Eevia Health Plc Interim Report Q3 - 2022

Eevia Health Plc ("Eevia" or "The Company") is releasing its quarterly financial report for the third quarter of 2022.

Summary of the third quarter 2022 (Q3-22):

  • Adjusted net sales1 grew by 105% from KEUR 560 in Q3-21 to KEUR 1 148 in Q3-22. It was achieved despite a three-week production stop in July 2022 to execute the summer holidays, which was not done in 2021. By including raw material trading revenues of KEUR 730 in Q3-21, net sales decreased by 11%, from KEUR 1 289 in Q3-21 to KEUR 1 148 in Q3-22.
  • The gross profit in Q3-22 came in at KEUR 735, up 432% from KEUR 138 in Q3-21. It constitutes a gross margin2 of 63%, a significant improvement over Q3-21 (25%) and Q2-22 (35%). The improvement stems from multiple factors, including higher production yields from changes in production protocols and efficiency gains from new equipment installations, as well as improved purchase and sales prices. Alongside a favorable high-margin product mix in the third quarter including certain contract manufacturing projects invoiced at 100% margin. Furthermore, Eevia Health has started valorizing several production side streams containing fruit sugars and fibers. This creates new value from divergent product structures1.
  • These valorizations will over time lead to high-volume outputs of new products, which will require business development and penetration of new markets. However, in the short term, these products already have proven sales at moderate volumes. If longer-term high-volume sales can be secured, this will continue to positively impact Eevia's profitability. The comparable gross margin without the above-mentioned effects was approaching 40% in the third quarter.
  • EBITDA in Q3-22 was positive at KEUR 56 compared to KEUR -750 in Q3-21 and KEUR -70 in Q2-22, an improvement of KEUR 806 and KEUR 126, respectively. The improvement stems mainly from improved gross profit.
  • The net result for Q3-22 was negative with KEUR -377, an improvement of KEUR 503 compared to Q3-21 (KEUR -880).
  • The net result in Q3-22 was impacted by a non-cash foreign exchange loss of KEUR 211. This was related to the difference in exchange rates between (i) invoiced sales to a major customer denominated in USD and the portion of the payment for such sales which is paid by way of set-off against (ii) historic customer prepayments, registered at a different exchange rate. Due to an accounting error, the non-cash loss has been accrued since the third quarter of 2021, with no part of the loss being related to Q3-22. 116 KEUR of the total stems from 2021 and is booked under financial items, and the rest is booked as a reduction of net sales revenues. In addition to these items, interest, and fees on a bridge financing from June 2022 led to the total net financial items at KEUR -226. Eevia has since July amended the accounting treatment of said sales receivables linked to prepayments in other currencies, such that an immediate set-off against customer prepayments denominated in USD is conducted at the time of issuing the invoice. This will avoid artificial foreign exchange gains or losses on these elements going forward.
  • Cash flow from operations was negative with KEUR -280, driven by a build-up of inventory for customer delivery in early Q4. This was still an improvement compared to the negative cash flow of KEUR -431 in Q3-21 and KEUR -1 095 in Q1- 22, but below the positive cash flow from operations in Q2-22 (KEUR 12).
  • In September, Dr. Tommi Kilpeläinen (Ph.D. Pharm.) was recruited as the Scientific Product Manager and joined the Management Team first week in October. The recruitment of Dr. Kilpeläinen strengthens Eevia's rejuvenated strategic focus on cellular recycling and product positioning in global markets for its ingredients.
  • The company completed a fully subscribed rights issue following the end of the quarter, raising MSEK 21.6 to fund working capital for continued growth and organizational development. The funds raised to puts the company in a favorable position to execute its ambitious growth plans into 2023.
  • Eevia launched Feno-Cerasus™ Organic, a new ingredient for cognitive health extracted from Tart Cherry, during the third quarter, with the first order to the US received in November.

For additional information, please contact:

Stein Ulve, CEO
Eevia Health Plc
Mobile: +358 400 22 5967
Email: [email protected] 

This disclosure contains information that EEVIA HEALTH PLC is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on November 25, 2022.


Eevia Health Plc, founded in March 2017, addresses significant health problems with bioactive compounds extracted from plant materials. The materials are primarily wild harvested from the pristine Finnish and Swedish forests near or above the Arctic Circle. The extracts are sold B2B as ingredients to dietary supplements and food brands globally. These global brands utilize the ingredients in their consumer product formulas.

Eevia Health is a manufacturer of 100% organically certified plant extracts. Although a significant product, Elderberry extract, is made from cultivated berries, most of Eevia's other raw materials, such as bilberry, lingonberry, chaga-mushroom, and pine bark, are wild-harvested in a sustainable fashion.

Eevia Health operates a modern green-chemistry production facility in Finland. Manufacturing natural ingredients near the raw material harvest areas, Eevia offers a short value chain with an environmentally friendly carbon footprint, competitive pricing, and extreme transparency. Eevia listed its shares at Spotlight Stock Market in Sweden in June 2021, with the short name EEVIA.

To learn more, please visit or follow Eevia Health on LinkedIn @EeviaHealth. 

Eevia Health Plc received small initial sales order for Feno-Sambucus™ from Australia

Eevia Health ("Eevia" or "The Company") received a start order for the Feno-Sambucus™ worth SEK 110 000 from its Australian distributor Ingredient Plus. The order is a new start order for an Australian brand owner.

Eevia Health Plc receives a 445 KSEK / 41 KEUR sales order for a Bilberry extract product

Eevia Health Plc's ("Eevia" or "The Company") has received a 41 KEUR sales order for Bilberry extract from its distributor in France Natural Ingredients.

Eevia Health Plc commissions new analytical equipment for analyzing anthocyanins and polyphenols

Eevia Health has commissioned a new High-Performance Liquid Chromatography (HPLC) analytical equipment from Shimadzu, which significantly increases the capacity to undertake analyses of polyphenols.

Eevia Health Plc receives a renewed Kosher certificate

Eevia Health Plc, ("Eevia" or "The Company"), has re-established its Kosher certification. The Jewish Community of Helsinki has validated Eevia's Kosherization and certified the Kosher and Parve status of the company products.

Eevia Health Plc Interim Report Q3 - 2022

Eevia Health Plc ("Eevia" or "The Company") is releasing its quarterly financial report for the third quarter of 2022.

Eevia announce that the rights issue was fully subscribed

Eevia Health Plc ("Eevia" och "the Company") announces today the outcome of the Rights Issue, whose subscription period ended on November 15, 2022, where a total of 14 376 015 shares, corresponding to 100 percent of the offered shares, have been allocated. 9 233 685 shares (64 percent) were subscribed with subscription rights, and 5 142 330 shares (36 percent) were subscribed without subscription rights, corresponding to 100 percent of the Rights Issue. Through the Rights Issue, the Company will raise proceeds of approximately SEK 21.6 million before deducting costs related to the Rights Issue. No guaranteed commitments have been utilized.  

Eevia Health Plc secured a short-term loan of NOK 2 million

To timely secure raw materials for its recent order intake of large quantities of bilberry products, Eevia Health Plc ("Eevia" or "The Company") has secured a short-term loan of NOK 2 million from its largest shareholder, Betulum AS (Norway).

Eevia Health Plc received its first sales order for its new cognitive health ingredient product, Feno-Cerasus™, made from the tart cherry of SEK 223k

Following a successful exhibition at the Supply Side West trade show in Las Vegas, US, last week, Eevia Health received a start order for its new cognitive health product, the Feno-Cerasus™, for SEK 223k. The new product was launched last week and is a standardized anthocyanin extract from tart cherry (Prunus Cerasus). Eevia Health focuses on the cognitive effects of the latest product, including sleep quality and quantity, memory, stress, and cortisol levels.

Eevia Health Plc received new sales order for Feno-Sambucus™ for the equivalent of c. SEK 34.4 million

Following a successful exhibition at the Supply Side West trade show in Las Vegas, US, last week, Eevia Health ("Eevia" or "The Company") received an order for the Feno-Sambucus™ equaling a revenue of SEK 34.4 million. The order is a new contractual volume section related to a five-year Sales Agreement with a US brand owner. The new section has adjusted prices and terms.

Eevia Health Plc launches a new dietary supplement ingredient, Feno-Cerasus™, for cognitive health at a key industry trade show, Supply Side West in Las Vegas, US

Eevia Health has developed a new plant extract with product benefits for cognitive health and improved sleep. The new product, Feno-Cerasus™, is launched today at a major trade show in Las Vegas, US, the Supply Side West. The new ingredient is a standardized anthocyanin extract from tart cherry (Prunus Cerasus). Eevia Health focuses on the cognitive effects of the new products, including sleep quality and quantity, memory, as well as stress, and cortisol levels.

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