Aspocomp Group (ACG1V) Q2 2024 earnings summary

Executive summary

• Q2 2024 net sales fell 26% year-over-year to EUR 7.0 million, with operating result at EUR -1.2 million and EPS at EUR -0.19.

• H1 2024 net sales decreased 28% to EUR 13.3 million, with operating result at EUR -2.8 million and EPS at EUR -0.44.

• Orders received in Q2 grew 22% to EUR 6.6 million, but H1 orders fell 26% to EUR 14.2 million.

• Order book at period end was EUR 11.3 million, down 25% year-over-year, but showed sequential improvement.

• CEO transition completed in May 2024, with new leadership focused on capacity and supply security as demand recovers.

Financial highlights

• Q2 operating result margin was -17.5% of net sales, compared to 4.2% last year.

• H1 operating result margin was -21.4%, down from 4.0% in H1 2023.

• Operative cash flow in Q2 was EUR -1.1 million; H1 operative cash flow was EUR -3.1 million.

• Equity ratio at end of Q2 was 57.8%, down from 67.9% a year earlier.

• Cash at period end was EUR 1.8 million, up from EUR 1.2 million in Q2 2023.

Outlook and guidance

• 2024 net sales and operating result expected to increase from 2023, with gradual recovery in semiconductor demand.

• 2023 net sales were EUR 32.3 million and operating result was a loss of EUR 1.7 million.

• Macroeconomic risks include inflation, high interest rates, geopolitical tensions, and global trade policy uncertainty.