AALBORG, Denmark, Oct. 18, 2024 /PRNewswire/ -- Asetek is pleased to announce the signing of a partner agreement for its acclaimed sim racing products, the Invicta, Forte, and La Prima lines with Podium 1, the fastest growing turnkey racing simulator builder in the US. Under the agreement, Asetek will recognise approximately $1.5 million of SimSports revenue in the fourth quarter of 2024.

The Podium 1 team has extensive racetrack experience and founded the sim racing business on the desire for more competition, more adrenaline, more thrill that only a track can provide, also during the off-track season. Podium 1's mission is creating sim rigs that not only match but exceed the real-life racing experience.

AALBORG, Denmark, Oct. 15, 2024 /PRNewswire/ -- Asetek is pleased to announce the signing of a license agreement with an undisclosed global console manufacturer. The agreement is a key strategic milestone for Asetek's SimSports business, making the Company's acclaimed sim racing products available to millions of gamers worldwide.

"This is what we have been working hard on to achieve. There is a growing number of sim racers worldwide, and Asetek SimSports will now be able to engage with a significantly larger group of gamers. We made a strategic decision a year ago to seek a license, which will enable us to launch the first products already next year. The agreement also feeds directly into our multi-channel go to market plan and will be a key element in driving the accelerated growth strategy for the SimSports business in coming years," said André Sloth Eriksen, the CEO of Asetek.

AALBORG, Denmark, Oct. 2, 2024 /PRNewswire/ -- Asetek announce the appointment of Maja Sand-Grimnitz as vice president (VP) Brand and Digital, and Henrik Lindskou-Mouritsen as VP Global Sales. They bring extensive experience from commercialization of gaming hardware and international sales to drive deployment of Asetek's acclaimed sim racing products and build on the leading position within Liquid Cooling.

"I am pleased to have both Henrik and Maja join Asetek, further strengthening our commercial focus and enabling increased efficiencies by consolidating the management team in Denmark," said André Sloth Eriksen the CEO of Asetek. "We are positioning for significant growth within SimSports and a changing Liquid Cooling market with more direct end-user dialogue over time and potential to capture material revenue synergies across our two business segments under a strong Asetek brand."

Q2 revenue of $12.7 million compared with $24.5 million in Q2 2023Q2 gross margin of 45%, level with Q2 2023Q2 adjusted EBITDA of $0.2 million, compared with $6.2 million in Q2 2023 SimSports revenue was in line with expectations at $1.7 million in the quarter. Q2 2023 SimSports revenue of $2.4 million was unusually high due to initial shipments to a large resellerFirst-half 2024 revenue of $24.9 million and adjusted EBITDA of $0.2 million, compared with $39.3 million and $8.9 million in first-half 2023, respectivelyGroup revenue expectation updated on July 1 to reflect a decrease of 28% to 32% compared to 2023 with an adjusted EBITDA margin of 1% to 4%Cost reductions initiated which are expected to yield annual cost savings of ~$3 million with full effect from Q1 2025