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Oatly AB (NASDAQ:OTLY) shares jumped as much as 15% in premarket trading on Wednesday following a positively revised EBITDA forecast for 2024.
For the fourth quarter reported on Wednesday morning, the Swedish dairy substitute supplier posted $0.21 loss per share, missing an estimate of $0.06. Meanwhile, $195.07 million in revenue rose $14 million above expectations. Adjusted EBITDA loss for the quarter narrowed to $60.5 million from $65.6 million the year before. The reported gross margin of 15.9% was higher than the 3.2% estimate.
CEO Toni Petersson commented: “Our supply chain is back to being more solid, we have a clear vision for profitability, and we have the liquidity needed to fully finance it. for their growth investments and achieve financial self-sufficiency”. “As such, we believe we are well-positioned to start our offensive in 2023. Our teams will focus on fully capturing the underlying global demand for our products. We are also continuously improving our supply chain.”
He added that the company is set to achieve positively adjusted EBITDA by 2024.
For 2023, management expects constant monetary revenue growth of 23% to 28% and expects gross margins to grow to a high of 20% by the end of the year.
Oatly shares (OTLY) rose 8.25% about an hour before the market opens on Wednesday, slightly reducing the pre-opening gains after the announcement $425 million in new funding commitments.
