Antares Vision (AV) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue reached €213.9M, up 6.6% YoY and 6.4% organically; adjusted EBITDA fell to €13.3M from €17.9M as the business reorganized.

• Results reflect a restatement of FY 2022 comparisons after audits found improperly recorded rfxcel L5 revenues in 2021–2023.

• Management established four CGUs and a more detailed financial and operational reporting model; the new structure is intended to improve synergies, cost control and performance monitoring.

Financial highlights

• Value of production was €226.2M, up 7.1%; cost of goods sold rose 5.0% to €55.9M, with its share of sales down 40 bps.

• Adjusted EBITDA was €13.3M, down 25.6% YoY; adjusted EBITDA margin declined to 6.2% from 8.9%.

• Adjusted EBIT was a loss of €2.8M versus €5.5M profit; net loss was €99.6M, while adjusted net loss was €8.1M versus €1.2M adjusted profit in FY 2022.

• Labour costs increased 13.6% to €104.9M; reported financial component was negative €5.2M.

Outlook and guidance

• The 2024–2026 plan prioritizes core-market growth, service expansion, inspection-machine focus in North America, faster standardized T&T products and new software use cases.

• Margin and cash priorities include pricing optimization, lower external-service and purchasing costs, fixed-cost discipline, working-capital optimization and more balanced sales through the year.

• Management expects to continue R&D and technology investment, expand recurring revenues and pursue integration, synergies and adjacent markets; assumptions use a prudent basis.

• Presentation of the 2024–2026 Business Plan was scheduled for 18 June 2024.