Technoprobe (TPRO) H1 2024 earnings summary

Executive summary

• H1 2024 revenues reached €241.1 million, up 22.8% year-over-year, driven by acquisitions, strong consumer and AI demand, and a seasonal ramp in mobile processors, partially offset by weakness in automotive and industrial sectors.

• Gross profit margin declined to 41.8% from 51.9% due to acquisition effects, product mix shifts, and increased depreciation.

• EBITDA for H1 2024 was €60.7 million, down 6.2% year-over-year, with a margin of 25.2%, impacted by higher R&D and negative forex effects.

• Net profit for H1 2024 was €28.1 million, down 9.8% from H1 2023.

• Net financial position improved to €650.1 million, supported by a €384.7 million capital increase and positive operating cash flow.

Financial highlights

• Q2 2024 revenue: €139.3 million, up 32.7% year-over-year and 36.8% sequentially.

• H1 2024 gross profit: €100.8 million, down 1.1% year-over-year, margin 41.8%.

• H1 2024 EBITDA margin: 25.2%, down from 33.0% in H1 2023.

• Net financial position at €650.1 million as of June 30, 2024, up 85.3% from year-end 2023.

• Shareholders' equity increased 50.8% to €1,232.5 million as of June 30, 2024.

Outlook and guidance

• Q3 2024 revenue guidance: ~€150 million ±3%.

• Q3 gross margin: 41% ±2%; EBITDA margin: 23% ±2%.

• Full-year 2024 expected to achieve mid-double-digit growth, with stronger performance in Q4.

• AI expected to contribute around 20% of 2024 revenue.

• Management expects continued growth in H2 2024, supported by consumer recovery and AI demand.