Neochim reported BGN 51.5m of revenue in Q3’24, down 30.2% YoY. Domestic market revenue fell 42.5% YoY to BGN 21.2m, while exports decreased 17.7% YoY to BGN 30.2m. At the same time, materials and energy expenses fell slower at 27.7% YoY to BGN 51.0m, personnel expenses fell modestly by 0.3% YoY to BGN 6.6m, while cost of hired services advanced 15.5% YoY to BGN 6.8m. This resulted in Q3’24 EBITDA turning to negative BGN 1.8m, compared to positive BGN 2.3m a year ago. After accounting for the effects of depreciation (BGN 2.3m; -8.4% YoY) and the negligible effect of net financial income (BGN 89k), net loss came at BGN 4.0m (EPS of negative BGN 1.57), compared to a loss of BGN 232k a year ago. 9m 2024 revenue came at BGN 177.5m, down by 19.2% YoY on the back of 11.0% YoY decline in domestic market sales and 25.5% YoY drop in exports. Materials and energy declined 32.1% YoY to BGN 126.8m, while personnel expenses (BGN 20.7m) and hired services (BGN 16.0m) advanced by 5.2% YoY and 9.8% YoY, respectively. Jan-Sept 2024 EBITDA came at BGN 5.5m, compared to negative BGN 15.4m a year ago. Still, after accounting for depreciation of BGN 6.9m, 9m 2024 net income dipped in the red at negative BGN 1.3m (EPS of negative BGN 0.50), compared to negative BGN 23.1m. On the balance sheet, the company maintained a debt-free profile with a net cash position of BGN 27.0m. At the same time, inventory levels declined to BGN 49.1m from 61.0m in the beginning of the year.