Costs
We assume R&D costs to be relatively stable y/y, while we expect an increase in costs of products sold due to the assumed higher share of products sales in the sales-mix. We expect G&A costs to increase by 59% y/y to PLN 2.5m, which should result from business scale-up.
Net profit
We expect a net loss of PLN 0.2m in Q3'23 vs. a net profit of PLN 0.5m in Q3’22. We assume the balance on financing activities at PLN 0m (interest on cash held should balance interest expenses) vs. PLN -0.1m in Q3'22.
Opinion. NEUTRAL. Despite the y/y revenue growth, XTPL is expected to report worse EBIT/net profit y/y, mainly due to increased costs (investment in further revenue scaling). In our view, Q3'23 results have little impact on the company's valuation, and the equity story is largely based on potential
