Cabasse (ALCAB) H2 2024 earnings summary

Executive summary

• Revenue declined 28% year-over-year to €6.7M due to adverse economic conditions, slower consumption, and delayed product launches.

• Gross margin rate remained stable at 44% compared to 45% in 2023.

• EBITDA fell to -€1.2M, reflecting lower activity and margin, with cost reduction measures partially realized.

• Net result deteriorated to -€2.6M from -€1.3M year-over-year.

Financial highlights

• Gross margin was €3.0M, down from €4.2M in 2023.

• Operating result (adjusted) was -€1.8M, compared to -€0.9M in 2023.

• Financial result was -€0.5M, mainly from interest and currency losses.

• Exceptional result was -€0.3M, mainly from stock adjustments.

Outlook and guidance

• Two new products planned for 2025 to expand the Wireless Luxury Audio range.

• Ongoing partnership with a major luxury brand for a second product launch.

• Full impact of cost reduction plan expected in 2025, targeting €0.8M annual savings.

• Financing contract signed for up to €2.5M in convertible bonds, subject to successful debt rescheduling.