PSI Software (PSAN) Q1 2024 earnings summary

Executive summary

• Revenue declined 13.7% year-over-year to €50.3 million, mainly due to a significant cyberattack in February 2024 that disrupted operations.

• Operating result (EBIT) fell to -€14.8 million from €4.0 million, and net result dropped to -€16.4 million from €3.3 million year-over-year.

• Incoming orders decreased 19.5% to €95 million, while order backlog remained stable at €212 million.

Financial highlights

• Cash and cash equivalents increased 3.0% year-over-year to €62.8 million.

• Cash flow from operating activities improved 25% year-over-year to €15.9 million.

• Earnings per share fell to -€1.06 from €0.21 year-over-year.

• PSI stock price declined 9.1% in Q1 2024, underperforming the TecDAX index.

Outlook and guidance

• Full-year sales expected to decrease by €20–30 million due to cyberattack impact.

• Operating result for 2024 projected to be negative in the upper single-digit to lower double-digit million euro range.

• Productive operations largely resumed by early May, with enhanced IT security measures implemented.