Technoprobe (TPRO) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached €157.2 million, up 54.4% year-over-year, driven by strong AI-related demand, DIS Tech acquisition, and a slight recovery in the consumer market, while automotive and industrial segments remained weak.

• Gross profit rose 64.3% year-over-year to €70.8 million, with a margin of 45%, exceeding guidance midpoint.

• EBITDA nearly doubled year-over-year, up 94.3% to €48.0 million and a 30.5% margin, supported by production efficiency, integration synergies, and SG&A savings.

• Inorganic growth contributed via the DIS business and the acquisition of a minority stake in Innostar Service Inc.

• Net financial position remained strong at €632.5 million, despite investments, acquisition, and FX headwinds.

Financial highlights

• Sequential revenue growth was 0.6% from the previous quarter.

• Operating cash flow was €7.2 million; investments totaled €11.9 million; minority stake acquisition was €7 million; FX impact was -€10 million.

• Net financial position decreased from €656.3 million at December 31, 2024 to €632.5 million at March 31, 2025, mainly due to capex, acquisition, and FX impact.

• Favorable FX impact increased reported revenues by approximately 2.5% and gross profit by $3.4 million.

• EBITDA margin improvement supported by US reorganization.

Outlook and guidance

• Q2 2025 revenue guidance is €168 million (+/-3%), with gross margin at 45.5% (+/-2%) and EBITDA margin at 33.7% (+/-2%).

• Full-year 2025 organic growth projected in the mid-single-digit range, with H1 and H2 revenues expected to be similar, implying around €650 million for the year.

• EBITDA margin for the year targeted between 21%-32%, with Q2 expected to be the peak.

• Full-year growth forecasts confirmed, with focus on AI, advanced packaging, and memory chip testing.