Asetek, a computer cooling solutions company, recently reported a record-breaking $25 million in first-quarter revenue. This signifies a 174% increase in revenue from the same time last year to now. This growth comes thanks to “increased shipments of Gaming and Enthusiast products.”
“We have had a strong start to the year with record revenue and profitability on the back of continued strong demand for Gaming and Enthusiast products supported by improved activity for the Datacenter business,” said André Sloth Eriksen, the CEO of Asetek. “Looking ahead, we expect growth to continue in 2021, which is reflected in our recent update to the full-year outlook. We also look forward to launching the first of our SimSports products for a rapidly growing segment of the gaming market.”
Operating income for the business totaled $3.5 million and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $4.7 million in the first quarter of this year. In the first quarter of last year, the company reported an operating loss of $0.9 million and an adjusted EBITDA of $0.2 million.
On March 31st, 2021, Asetek had $28.6 million in working capital. $24.1 million of that money was either cash or cash equivalents. Long-term debt totaled $2.3 million.
(All information was provided by PR Newswire)