Egide (ALGID) H1 2024 earnings summary

Executive summary

• H1 2024 sales declined 19% year-over-year to €15.4M, mainly due to customer export license withdrawal and supply chain issues.

• EBITDA reached breakeven, but net loss widened to €1.4M from €0.9M in H1 2023.

• Cost-cutting and margin improvements partially offset revenue decline.

• Announced €1.8M capital increase with strong subscription commitments covering 83% of the issue.

• Philippe Bensussan appointed Chairman, signaling a new strategic phase.

Financial highlights

• H1 2024 revenue: €15.43M, down 19% from €19.19M in H1 2023.

• EBITDA: €0.13M (0.8% margin), down from €1.3M (7%) in H1 2023.

• Net loss: €1.4M vs. €0.89M in H1 2023; operating loss: €0.94M vs. €0.34M.

• Gross margin improved to 65.1% from 61.9% year-over-year.

• Shareholders' equity at €5.59M (21.7% of total assets); net debt increased to €6.86M.

Outlook and guidance

• 2024 sales expected to be lower than 2023 due to supply and production difficulties and customer declines.

• Diversification into new markets (thermal batteries, missile devices) expected to benefit earnings from 2025.

• Management remains confident in long-term prospects due to investments and modernization.