2020 Highlights Record quarterly revenue of $21.6 million, reflecting growth of 108% over Q3 2019 Gross margin increased to 47% in Q3 and 49% in the first nine months, from 42% in both prior year periods Record quarterly EBITDA adjusted of $5.4 million in Q3 2020, compared with $32,000 in Q3 2019 Year-to-date revenue grew to $44.9 million with EBITDA adjusted of $8.7 million compared with $38.7 million and $3.6 million respectively in 2019 2020 Group revenue expectation updated October 19 to an increase of 25% to 30% to an annual record level, compared with 2019 revenue of $54.3 million Gross margin is expected to increase from 2019 and Asetek expects an income before tax of about $9 to $10 million, up from $1.5 million in 2019 Key figures Nine months ended Figures in USD (000's) Q3 2020 Q3 2019 30-Sep-20 30-Sep-19 2019 Summary P&L: Unaudited Unaudited Unaudited Unaudited Revenue 21,629 10,391 44,900 38,673 54,334 Gross profit 10,067 4,360 21,840 16,285 23,005 Gross margin 46.5% 42.0% 48.6% 42.1% 42.3% Operating income 4,259 (1,207) 5,338 (115) 1,048 Reconciliation from IFRS to EBITDA adjusted: Operating income 4,259 (1,207) 5,338 (115) 1,048 Add: Depreciation and amortization 876 971 2,597 2,917 4,057 Add: Share based compensation 235 268 736 807 1,056 EBITDA adjusted (unaudited) 5,370 32 8,671 3,609 6,161 Liquidity at period end: Working capital 31,409 26,393 31,409 26,393 27,919 Cash and equivalents 26,830 26,261 26,830 26,261 24,505 Long-term debt 2,725 2,905 2,725 2,905 2,774 2 Asetek A/S – Third Quarter Report 2020 Highlights Financial Asetek reported record revenue of $21.6 million in the third quarter of 2020, an increase of results 108% from the same period of 2019. Revenue in the first nine months was $44.9 million representing growth of 16% compared with the same period of 2019. The change from prior year mainly reflects increased shipments of Gaming and Enthusiast products. Gross margin was 47% for the third quarter and 49% for the first nine months, up from 42% in both comparable periods of the prior year. The gross margin increase reflects a richer product mix, higher sales prices for Data center products and Asetek’s business model transition for Gaming and Enthusiast OEMs that customize their liquid coolers. Operating income totaled $4.3 million and adjusted EBITDA was $5.4 million in the third quarter of 2020, compared to operating loss of $1.2 million and adjusted EBITDA of $32,000 in the third quarter of 2019. Operating income in the first nine months was $5.3 million and adjusted EBITDA was $8.7 million, compared with operating loss of $0.1 million and adjusted EBITDA of $3.6 million in the same period of 2019. In April, the Company initiated a share buy-back program to offset employee option grants. Under this program, the Company repurchased a total of 657 thousand shares for a total cost of $4.5 million through to September 30. On October 22, the Company renewed this program with authorization to repurchase shares for an additional $4 million through March 5, 2021. At September 30, 2020, Asetek had working capital of $31.4 million, of which $26.8 million was cash and cash equivalents. Long-term debt totaled $2.7 million. Operations In July, the Company confirmed its collaboration with Hewlett Packard Enterprise (HPE) to deliver its premium data center liquid cooling solutions in HPE Apollo Systems targeting high performance computing and artificial intelligence applications. During the quarter, Asetek announced three new orders in the data center market from existing HPC OEM partners for new high-density clusters. Total value of the orders is approximately $1.6 million, and all are expected to be delivered in the fourth quarter. Asetek began shipping nine new Gaming and Enthusiast products in the third quarter, four of which to a new DIY customer. There was no significant negative impact from the COVID-19 pandemic on revenue, supply chain or overall operations during the quarter. Outlook Asetek revised its full-year 2020 outlook on October 19. As a result of continued strong demand for the Gaming and Enthusiast products, and improvements in supply chain capabilities enabling this demand to be serviced, Group revenue is expected to increase 25% to 30% from 2019 revenue of $54.3 million. This projection corresponds to a revenue range of $67.9 million to $70.6 million, implying a record annual Group revenue for the full year 2020. Gross margin is expected to increase from 2019, and Asetek expects an income before tax of about $9 to $10 million, compared with $1.5 million in 2019. The Company recognizes uncertainty related to potential impact from COVID-19 over time. Any such uncertainty is not included in the expectations for the remainder of 2020. 3 Asetek A/S – Third Quarter Report 2020 2020 Financial review The figures below relate to the consolidated accounts for the third quarter and first nine months of 2020. Beginning in 2020, the Company’s results are reported as one segment. Refer to Note 7 in the Consolidated Interim Financial Statements. The figures are unaudited. Income Statement (Consolidated) Asetek reported total revenue of $21.6 million in Share-based compensation cost associated with the third quarter of 2020, an increase of 108% from warrants and options issued to employees was $0.2 $10.4 million in the third quarter of 2019. Total million and $0.7 million in the third quarter and first revenue in the first nine months of 2020 was $44.9 nine months of 2020 ($0.3 million and $0.8 million million compared with $38.7 million in the same in the respective periods of 2019). period of 2019. Sales unit volumes of sealed loop During the third quarter 2020, the U.S. Dollar, on coolers increased 127% in the third quarter and 17% average, weakened versus the Danish krone. in the first nine months of 2020 when compared Finance expenses included net foreign exchange with the respective periods of 2019. Average selling loss of $0.6 million in the third quarter and of $0.7 price (ASP) per unit in both the third quarter and million in the first nine months of 2020, compared first nine months of 2020 decreased from the prior with a gain of $0.6 million in both respective periods year periods. The above fluctuations reflect of 2019. increased demand in the Gaming and Enthusiast market and Asetek’s ongoing business model Asetek reported income before tax of $3.7 million transition. Shipments under the new model have and $4.6 million in the third quarter and first nine lower ASPs as Asetek delivers only the principal core months of 2020, compared with loss before tax of technology with improved margins, while the $0.6 million and income before tax of $0.6 million customer adds their unique features with ancillary for the respective periods of 2019. components. Currency translation adjustment of positive $1.0 Gross margin improved to 46.5% for the third million and positive $1.1 million is included in other quarter of 2020, from 42.0% in the same period of comprehensive income for the third quarter and 2019. Gross margin for the first nine months of 2020 first nine months of 2020 (negative $0.9 million and was 48.6% compared with 42.1% in the same period negative $1.0 million in the third quarter and first of 2019. The new business model, increased prices nine months of 2019). for Data center products and ongoing cost reductions all contributed to the margin improvement. Total operating expense increased to $5.8 million in the third quarter of 2020 from $5.6 million in the same period of 2019. For the first nine months of 2020, operating expense increased slightly to $16.5 million ($16.4 million). Operating expense in the second quarter of 2019 was reduced by a positive effect of $0.8 million related to a favorable patent litigation settlement. Costs incurred for defense of existing intellectual property (IP) and securing new IP decreased to $0.5 million and $1.7 million in the third quarter and first nine months of 2020 ($0.7 million and $2.0 million in the respective periods of 2019). 4 Asetek A/S – Third Quarter Report 2020 2020 Balance Sheet (Consolidated) Asetek’s total assets at September 30, 2020 Working capital (current assets minus current increased to $59.3 million from $54.1 million at liabilities) totaled $31.4 million at September 30, December 31, 2019. Trade receivables increased by 2020, an increase of $3.5 million from 2019 year- $3.4 million due to higher revenue in the third end. Total cash and cash equivalents was $26.8 quarter compared with the fourth quarter of 2019. million at September 30, 2020. Cash and equivalents increased by $2.3 million. Total liabilities increased by $2.6 million in the first nine months due to higher production volumes in the third quarter.
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