Unibap (UNIBAP) Q4 2024 earnings summary

Executive summary

• Achieved 80% revenue growth in 2024, with full-year revenue at 89.9 MSEK, surpassing the revised ambition of 70% due to earlier customer project deliveries.

• Q4 revenue reached 26.4 MSEK, the highest quarterly revenue in company history, with the majority from hardware sales.

• Significant expansion in defense and US markets, including major orders, new US entity, and first local hire.

• Q4 order intake was 49.8 MSEK, with major orders from Moog Space and Defense and Contec Space Optics.

• First software license agreement signed, providing recurring revenue from 2025.

Financial highlights

• Net revenue increased 80% year-over-year; full-year operating income was 3.4 MSEK, up from -22.0 MSEK in 2023.

• Net income for 2024 was 4.0 MSEK, compared to -24.5 MSEK in 2023.

• EBIT negatively impacted by R&D capitalization and depreciation, but OPEX 24% lower vs Q4 last year.

• Cash and short-term investments at year-end totaled 59.4 MSEK, up from 40.5 MSEK.

• Cash flow and profit remain volatile due to swings in order intake and revenue.

Outlook and guidance

• Targeting at least 30% revenue growth for 2025, with a medium-term ambition of 30–50% annual growth.

• Plans for more than 30 launches in 2025, including first stand-alone software in space and TRL9 for iX10.

• Continued US expansion with new Denver-based entity and expected organizational growth; US expansion expected to cost 10–15 MSEK in 2025.

• No dividend proposed for 2024.