First North Sweden
Market cap at time of publication:
20, 3 MSEK
Stock price at time of publication:
1,32 SEK
ESGFIRE fair value target price:
Agtech farming robotics


ESGFIRE portfolio company Ekobot, with one of the most advanced farm robots on the market, has presented many interesting developments in the last few months which we will comment on below.

Firstly the company has appointed a new CEO in Jonas Eklind , previously CEO at the cleantech company Azelio. Jonas Eklind began his position at Ekobot on the 1st of September. We are pleased to see Jonas Eklind take the position as CEO as he has great experience from technology based growth companies and industry connections which should prove to be useful. Jonas Eklinds background as a small cap growth CEO fits Ekobots profile well as he has proven to bring companies from the idea stage into revenue generating corporations.

Secondly Ekobot on the 21st of August presented a new and updated sales strategy focusing on selling their products through distributors and achieving a 5 % market share within the EU by 2030 as well as establishing a presence in both the UK and the US.

The newly announced ambitious goals and strategy may , according to Ekobot, possibly lead to a slightly lower robot deliveries in 2024 but the Ekobot believes it will elevate sales significantly in 2025 and onwards. As Ekobot is still a small growth company ESGFIRE believes it’s a wise strategy to use distributors as the main vehicle of sales. The company will however use their own sales force in Sweden. ESGFIRE is of the opinion that it is most likely that the majority of near terms sales will come from Sweden, Denmark and the Netherlands as the company already have established relations in these nations.
From a cost and scale perspective the new strategy is, according to ESGFIRE, a wise approach however the actual success will depend on the chosen distributors ability to deliver sales. It can be risky to outsource your sales results to other actors as your own influence of the actual output will decrease.

Thirdly Ekobot august 25th Ekobot announced the company’s interim report for January to June 2023.
Sales totaled 260 KSEK for the period of January to June 2023. The company’s cash and cash equivalent at the end of June 2023 was roughly 12 million SEK. The company have a big difference in net earnings between Q1 and Q2 as net earnings for Q1 stood at -2,872 KSEK versus -10,964 KSEK for Q2. Due to this large difference we find it difficult to assess what the actual burn rate will be in the coming quarters. However if we assume the coming quarters will have a burn rate of -6918 KSEK (the combined average of Q1 +2) the current cash position shows that the company will need some sort of additional financing within Q4 of 2023. We think Ekobot have financially strong minority owners in Navus Ventures (17,2 % ownership) which could prove useful in the event of a future share issue.

We remain confident in the potential for Ekobot as our opinion is that they still hold a technological advantage in comparison to their competitors and we stand by our opinion of a fair value of 5 SEK per share as we presented in our previous article published in Börsvärlden .

Link to previously published article:


ESGFIRE is an investment company and research firm that focuses on ESG companies with either an environmentally friendly service or product. ESGFIRE has a performance record of over 1000 % returns since 2018.

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Group CEO: Filip Erhardt

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