Eevia Health Plc Interim Report Q1 - 2024

The Board and CEO of Eevia Health Plc present the Interim Financial Report for quarter 1, 2024.

Summary of financial development in Q1-2024

Working to regain profitable revenue growth

The year began with net sales landing at KEUR 407, up 28% from KEUR 317 in Q4-23. Still, the sales rate for this quarter were lower than the first three quarters of 2023 and was insufficient to produce positive net results for the quarter with the current cost base. The main reasons for the drop off in sales since first half of 2023 is the halt in orders from our main US customer (almost 75% of turnover in first half 2023). The temporary hold on orders occurred after June 2023 and will resume in 2025. If you look at the underlying sales development excluding this customer, there is growth since the same period last year.

A key hurdle for further sales growth in Q1-24 was that Eevia still experienced sales delays from the external analytical issues in 2023. These issues caused a relabeling of many items from organic to conventional products. To a large extent, the reworked products required new customers at somewhat lower prices and longer sales cycles. The team solved the underlying problem in February with an investment in and installation of new purification assets, allowing the business again to move forward with organic products. However, these challenges caused operational disruptions and required the bulk of management attention away from marketing, sales, distribution support, and other revenue generating actions.

The increase in sales of higher margin products allowed the gross margin in Q1-24 to reach 65%. The revenue level resulted in a gross profit for the quarter of KEUR 263 (65%), KEUR 92 lower than adjusted gross profit Q4-23 of KEUR 355 (63%).

Operational costs in Q1-24

Personnel expenses in Q1-24 were KEUR 240, and Overhead expenses KEUR 249, compared to Q4-23, which had KEUR 293 and KEUR 212, respectively. The sum positive development on the cost side reflects significant management actions to reduce costs and increase production efficiencies. These efforts continue in the second quarter and Eevia is continuously reviewing operations to reduce costs. These efforts are related to direct cost reductions but also to improvement in productivity, throughput, loads, and, hence, cost per kg produced finished goods.

Cash flow and financing

Seeking to gain positive cash flow, Eevia has implemented a strict regime for investments for 2024. Solving the classification issues mentioned previously required limited investments in Q1-24. The challenges also resulted in product returns, reworking and labeling of batches, and delays in order confirmations and deliveries led to increased working capital needs.

Therefore, Eevia found it necessary to take up a short-term loan of KEUR 600 to improve the liquidity, of which KEUR 265 was drawn in cash in Q1-24. Cash flow from operations was negative with KEUR - 254 in Q1-24 compared to positive cash flow of KEUR 115 in Q4-23 and KEUR 162 in Q1-23. The negative development in operating cash flow stems primarily from changes in working capital in the period and negative EBITDA. With a combined effort on revenues and costs, management expects to regain profitability in the second half of 2024.

Financial developments and significant events in the first quarter of 2024

  • Net sales[1] increased to KEUR 407 in Q1-24 from KEUR 317 in Q4-23. However, adjusted for product returns in Q4-23, Net sales decreased from KEUR 560. Compared to Q1-23, net sales were down by KEUR 1 393 from KEUR 1 710.
  • Gross profit in Q1-24 was KEUR 263, a decrease of 26% from KEUR 355 in Q4-23 and 73% from KEUR 989 in Q1-23. The gross margin was 65% in Q1-24, up from 63% in Q4-23 and up from 58% in Q1-23. The improvement since Q4-23 is due to a changing product mix. 
  • EBITDA in Q1-24 was KEUR - 212 compared to KEUR - 148 in Q4-23 and positive KEUR 260 in Q1-23. The reduction in EBITDA between Q4-23 and Q1-23 of KEUR 39 mainly stemmed from higher other incomes in Q4-23.
  • The net result for Q1-24 was negative with KEUR - 487 compared to KEUR - 388 in Q4-23 and KEUR 17 in Q1-23.
  • Cash flow from operations was negative with KEUR - 254 in Q1-24 compared to positive KEUR 115 in Q4-24, and KEUR 162 in Q1-23. The decrease in operating cash flow stems primarily from changes in working capital in the period and negative EBITDA.
  • Eevia is in discussions with a global market leader in vision enhancement and eye-health about a possible collaboration related to the launch of Retinari®, Eevia's game-changing and novel eye-health product.
  • Eevia secured a credit line from three Swedish investors of KEUR 640, of which Eevia drew KEUR 265 in Q1-24.
  • Eevia started negotiations on a contract manufacturing arrangement for 2025 with an option to extend it to 2026 and 2027 with a mid-sized European food company. The parties expect to finalize discussions by the end of the second quarter 2024.
  • Eevia filed the final report to Business Finland for a project awarded a business development grant of KEUR 242 in February 2023. For costs expensed in 2023, Eevia received the payment of the grant in March 2024.

[1] Sales revenues excluding trading revenues.

This disclosure contains information that EEVIA HEALTH PLC must make public according to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication through the contact person's agency on May 22, 2024, at 15: 55 CET.

For further information, please contact:

Stein Ulve, CEO, Eevia Health Plc
Email: [email protected]                                        
Telephone: +358 400 22 5967  


Eevia Health Plc, founded in March 2017, addresses significant health problems with bioactive compounds extracted from plant materials. The materials are primarily wild harvested from the pristine Finnish and Swedish forests near or above the Arctic Circle. The extracts are sold B2B as ingredients in dietary supplements and food brands globally. These global brands utilize the ingredients in their consumer product formulas.

Eevia Health is a manufacturer of 100% organically certified plant extracts. Although a significant product, Elderberry extract, is made from cultivated berries, most of Eevia's other raw materials, such as bilberry, lingonberry, chaga-mushroom, and pine bark, are wild-harvested sustainably.

Eevia Health operates a modern green-chemistry production facility in Finland. Manufacturing natural ingredients near the raw material harvest areas, Eevia offers a short value chain with an environmentally friendly carbon footprint, competitive pricing, and extreme transparency. Eevia listed its shares at the Spotlight Stock Market in Sweden in June 2021, with the short name (ticker) EEVIA.

To learn more, please visit or follow Eevia Health on LinkedIn@EeviaHealth. 

Om Eevia Health

Eevia Health targets health problems with bioactive extracts from plant material. The human body has an incredible ability to restore good health. However, sometimes the body needs active support. Our mission is to support good health and well-being with plant extracts which have scientifically documented health benefits. Eevia Health manufactures and markets organic ingredients from abundant plant material in the Arctic. Our products are targeted against low-grade inflammation, problems in eye and brain health, and metabolic effects. We collaborate with scientists in Finland and abroad to scientifically substantiate the positive effects of ingredients and also to document the safety of use.



Kurs ()
Förändring ()
Marknad Spotlight stock market Kortnamn EEVIA ISIN-kod FI4000496658


Stein Ulve IR-kontakt [email protected]