Fiven ASA Reports First Quarter Results 2024

Fiven ASA has announced its financial results for the first quarter of 2024. Total revenues reached EUR 35.2 million, showing a sequential decline of 1.4% from Q4 2023 and a decrease of 13.1% compared to Q1 2023. Customized products demonstrated resilience against the current market conditions.

The adjusted EBITDA for Q1 2024 was EUR 10.5 million, an increase from EUR 9.6 million in Q4 2023, but lower than the EUR 13.0 million in Q1 2023, which was historically the strongest Q1 result for Fiven.

Cash flow from operations was reported at EUR -0.1 million, compared with EUR 2.8 million in Q1 last year. This lower cash generation was affected by a one-off change in working capital of EUR -2 million.

The cash balance at the end of the quarter was EUR 29.1 million, a decrease from EUR 33.4 million at year-end 2023, but higher than the EUR 18.6 million reported in Q1 2023. The leverage ratio as of March 31 stood at 2.21.