Read the latest Asetek One-pager following the Q3 2024 results and announcement of a new planned rights issue in connection with the scale-up of Sim-Sports. Following recent changes to the liquid cooling market, with new Chinese entrants, and a larger client insolvency, Asetek’s renewed mid-term ambitions are for liquid cooling revenues around USD 50m, with an EBITDA margin >25%, and continued development of SimSports revenues to around USD 50m, with a positive (single-digit) EBITDA margin. To reach the scale-up in SimSports Asetek expects financing needs of around USD 20m, as positive cash flows from liquid cooling are not fully sufficient and is the foundation for the rights issue.

Asetek announced a new rights issue in connection with its Q3 2024 results, expected to raise around USD 15m in gross proceeds. The rights issue is to meet the investment needs necessary to meet Asetek’s revised medium-term financial ambitions, and particularly the development of its SimSports activities.

Asetek announced a new partner agreement with a US-based racing simulator reseller Podium 1. Asetek reports expected revenues from the partnership of around USD 1.5m in Q4 2024. The news follows a series of newsflow this week including the announcement of another distribution agreement with Australian-based Pagnian Imports, with expected revenues of USD 0.5m in Q4 2024.

Asetek signs a new distribution agreement with sim racing specialist Pagnian Imports for Australia and New Zealand. The agreement is expected to lead to SimSports revenue of USD 0.5m in Q4 2024, and is part of its broader multi-channel go-to-market strategy within SimSports. However, Asetek maintains its guidance following the news, for full-year 2024 SimSports revenues of USD 10-11m, and liquid cooling revenues of USD 42-44m. The news follows an announcement earlier this week of a new license agreement within SimSports with a major console manufacturer, to expand its product access beyond PC to include console gamers.

Asetek, a manufacturer of high-end gaming hardware for liquid cooling and Sim-racing, announced it has entered a license agreement with a global console manufacturer, currently non-disclosed. Asetek expects the first SimSports products for console will be ready to launch next year, in H2 2025, according to CEO André Sloth Eriksen. The agreement is part of a broader multi-channel go-to-market plan to accelerate growth in SimSports.

Read the latest Asetek One-pager following the Q2 2024 results. Asetek maintains its reinstated guidance from 01.07.2024, as the company continues to face broader and idiosyncratic market challenges. Asetek maintains expectations for growth of 40-60% in its SimSports activities, profitability within liquid cooling, and finalisation of its new HQ.