Alvotech Reports Financial Results for the First Nine Months of 2024

GlobeNewswire11-14 05:05

Total Revenues in the first nine months of 2024 increased by $300 million compared to same period in 2023, to $339 million, with Q3 revenues contributing $103 million Product revenues in the first ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlvotech Reports Financial Results for the First Nine Months of 2024\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-14 05:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/alvotech-reports-financial-results-first-210500240.html><strong>GlobeNewswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Total Revenues in the first nine months of 2024 increased by $300 million compared to same period in 2023, to $339 million, with Q3 revenues contributing $103 million\nProduct revenues in the first ...</p>\n\n<a href=\"https://finance.yahoo.com/news/alvotech-reports-financial-results-first-210500240.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://finance.yahoo.com/news/alvotech-reports-financial-results-first-210500240.html","article_id":"2483865388","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/TBXyZWnxswZ8Dw4HDKF8NQ--~B/aD0zNjQ7dz0xMDQ1O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/globenewswire.com/8a0f73734c0720ca8ced92018fd212e7"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483865388","pubTimestamp":1731531900,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Total Revenues in the first nine months of 2024 increased by $300 million compared to same period in 2023, to $339 million, with Q3 revenues contributing $103 million. Product revenues in the first nine months of 2024 increased over four-fold compared to the same period last year, to $128 million, with Q3 product revenues contributing $62 million. License and other revenues for the first nine months of 2024 increased by $203 from the same period last year, to $211 million, with Q3 license and other revenues contributing $41 million. Adjusted EBITDA was $87 million in the first nine months of 2024, compared to negative  million for the same period last year, with Q3 adjusted EBITDA contributing $23 million. Marketing applications were accepted in Europe for biosimilar candidates to Prolia/Xgeva  and Simponi  and Alvotech initiated a confirmatory clinical study for AVT16, a biosimilar candidate to Entyvio . Alvotech announced the initiation of a confirmatory patient study for AVT16, a pr","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"Alvotech报告2024年前9个月财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ALVO":1,"F":1,"FR":1,"MAA":1,"ALVOW":0.9},"content_text":"Total Revenues in the first nine months of 2024 increased by $300 million compared to same period in 2023, to $339 million, with Q3 revenues contributing $103 million\nProduct revenues in the first nine months of 2024 increased over four-fold compared to the same period last year, to $128 million, with Q3 product revenues contributing $62 million\nLicense and other revenues for the first nine months of 2024 increased by $203 from the same period last year, to $211 million, with Q3 license and other revenues contributing $41 million\nAdjusted EBITDA was $87 million in the first nine months of 2024, compared to negative ($225) million for the same period last year, with Q3 adjusted EBITDA contributing $23 million\nMarketing applications were accepted in Europe for biosimilar candidates to Prolia®/Xgeva® (denosumab) and Simponi (golimumab) and Alvotech initiated a confirmatory clinical study for AVT16, a biosimilar candidate to Entyvio® (vedolizumab)\nAlvotech will conduct a business update conference call and live webcast on Thursday, November 14, 2024, at 8:00 am ET (13:00 GMT)\n\nAlvotech (NASDAQ: ALVO, or the “Company”), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today reported unaudited financial results for the first nine months of 2024 and provided a summary of recent corporate highlights.\n“We are delighted by the results in the quarter and the first nine months of 2024.  The third quarter marked our second consecutive quarter with positive adjusted EBITDA and operating profit. Not only did we see growth in product revenue compared to the previous quarter, but we also experienced a more than doubling of product gross margins, primarily due to improved utilization and scale at our manufacturing site,” said Robert Wessman, Chairman and CEO of Alvotech. “We are also pleased with the steady progress of our pipeline, which included multiple filing acceptances in Europe and the initiation of our confirmatory clinical study for AVT16, our proposed biosimilar to Entyvio. The continued execution of our research and development activities not only contributes to our topline through milestone revenues but also provides further opportunities for the company to grow and diversify in the future.”\nProduct development highlights\nAlvotech announced that the European Medicines Agency (EMA) accepted a Marketing Authorization Application (MAA) for AVT03, a proposed biosimilar to Prolia® and Xgeva® (denosumab) and an MAA for AVT05, a proposed biosimilar to Simponi® (golimumab). For European markets, Alvotech has partnership agreements for commercialization of AVT03 with STADA and Dr. Reddy’s Laboratories and for AVT05 with Advanz Pharma.  \nAlvotech announced the initiation of a confirmatory patient study for AVT16, a proposed biosimilar to Entyvio® (vedolizumab). Entyvio, which generated approximately $5.4 billion in global sales in the twelve months until June 30, 2024 [1], is used to treat ulcerative colitis and Crohn’s disease [2].\nAlvotech and Teva Pharmaceuticals announced that the U.S. FDA has approved a new presentation of SELARSDI™ (ustekinumab-aekn), a biosimilar to Stelara® (ustekinumab), in a 130 mg/26 mL single-dose vial for intravenous infusion. This approval also expands SELARSDI's label to include treatment for adults with Crohn’s disease and ulcerative colitis, aligning it with the reference product's indications. The U.S. launch of SELARSDI is expected in February 2025.\nSummary of the Financial Results for First Nine Months of 2024\nCash position and sources of liquidity: As of September 30, 2024, the Company had cash and cash equivalents of $118.3 million. In addition, the Company had borrowings of $1,028.2 million, including $22.2 million of current portion of borrowings.\nProduct Revenue: Product revenue was $128.0 million for the nine months ended September 30, 2024, compared to $29.8 million for the same nine months of 2023. Revenue for the nine months ended September 30, 2024, consisted of product revenue from sales of AVT02 in select European countries and Canada, launch of AVT02 in the U.S., and launch of AVT04 in Canada, Japan and select European markets.\nLicense and Other Revenue: License and other revenue was $210.5 million for the nine months ended September 30, 2024, compared to $8.2 million for the same nine months of 2023. The license and other revenue of $210.5 million was primarily attributable to the recognition of a $6.6 million research and development milestone due to the approval of AVT04 in Europe, $16.8 million relative to research and development milestone due to the commencement of a clinical phase for the AVT16 program, $22.3 million due to the MAA submission for AVT03 and AVT06, and $95.6 million due to the Confirmatory Efficacy and Safety (CES) trial completion of AVT03 and AVT05. This also included $41.1 million of performance milestone relative to the product launch of AVT04 in Japan and Europe, the achievement of sales target of AVT02 in Europe and Canada, and the product launch of AVT02 in the U.S., and a net milestone revenue of $26.4 million for the execution of out-license contracts during the nine months ended September 30, 2024.\nCost of product revenue: Cost of product revenue was $105.0 million for the nine months ended September 30, 2024, compared to $104.4 million for the same nine months of 2023, as a result of sales in the period, including the launch of AVT02 in the U.S., AVT04 in Canada, Japan and select European countries tempered by lower production-related charges and lower costs associated with FDA inspection readiness.\nResearch and development (R&D) expenses: R&D expenses were $131.1 million for the nine months ended September 30, 2024, compared to $152.8 million for the same nine months of 2023. The decrease was primarily driven by a one-time charge of $18.5 million relating to the termination of the co-development agreement with Biosana for AVT23 recognized during the nine months of 2023, a decrease of $4.3 million primarily related to programs which have completed clinical phase (i.e., AVT02 and AVT04 programs), a decrease of $6.0 million related to programs for which the clinical phase is substantially completed (i.e. AVT03, AVT05, and AVT06), and overall lower headcount and other R&D expenses of $11.4 million, partially offset by a $17.4 million increase in direct program expenses mainly due to AVT16 that is in clinical phase.\nGeneral and administrative (G&A) expenses: G&A expenses were $46.4 million for the nine months ended September 30, 2024, compared to $58.6 million for the same nine months of 2023. The decrease in G&A expenses was primarily attributable to $6.6 million in lower third-party services, lower insurance premiums and less headcount, coupled with a $4.6 million decrease in expenses for share-based payments.\nOperating profit: Operating profit was $56.2 million for the nine months ended September 30, 2024, compared to ($277.7) million for the same nine months of 2023. The increase of $333.9 million was primarily attributable to the sharp increase in total revenues due to a combination of expansion of our product launches and milestones recognition for advancing our product through our pipeline and achieving contractual sales targets. This is coupled with a decrease in operating expenses driven by continuing efforts by the Company to scale and rationalize operations.\nShare of net loss of joint venture and loss on interest in joint venture: In June 2024, Alvotech sold its share in the joint venture for gross proceeds of $18.0 million (less $1.3 million in transaction costs). The sale resulted in a net loss of $3.0 million during the nine months ended 30 September 2024.\nFinance income: Finance income was $79.1 million for the nine months ended September 30, 2024, compared to $46.4 million for the same nine months of 2023. Finance income for the nine months ended September 30, 2024, was primarily attributable to the change in fair value of the Tranche A Conversion Feature of the 2022 Convertible bonds impacted by the bond holders exercising their right to conversion into ordinary shares on the last scheduled conversion date prior to maturity, which was July 1, 2024. The Finance income for the nine months ended September 30, 2023, was mainly attributable to a favorable change in fair value of the Predecessors Earn Out shares.\nFinance costs: Finance costs were $237.7 million for the nine months ended September 30, 2024, compared to $107.8 million for the same nine months of 2023. The Finance costs for the nine months ended September 30, 2024, were primarily comprised of a $107.3 million change in fair value of the Predecessors Earn Out shares, which was negatively impacted by the increase in the Company's share price during that period, and by interest charges on outstanding debts of $115.0 million. .\nExchange rate differences: Exchange rate differences resulted in a gain of $1.7 million for the nine months ended September 30, 2024, compared to a gain of $0.9 million for the same nine months of 2023. The change was primarily driven by the movements in the exchange rate of the dollar against other currencies, predominantly Icelandic krona and euros.\nLoss on extinguishment of financial liabilities: On June 7, 2024, the Company entered into a $965.0 million Facility, maturing in July 2029, that was funded in July 2024. Upon the closing of the Facility, the Company was required to settle its existing debt obligations. In parallel, the Company announced that all holders of the Tranche A and some holders of the Tranche B of the 2022 Convertible Bonds exercised their right to conversion into ordinary shares at the fixed conversion price of $10.00 per share on the last scheduled conversion date prior to maturity, which is July 1, 2024. Similarly, some holders of the Aztiq Convertible Bonds decided to exercise similar conversion right into ordinary shares at the same conversion price. A loss on extinguishment of financial liabilities of $69.0 million related to the refinancing of existing debt obligations, including the conversion of the 2022 Convertible Bonds and Aztiq Convertible Bonds, was recorded during the nine months ended September 30, 2024.\nIncome tax benefit: Income tax benefit was $8.2 million for the nine months ended September 30, 2024, compared to a benefit of $67.1 million for the same nine months of 2023. The decrease in benefit was mainly driven by a decrease of $61.1 million in deferred tax credit corresponding to lower operating losses and a $4.2 million decrease in foreign currency impact on the strengthening of the Icelandic Krona against the U.S. Dollar, increasing the U.S. Dollar value of Icelandic tax loss carry-forwards that Alvotech expects to utilize against future taxable profits. The decrease in income tax benefit is partly offset by an increase in other permanent differences of approximately $7.0 million.\nLoss for the Period: Reported net loss was $164.9 million, or ($0.63) per share on a basic and diluted basis, for the nine months ended September 30, 2024, compared to a reported net loss of $275.2 million, or ($1.21) per share on a basic and diluted basis, for the same nine months of 2023. As mentioned above, the net loss for the period is heavily impacted by the non-cash fair value charges associated with our derivative liabilities and the impact of the refinancing of the existing debt obligations.\nBusiness Update Conference Call  Alvotech will conduct a business update conference call and live webcast on Thursday, November 14, at 8:00 am ET (13:00 pm GMT). Registration for the conference call and access to the live webcast is found on  https://investors.alvotech.com/events/event-details/q3-2024-earnings, where you will also be able to find a replay of the webcast, following the call for 90 days. \nAbout AVT02 (adalimumab) AVT02 is a monoclonal antibody and has been approved as a biosimilar to Humira® (adalimumab) in over 50 countries globally, including the U.S., Europe, Canada, Australia, Egypt, Saudi Arabia and South Africa. It is currently marketed in the U.S. as SIMLANDI and under private label (adalimumab-ryvk), in Europe as HUKYNDRA, in Canada as SIMLANDI and in Australia as ADALACIP. Dossiers are also under review in multiple countries globally.\nAbout AVT03AVT03 is a human monoclonal antibody and a biosimilar candidate to Prolia® and Xgeva® (denosumab). Denosumab targets and binds with high affinity and specificity to the RANK ligand membrane protein, preventing the RANK ligand/RANK interaction from occurring, resulting in reduced osteoclast numbers and function, thereby decreasing bone resorption and cancer-induced bone destruction [3]. AVT03 is an investigational product and has not received regulatory approval in any country. Biosimiliarity has not been established by regulatory authorities and is not claimed. \nAbout AVT04 (ustekinumab)  AVT04 is a monoclonal antibody and a biosimilar to Stelara® (ustekinumab). Ustekinumab binds to two cytokines, IL-12 and IL-23, that are involved in inflammatory and immune responses [4]. AVT04 has been launched in Canada as JAMTEKI, in the EEA as UZPRUVO, and in Japan as USTEKINUMAB BS (F). It has been approved in the U.S. as SELARSDI (ustekinumab-aekn). Dossiers are also under review in multiple countries globally.\nAbout AVT06/AVT29AVT06/AVT29 is a recombinant fusion protein and a biosimilar candidate to Eylea® (aflibercept) 2 mg and 8 mg dose, which binds vascular endothelial growth factors (VEGF), inhibiting the binding and activation of VEGF receptors, neovascularization, and vascular permeability [5]. AVT06/AVT29 are investigational products and have not received regulatory approval in any country. Biosimilarity has not been established by regulatory authorities and is not claimed.\nAbout AVT16 AVT16 is a human monoclonal antibody and a biosimilar candidate to Entyvio® (vedolizumab). AVT16 is an investigational product and has not received regulatory approval in any country. Biosimiliarity has not been established by regulatory authorities and is not claimed.\nSources [1] IQVIA [2] Entyvio product information[3] Prolia product information[4] Uzpruvo product information[5] Eylea product information\nUse of trademarks Humira is a registered trademark of AbbVie Inc. Stelara is a registered trademark of Johnson & Johnson Inc. Prolia and Xgeva are registered trademarks of Amgen Inc. Elyea is a registered trademark of Regeneron Pharmaceuticals Inc. and Bayer AG. Entyvio is a registered trademark of Millenium Pharmaceuticals Inc.\nAbout Alvotech  Alvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech has launched two biosimilars. The current development pipeline includes nine disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Dr. Reddy’s (EEA, UK and US), Biogaran (FR), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release.\nPlease visit our investor portal, and our website or follow us on social media on LinkedIn, Facebook, Instagram, X and YouTube.\nAlvotech Forward Looking Statements Certain statements in this communication may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements generally relate to future events or the future financial operating performance of Alvotech and may include, for example, Alvotech’s expectations regarding competitive advantages, business prospects and opportunities including pipeline product development, future plans and intentions, results, level of activities, performance, goals or achievements or other future events, regulatory submissions, review and interactions, the potential approval and commercial launch of its product candidates, the timing of regulatory approval, and market launches. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “aim” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the ability to raise substantial additional funding, which may not be available on acceptable terms or at all; (2) the ability to maintain stock exchange listing standards; (3) changes in applicable laws or regulations; (4) the possibility that Alvotech may be adversely affected by other economic, business, and/or competitive factors; (5) Alvotech’s estimates of expenses and profitability; (6) Alvotech’s ability to develop, manufacture and commercialize the products and product candidates in its pipeline; (7) actions of regulatory authorities, which may affect the initiation, timing and progress of clinical studies or future regulatory approvals or marketing authorizations; (8) the ability of Alvotech or its partners to respond to inspection findings and resolve deficiencies to the satisfaction of the regulators; (9) the ability of Alvotech or its partners to enroll and retain patients in clinical studies; (10) the ability of Alvotech or its partners to gain approval from regulators for planned clinical studies, study plans or sites; (11) the ability of Alvotech’s partners to conduct, supervise and monitor existing and potential future clinical studies, which may impact development timelines and plans; (12) Alvotech’s ability to obtain and maintain regulatory approval or authorizations of its products, including the timing or likelihood of expansion into additional markets or geographies; (13) the success of Alvotech’s current and future collaborations, joint ventures, partnerships or licensing arrangements; (14) Alvotech’s ability, and that of its commercial partners, to execute their commercialization strategy for approved products; (15) Alvotech’s ability to manufacture sufficient commercial supply of its approved products; (16) the outcome of ongoing and future litigation regarding Alvotech’s products and product candidates; (17) the impact of worsening macroeconomic conditions, including rising inflation and interest rates and general market conditions, conflicts in Ukraine, the Middle East and other global geopolitical tension, on the Company’s business, financial position, strategy and anticipated milestones; and (18) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents that Alvotech may from time to time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is expressly disclaimed. The recipient agrees that it shall not seek to sue or otherwise hold Alvotech or any of its directors, officers, employees, affiliates, agents, advisors, or representatives liable in any respect for the provision of this communication, the information contained in this communication, or the omission of any information from this communication. \nALVOTECH INVESTOR RELATIONS AND GLOBAL COMMUNICATIONS Benedikt Stefansson, VPalvotech.ir@alvotech.com\n\n\n\nUnaudited Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income or Loss\n\n\nUSD in thousands, except for per share amounts\nNine months ended30 September 2024\nNine months ended30 September 2023\n\n\nProduct revenue\n                128,018\n                29,800\n\n\nLicense and other revenue\n                210,459\n                8,244\n\n\nOther income\n160\n                56\n\n\nCost of product revenue\n                (104,979)\n                (104,437)\n\n\nResearch and development expenses\n                (131,050)\n                (152,813)\n\n\nGeneral and administrative expenses\n                (46,435)\n                (58,558)\n\n\nOperating profit / (loss)\n                56,173\n                (277,708)\n\n\nShare of net loss of joint venture\n                —\n                (3,983)\n\n\nLoss on sale of investment in joint venture\n                (2,970)\n                —\n\n\nFinance income\n                79,079\n                46,383\n\n\nFinance costs\n                (237,683)\n                (107,826)\n\n\nExchange rate differences\n                1,657\n                884\n\n\nLoss on extinguishment of financial liabilities\n                (69,378)\n                —\n\n\nNon-operating loss\n                (229,295)\n                (64,542)\n\n\nLoss before taxes\n                (173,122)\n                (342,250)\n\n\nIncome tax benefit\n                8,225\n                67,076\n\n\nLoss for the period\n                (164,897)\n                (275,174)\n\n\nOther comprehensive (loss)\n \n \n\n\nItem that will be reclassified to profit or loss in subsequent periods:\n \n \n\n\nExchange rate differences on translation of foreign operations\n                1,347\n                (2,648)\n\n\nTotal comprehensive loss\n                (163,550)\n                (277,822)\n\n\nLoss per share\n \n \n\n\nBasic and diluted loss for the year per share\n                (0.63)\n                (1.21)\n\n\n\n\n\n\nUnaudited Condensed Consolidated Interim Statements of Financial PositionUSD in thousands\n\n\n Non-current assets\n30 September 2024\n30 September 2023\n\n\nProperty, plant and equipment\n                255,838\n                236,779\n\n\nRight-of-use assets\n                153,044\n                119,802\n\n\nGoodwill\n                12,201\n                12,058\n\n\nOther intangible assets\n                20,538\n                19,076\n\n\nContract assets\n                28,828\n                10,856\n\n\nInterest in joint venture\n                —\n                18,494\n\n\nOther long-term assets\n                9,524\n                2,244\n\n\nRestricted cash\n                —\n                26,132\n\n\nDeferred tax assets\n                320,369\n                309,807\n\n\nTotal non-current assets\n                800,342\n                755,248\n\n\nurrent assets\n \n \n\n\nInventories\n                125,014\n                74,433\n\n\nTrade receivables\n                77,420\n                41,292\n\n\nContract assets\n                68,128\n                35,193\n\n\nOther current assets\n                43,729\n                31,871\n\n\nReceivables from related parties\n                41\n                896\n\n\nCash and cash equivalents\n                118,274\n                11,157\n\n\nTotal current assets\n                432,606\n                194,842\n\n\nTotal assets\n                1,232,948\n                950,090\n\n\n\n\n\n\nUnaudited Condensed Consolidated Interim Statements of Financial PositionUSD in thousands\n\n\nEquity\n30 September 2024\n30 September 2023\n\n\nShare capital\n                2,825\n                2,279\n\n\nShare premium\n                2,007,784\n                1,229,690\n\n\nOther reserves\n                16,607\n                42,911\n\n\nTranslation reserve\n                (181)\n                (1,528)\n\n\nAccumulated deficit\n                (2,370,742)\n                (2,205,845)\n\n\nTotal equity\n                (343,707)\n                (932,493)\n\n\nNon-current liabilities\n \n \n\n\nBorrowings\n                1,005,940\n922,134\n\n\nDerivative financial liabilities\n                182,361\n                520,553\n\n\nLease liabilities\n                140,762\n                105,632\n\n\nContract liabilities\n                85,502\n                73,261\n\n\nDeferred tax liability\n                1,541\n                53\n\n\nTotal non-current liabilities\n                1,416,106\n                1,621,633\n\n\nCurrent liabilities\n \n \n\n\nTrade and other payables\n                57,720\n                80,563\n\n\nLease liabilities\n                11,584\n                9,683\n\n\nCurrent maturities of borrowings\n                22,217\n                38,025\n\n\nLiabilities to related parties\n                1,387\n                9,851\n\n\nContract liabilities\n                16,024\n                59,183\n\n\nTaxes payable\n                1,106\n                925\n\n\nOther current liabilities\n                50,511\n                62,720\n\n\nTotal current liabilities\n                160,549\n                260,950\n\n\nTotal liabilities\n                1,576,655\n                1,882,583\n\n\nTotal equity and liabilities\n                1,232,948\n                950,090\n\n\n\n\n\n\nUnaudited Condensed Consolidated Interim Statements of Cash Flows\n\n\nUSD thousandsCash flows from operating activities\nNine months ended30 September 2024\nNine months ended30 September 2023\n\n\nLoss for the period\n                (164,897)\n                (275,174)\n\n\nAdjustments for non-cash items:\n \n \n\n\nDepreciation and amortization\n                23,146\n17,485\n\n\nChange in allowance for receivables\n                —\n                18,500\n\n\nChange in inventory reserves\n                (3,531)\n                —\n\n\nShare-based payments\n                7,881\n                15,199\n\n\nLoss on disposal of property, plant and equipment\n                184\n                323\n\n\nLoss on sale of interest in joint venture\n                2,970\n                —\n\n\nShare of net loss of joint venture\n                —\n                3,983\n\n\nFinance income\n                (79,079)\n                (46,383)\n\n\nFinance costs\n                237,683\n                107,826\n\n\nExchange rate difference\n                (1,657)\n                (884)\n\n\nLoss on extinguishment of financial liabilities\n                69,378\n                —\n\n\nIncome tax benefit\n                (8,225)\n                (67,076)\n\n\nOperating cash flow before movement in working capital\n                83,853\n                (226,201)\n\n\nIncrease in inventories\n                (47,050)\n                (10,525)\n\n\n(Increase) / decrease in trade receivables\n                (36,128)\n                11,027\n\n\n(Decrease) / increase in liabilities with related parties\n                (8,367)\n                15\n\n\n(Increase) / decrease in contract assets\n                (50,907)\n                2,031\n\n\nIncrease in other assets\n                (9,853)\n                (15)\n\n\nDecrease in trade and other payables\n                (27,937)\n                (566)\n\n\n(Decrease) / increase in contract liabilities\n                (30,474)\n                32,182\n\n\nDecrease in other liabilities\n                (18,721)\n                (21,737)\n\n\nCash used in operations\n                (145,584)\n                (213,789)\n\n\nInterest received\n                97\n                46\n\n\nInterest paid\n                (51,583)\n                (30,582)\n\n\nIncome tax paid\n                (571)\n                (697)\n\n\nNet cash used in operating activities\n                (197,641)\n                (245,022)\n\n\nCash flows from investing activities\n \n \n\n\nAcquisition of property, plant and equipment\n                (24,091)\n                (29,440)\n\n\nDisposal of property, plant and equipment\n                —\n                133\n\n\nAcquisition of intangible assets\n                (1,857)\n                (6,571)\n\n\nRestricted cash in connection with debt extinguishment\n                26,132\n                —\n\n\nProceeds from the sale in joint venture\n                12,000\n                —\n\n\nNet cash generated from (used in) investing activities\n                12,184\n                (35,878)\n\n\nCash flows from financing activities\n \n \n\n\nRepayments of borrowings\n                (745,448)\n                (97,538)\n\n\nRepayments of principal portion of lease liabilities\n                (7,669)\n                (5,838)\n\n\nProceeds from new borrowings\n                900,805\n                244,908\n\n\nTransaction cost from new borrowings\n                (4,236)\n                —\n\n\nGross proceeds from equity offering\n                150,451\n                136,877\n\n\nFees from equity offering\n                (5,812)\n                (4,141)\n\n\nProceeds from warrants\n                4,843\n                6,390\n\n\nStock options exercised\n                76\n                —\n\n\nNet cash generated from financing activities\n                293,010\n                280,658\n\n\nIncrease / (decrease) in cash and cash equivalents\n                107,553\n                (242)\n\n\nCash and cash equivalents at the beginning of the year\n                11,157\n                66,427\n\n\nEffect of movements in exchange rates on cash held\n                (436)\n                2,130\n\n\nCash and cash equivalents at the end of the period\n                118,274\n                68,315\n\n\n\n Attachment \n\n Presentation Q3 2024","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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