PSI Software (PSAN) Q2 2024 earnings summary

Executive summary

• Revenue declined 5.8% year-over-year to €112.3 million in H1 2024, mainly due to a significant cyberattack in February 2024 that disrupted operations.

• Net result worsened to -€22.6 million from -€8.7 million year-over-year, with operating result (EBIT) at -€19.4 million.

• Productive operations largely resumed by May, with normalization ongoing and IT security measures enhanced.

Financial highlights

• Operating result (EBIT) for H1 2024 was -€19.4 million, compared to -€5.4 million in H1 2023.

• Cash and cash equivalents fell to €38.0 million, down €13.5 million year-over-year.

• Cash flow from operating activities was -€17.6 million, compared to €2.1 million in H1 2023.

• Earnings per share (EPS) was -€1.46, compared to -€0.56 in H1 2023.

• Order backlog increased 7.1% year-over-year to €211 million.

Outlook and guidance

• Full-year sales expected to decline 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.

• Organizational restructuring planned by merging German subsidiaries to improve scalability and efficiency.