Arcure (ALCUR) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €6.3 million, down 38% year-over-year, mainly due to a slowdown in industrial vehicle investments, global macroeconomic uncertainty, and the absence of a large OEM order present in 2024.

• Net loss reached €1.123 million compared to a net profit of €1.2 million in H1 2024, reflecting lower sales and a stable cost structure.

• Gross margin improved to a record 60% (up from 57% in 2024), driven by the ramp-up of a more profitable product generation.

• Cost-saving measures were initiated, including potential workforce reductions, to restore profitability by 2026 without additional market financing.

• Cash position at June 30, 2025, was €2.9 million, with net financial debt of €8.2 million, mainly long-term convertible bonds.

Financial highlights

• Revenue: €6.3 million (H1 2025) vs. €10.1 million (H1 2024); adjusted revenue decline of 26% excluding one-off OEM order.

• Gross margin: 60% (H1 2025), a historic high, up from 57% in 2024.

• Operating loss: €1.085 million (H1 2025) vs. operating profit of €0.81 million (H1 2024).

• Basic EPS: -€0.19 (H1 2025) vs. €0.21 (H1 2024).

• Gross operating surplus was -€0.89 million, compared to €2.21 million in the prior year period.

Outlook and guidance

• Medium-term outlook remains positive due to technological transformation in the industrial vehicle market, AI adoption, and new OEM partnerships.

• Cost-saving plan expected to impact results in H2 2025, aiming for a return to profitability by 2026.

• Recent large orders and new distribution agreements in the US and Europe are expected to support future revenue.