Spineway (ALSPW) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €5.6 million, down from €6.5 million in H1 2024, due to high prior-year activity and deferred orders.

• Net loss narrowed by €2 million to €1.4 million in H1 2025, reflecting improved cost control and reduced financial expenses.

• Full-year 2025 revenue growth target remains confirmed, supported by deferred major account orders.

Financial highlights

• Gross margin improved to 69% in H1 2025 from 68% in H1 2024.

• Net operating expenses decreased by 3% year-over-year, with personnel expenses down 12% and general operating costs down 7%.

• Financial expense reduced by €1.9 million, mainly due to lower costs from the Negma bond financing.

• Adjusted net loss for H1 2025 was €1.4 million, compared to €1.9 million in H1 2024.

Outlook and guidance

• Full-year 2025 revenue growth target is confirmed, with expectations of deferred orders materializing in H2 2025.

• Commercial momentum is supported by global training initiatives and new product launches in international markets.