Basler (BSL) Q4 2024 earnings summary

Executive summary

• Bookings increased 15% year-over-year, but billings and sales declined 10%, with revenue falling in all regions and Europe and Asia Pacific (excluding China) most affected.

• Gross profit margin improved to 45.7% (from 42.2%), despite a pre-tax loss of €12.0 million, including €6.9 million in one-off cost-cutting effects.

• Significant headcount reduction of about 90 FTEs, with continued investment in sales and R&D (16% of sales).

• Strategic shift from single-component sales to integrated solutions and subsystems, with increased share of non-camera and higher integrated products.

• Executive team updated, including new CFO Ines Brückel from 2025 and realignment of executive responsibilities.

Financial highlights

• 2024 revenue: €183.7 million (down 10% year-over-year); order entry: €192.4 million (up 15%).

• Gross profit: €84.0 million (down 2%); gross margin: 45.7% (up 3.5pp).

• EBITDA: €10.0 million; adjusted EBITDA before one-offs: €15.5 million (up 82%).

• EBIT: -€9.8 million (improved from -€21.9 million); EBT: -€12.0 million (improved from -€20.2 million); net income: -€13.8 million (flat year-over-year).

• Free cash flow: €1.4 million (vs. -€9.2 million in 2023); cash at year-end: €21.3 million after loan repayments and M&A investments.

Outlook and guidance

• 2025 expected to be a transitional year with revenue guidance of €186–198 million and EBT margin of 0–5%.

• Positive Q1 momentum from large projects in the U.S. and China, but low visibility for the remainder of the year.

• Midterm guidance targets 15% CAGR from 2026, aiming for €275 million revenue and at least 12% pre-tax margin by 2028.

• Dividend distribution suspended for another year, with policy to resume if upper guidance corridor is achieved.