Balyo (BALYO) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was €13.3M, down 4% year-over-year, mainly due to lower EMEA activity and US supply delays.

• Gross margin improved to 30% from 21% in H1 2024, reflecting better pricing, customer options, and project management.

• Net loss for H1 2025 was €7.85M, compared to €7.4M in H1 2024; loss per share improved to €(0.05) from €(0.22) due to a higher share count.

• Cash and cash equivalents declined to €7.7M at June 30, 2025, from €22.6M at December 31, 2024, mainly due to negative operating cash flow.

• Q2 2025 order intake surged 48% to €8.2M, driving backlog up 41% year-over-year to €25.1M.

Financial highlights

• H1 2025 sales revenue: €13.28M, down 4% year-over-year.

• Gross profit rose 33% to €3.93M; gross margin rate increased by 8 points to 30%.

• Operating loss was €7.54M, slightly higher than €7.0M in H1 2024.

• Operating expenses increased 25% to €11M, mainly from higher personnel costs.

• Cash outflow from operations was €12.8M, up from €8.4M in H1 2024.

Outlook and guidance

• Management expects positive cash for the next six months, supported by order intake and operational execution.

• Cash position expected to cover operating needs for the rest of 2025; company prepared to seek additional financing if needed.

• Focus remains on direct sales, commercial momentum, and strict cost control in H2 2025.

• Monitoring U.S. trade regulatory developments for potential operational impacts.