Etrion Releases 2024 Results

GENEVA, Switzerland, March 21, 2025 (GLOBE NEWSWIRE) -- Etrion Corporation ("Etrion" or the "Company", and, together with its subsidiaries, the "Group") released today its annual consolidated financial statements and related management's discussion and analysis ("MD&A") for the year ended December 31, 2024.

2024 HIGHLIGHTS

Etrion closed the year 2024 with an unrestricted cash balance of $6.2 million and positive working capital of $6.2 million.

On September 30, 2024, the Group's Luxembourg subsidiary received an earn-out payment of $1.2 million. This payment relates to a reimbursement for grid connection costs associated with a former Japanese asset that was sold in 2021.

In September 2024, the Group's Japanese subsidiary realized $0.2 million in proceeds from the sale of specific permits and rights associated with a wind project previously abandoned.

Management Comments:

Marco A. Northland, the Company's Chief Executive Officer, commented, "The Company going forward will maintain very limited resources and proceed with a windup of the Company as previously disclosed".

FINANCIAL SUMMARY

 

Three months ended

 

Twelve months ended

 

US$ thousands (unless otherwise stated)

Q4-24

 

Q4-23

 

Q4-24

 

Q4-23

 

 

 

 

 

 

Financial performance from continuing operations

 

 

 

 

EBITDA

(358

)

(1,219