Developing customers

Better cost control than expected

A slew of development orders

Sales lag for now but demand seems high

Revenue lower on later delivery than expected

First eMELT delivery in Q2e

A slow start to an exciting year

Q1: sales SEK 0.82m, adj. EBIT -12m, no deliveries. Q2 to be more eventful, SEK >12m of orders announced. First eMELT in Q2, Saab and UKAEA projects bode well.

Final quarter before eMELT uneventful

Q1'24 results fast comment

Commercialisation within reach

Q1e: one Freemelt ONE delivery, SEK 4.9m sales, SEK -8.8m EBIT. First eMELT-iD sold, time to start converting partnerships to sales. Demand high , according to management – especially for tungsten.

Freemelt - Strong Q3 might encourage new investors

Sales and EBIT beat of 45% and 17% We raise estimates on Q3 numbers and eMELT Positive outlook intact, assuming capital can be raised

Freemelt - EBIT better than expected, but needs capital

Sales and EBIT loss +45% and -17% vs. ABGSCe Lower costs than expected, worse cash flow due to WC Share down 40% YTD, trading at 8x pre-report ‘22e EV/S

Freemelt - The industrial printer arrives

Industrial printer eMELT announced today eMELT to be presented at Formnext 15-18 November First deliveries in late 2023

Freemelt - Q3e in line with Q2

Q3 report due on Wednesday, 9 November We expect results to largely mirror Q2 Worrisome if additional capital is not secured during Q4

Freemelt - CEO Ulric Ljungblad at ABGSC’s Investor Days

We hosted a presentation with CEO Ulric Ljungblad Highlights huge market potential of 3D printing Discusses proactive CEO change

Freemelt - Well-positioned for the next industrial revolution

Early-stage Swedish metal 3D printer manufacturer Estimated sales CAGR of ~43% 2022e-2031e Fair value range of SEK 9-21