Tekna releases 2021 annual report, sees 22% growth in revenue

April 13, 2022

Luc Dionne, CEO of Tekna, comments on the company’s 2021 performance (Courtesy Tekna)
Luc Dionne, CEO of Tekna, comments on the company’s 2021 performance (Courtesy Tekna)

Tekna Holding AS, Sherbrooke, Quebec, Canada, has released its 2021 annual report, recording revenue of CAD $26.8 million, up from CAD $22 million in 2020, representing a 22% growth.

Luc Dionne, CEO of Tekna, commented, “2021 was a transformational year for Tekna Holding, marked by the listing of the company, major contracts awarded by industry-leading international companies such as LG Chem and Airbus, and the initiation of a multi-million-dollar capacity increase programme to deliver on accelerating growth. We closed the year with a record-high order intake of CAD 20 million, which provides us with great momentum going into the new year.”

EBITDA was CAD -$8.7 million compared with CAD $0.3 million in 2020. Adjusted EBITDA net of non-recurring charges was CAD -$4.6 million in 2021 compared to CAD $2.2 million in 2020. Tekna had a loss for the period of CAD $14.1 million, compared to a loss of CAD $5.3 million in 2020. Profit from continuing operations in 2021 was CAD -$12.5 million (CAD -$8.3 million adjusted for non-recurring expenses) compared to CAD -$2.9 million in 2020.

Net cash from operating activities was CAD -$13.9 million in 2021, compared with CAD $1.8 million in 2020, with higher operating costs and non-recurring charges being the main contributors. Net cash used for investing activities in 2021 was CAD $28.4 million, reflecting the purchase of shares in subsidiaries and investments in property, plant and equipment as well as intangible assets. Net cash from financing activities is mainly related to the issue of new shares and repayment of debt owed to a shareholder.

“Taken together, the events of 2021 marked the start of a new and exciting chapter for Tekna, propelling us forward in our vision of taking a leadership position in three multi-billion-dollar markets: Additive Manufacturing, Printed Electronics and Energy Storage,” Dionne added. “We will do so while stepping up our sustainability efforts. To this end, we have produced our first sustainability report. The report describes our approach and performance on our most material environmental, social and governance issues for the 2021 financial year. It is an important step in making our work on sustainability more transparent, in line with reporting standards, and more importantly, relevant to the world.”

The company also published its 2021 Sustainability Report. Both reports are available via the company website.


Luc Dionne, CEO of Tekna, comments on the company’s 2021 performance (Courtesy Tekna)

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