XTPL Q3’23 Results Preview: Anticipating Growth with Neutral Outlook

Q3’23 results preview, due on Nov 22 - Neutral

XTPL is due to publish its results on November 22, 2023. We expect sales to increase y/y and q/q in Q3'23 (on y/y basis driven mainly by higher grants recognized). We expect cost of sales to increase y/y due to an increase in the share of product sales in revenues (in Q3'22, sales of services accounted for part of this line). At the same time, we assume an increase in general and administrative expenses due to the growing scale of operations. The above factors should translate into a y/y decline in EBIT in 3Q'23.

Revenue

We expect revenue to increase by 19% y/y to PLN 4.5m. We are estimating sales of products and services in line with preliminary estimates published by the company, but we assume a much higher share products sale in sales-mix. On the grants line, we assume recognition of about PLN 0.8m in Q3’23, representing about 60% of grants awarded in the period (the remainder should be recognized by the company as deferred income).

 

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