Biomm (BIOM3) Q4 2024 earnings summary

Executive summary

• FY2024 revenue rose 21% to R$142.905m; net loss narrowed to R$77.238m from R$81.141m, while EBITDA loss widened to R$69.327m from R$61.045m.

• 4Q24 revenue reached a record R$40.0m, up 100% YoY.

• KPMG issued an unmodified opinion on the 2024 financial statements under Brazilian accounting practices and IFRS.

Financial highlights

• FY2024 gross profit fell 23% to R$17.883m from R$23.259m; 4Q24 gross profit was negative R$2.9m. Lower volumes of higher-value products, sales mix and higher costs during production ramp-up weighed on results.

• Selling, G&A and other operating expenses totaled R$99.094m, up 3%, reflecting higher staffing, performance-pay provisions and factory-opening costs.

• Net financial result was positive R$4.617m versus an R$8.276m loss in 2023, mainly due to interest income on capital-increase proceeds.

• Operating cash flow was negative R$91.845m; investing cash flow was negative R$37.986m and financing cash flow was positive R$180.874m.

Key financial ratios and metrics

• Consolidated net loss was R$77.238m; basic and diluted loss per share were both R$0.63.

• Year-end cash and cash equivalents were R$77.620m; total borrowings and financing were R$121.383m.

• The required net debt/EBITDA covenant under BNDES and BDMG FINEM loans was met at 31 Dec 2024.