Arcure (ALCUR) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €10.1 million, up 24.5% year-over-year, with 81% generated outside France.

• Net profit rose to €1.21 million (12% of revenue), a record for a six-month period, compared to €0.13 million in H1 2023.

• Gross margin improved to €5.8 million (58% margin), driven by strong sales of Blaxtair® Origin and cost control.

• International expansion continued, including a new office in Barcelona and growth in North America (+34%) and Europe (+23%).

• Continued investment in R&D to maintain technological leadership in embedded AI for industrial vehicles.

Financial highlights

• Revenue: €10.1 million (H1 2024) vs €8.1 million (H1 2023).

• Gross margin: €5.8 million (58%) vs €4.5 million (56%) year-over-year.

• Gross operating surplus: €2.2 million vs €1.2 million (restated for CIR) in H1 2023.

• Operating profit improved to €0.8 million from a loss of €0.14 million.

• Basic EPS: €0.21 vs €0.02; Diluted EPS: €0.17 vs €0.01.

Outlook and guidance

• Full-year 2024 revenue target confirmed at €20 million, aiming to double 2021 revenue and further improve profitability.

• Continued focus on AI and software for industrial vehicles, with new partnerships and product launches expected.

• Market for industrial vehicle digitalization expected to grow, supporting strong business prospects.