Eagle Filters Group (EAGLE) H1 2024 earnings summary

Executive summary

• Revenue grew 34% year-over-year to EUR 4.3 million, driven by Clean Energy filtration solutions.

• EBITDA improved to EUR -0.5 million from EUR -1.1 million in H1 2023, reflecting cost optimization and higher output.

• Net loss narrowed to EUR -1.4 million from EUR -2.3 million year-over-year.

• Order intake rose 15% to EUR 2.5 million, while order backlog decreased to EUR 2.0 million, reflecting improved production efficiency.

• Focus shifted to industrial filtration; respirator sales discontinued due to low demand.

Financial highlights

• Revenue: EUR 4.3 million (up 34% year-over-year).

• EBITDA: EUR -0.5 million (improved from EUR -1.1 million year-over-year).

• Operating result: EUR -1.1 million (improved from EUR -1.6 million year-over-year).

• Net result: EUR -1.4 million (improved from EUR -2.3 million year-over-year).

• Earnings per share: EUR -0.01 (vs. EUR -0.02 year-over-year).

Outlook and guidance

• Long-term targets for Eagle Filters Oy: average annual revenue growth >30% and EBITDA margin >20%.

• No short-term outlook published; management does not expect geopolitical instability to impact long-term targets.

• Plans to raise additional funding in H2 2024 to support growth and liquidity.