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  • Sell by alpha (07/11/2023)
    • 5.00 -57.98% by 01/04/2024

    Ngenic sells technical solutions for energy management directly to consumers, via partners, and to B2B customers. Since the IPO in 2021 the company showed good growth, but from very low numbers (should actually not be listed). Sales is mostly product sales (hardware) and does not result in material recurring revenue.

    With its cash burn-rate the company requires new funding. Given the shareholders structure and the company performance I expect this to become expensive. The shares will also dilute from the convertible loan of 10.2Mkr in October 2024 (direct or indirect for repayment).

    Ngenic was on my watch-list for its interesting target market. Changed the rating to sell!