From GlobeNewswire: 2024-05-29 08:50:00

In the first quarter of 2024, Valoe Group reported a decrease in net sales to EUR 0.1 million compared to EUR 0.4 million in 2023. The company’s EBITDA, EBIT, and profit for the period were all negative, with the equity ratio at -41.3% at the end of the reporting period.

Following the restructuring proceedings commenced in January 2024, Valoe secured funding for the duration of the proceedings and is actively negotiating long-term financing solutions. The Administrator must submit a draft restructuring program by 14 June 2024, as the company continues temporary layoffs.

Despite financial challenges, Valoe’s key customers are supporting ongoing projects. The company faces suspension of trading since December 2023, with no major project losses reported. Managing Director Iikka Savisalo emphasizes focus on key client relationships amid restructuring efforts.

Valoe acknowledges challenges in the solar energy market dominated by Chinese manufacturers but remains optimistic about its unique technology. The company is working with automotive suppliers, electronics brands, and space technology companies on innovative projects for potential market expansion in 2024 and beyond.

Risks for Valoe include securing sufficient financing during restructuring proceedings to avoid suspension or bankruptcy. In the face of uncertainties, the company’s future outlook depends on the successful implementation of its restructuring program by June 2024. The annual general meeting is scheduled for the end of June 2024.



Read more at GlobeNewswire:: Valoe Corporation’s Business Review January – March 2024