Modulight (MODU) investor relations material

Executive summary

• EBITDA rose 157% year-over-year to €330k (22.1% margin), despite a 7% revenue decline to €1,495k, driven by operational efficiency and a growing product development pipeline of 36 projects.

• Customer activity and pipeline projects increased, with three major new customer accounts added and 44% of customers now large enterprises (>€1bn revenue).

• The Pay-Per-Treatment (PPT) business model invoicing grew by over 100% year-over-year, with more than 80 sites now active and strong progress in site expansion.

• The updated strategy focuses on scaling PPT, ramping up operations, leveraging synergies, and expanding into new high value-add applications.

• Vertically integrated production and expanded US and Asian operations enhance competitiveness and supply chain security.

Financial highlights

• Q1 2026 revenue was €1,495k, down from €1,606k year-over-year due to delivery delays and product mix shifts.

• EBITDA improved to €330k (22.1% margin) from €-582k (-36.2% margin) year-over-year.

• Operating profit (EBIT) was €-1,064k, a 33% improvement from €-1,585k.

• Free cash flow from operations improved to €-661k from €-1,551k; net cash flow was €-474k versus €-2,900k.

• Cash and cash equivalents at period end were €9,080k; net debt improved to €-6,590k.

Outlook and guidance

• Management expects revenue and EBITDA growth for full-year 2026, with guidance to be updated as needed.

• Main focus is on ramping up production, increasing PPT site numbers, and transitioning to the PPT business model, with ongoing quarterly fluctuations expected.