Doro (DORO) Q4 2024 earnings summary

Executive summary

• Net sales for Q4 2024 were SEK 263.3 million, down 9.1% year-over-year, mainly due to delayed customer approvals for the new Leva feature phone series.

• Despite lower sales, gross margin improved to 46.3% (from 39.8%), and EBIT margin reached 15.4% (from 8.8%), the highest since the Careium split.

• Profit after tax for Q4 was SEK 41.6 million, up from SEK 5.7 million, with EPS at SEK 1.71 (0.23).

• The Board proposes no dividend for 2024.

Financial highlights

• Full-year 2024 net sales were SEK 882.3 million, down 9.4% year-over-year.

• Full-year gross margin rose to 45.9% (from 40.1%), and EBIT margin to 9.8% (from 7.1%).

• EBITDA for 2024 was SEK 121.8 million, up 1.2% year-over-year.

• Free cash flow for Q4 was SEK 43.3 million (down from 57.6), and SEK 112.3 million for the year (down from 121.6).

• Net cash at year-end was SEK 246.9 million, up from SEK 180.1 million.

Outlook and guidance

• Management expects a return to sales growth in 2025, supported by the launch of a new smartphone range and continued investment in premium feature phones.

• The order backlog at year-end was SEK 77.2 million, up 83.4% year-over-year, indicating deferred demand.