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HeiQ
HeiQ (HEIQ) investor relations material
HeiQ has been delisted
HeiQ H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2024 earnings summary31 Oct, 2024
Executive summary
Revenue for the 18-month period ended June 30, 2024 was $62.3m, up from $47.2m in the prior 12 months, but annualized revenue declined 12.3% due to weak demand in core markets.
Gross margin improved to 36.6% from 28.5% year-over-year, driven by inventory adjustments and cost controls.
Adjusted EBITDA loss reduced to $9.9m (annualized: -45.6% vs. prior period); operating loss narrowed to $19.0m from $29.2m.
Loss after tax was $21.3m, improved from $29.8m year-over-year; cash at period end was $5.0m, net debt $13.4m.
Announced delisting from LSE effective Nov 19, 2024 to reduce costs and enable focused private fundraising for growth ventures.
Financial highlights
Revenue: $62.3m (18 months), up from $47.2m (12 months prior), but annualized revenue down 12.3%.
Gross profit: $22.8m; gross margin: 36.6% (vs. 28.5%).
Adjusted EBITDA loss: $9.9m (vs. $12.2m prior); operating loss: $19.0m (vs. $29.2m); loss after tax: $21.3m (vs. $29.8m).
Cash: $5.0m; net debt: $13.4m; equity ratio: 41% (down from 57%).
Net cash from operations: -$3.7m; investing: -$8.4m; financing: +$8.7m.
Outlook and guidance
Advanced Materials markets expected to remain weak until at least H2 2025; consolidation into three hubs (USA, Portugal, Thailand).
LifeSciences unit expected to grow significantly as pro-/postbiotic solutions gain traction.
2025 is critical for venture units: proof of concept (GrapheneX), market launch (Xpectra), and financing for AeoniQ's first commercial plant.
Additional restructuring to reduce costs by 20% by end of 2025; further corrective actions or fundraising possible if markets deteriorate.
De-listing: How does it aid venture funding
Venture funding strategy given liquidity risk
Advanced Materials: Path to recovery and growth
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HeiQ Plc develops and commercializes textile and materials innovation technologies. The company provides products for odor control, moisture management, antiviral protection, and other functional textile enhancements. HeiQ serves global textile brands and manufacturers across apparel, home, and industrial markets. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.
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