Bittium (BITTI) Q1 2025 earnings summary

Executive summary

• Net sales increased 6.5% year-over-year to EUR 19.3 million, with growth in Defense & Security and Engineering Services, but a decline in Medical Business.

• Operating result was EUR 0.4 million, impacted by investments for future growth and increased fixed costs.

• Cash flow from operating activities improved to EUR 9.2 million from EUR 5.2 million year-over-year.

• Order backlog rose to EUR 36.5 million, up from EUR 31.6 million a year earlier.

• Leadership changes included a new CEO and appointments in Medical and Operations segments.

Financial highlights

• EBITDA was EUR 1.9 million (10.0% of net sales), down from EUR 3.2 million (17.6%) year-over-year.

• Earnings per share were EUR 0.011, compared to EUR 0.019 a year ago.

• Net cash flow improved to EUR 6.0 million from EUR 2.8 million year-over-year.

• Equity ratio remained strong at 70.0%.

• R&D expenses were EUR 3.6 million, 18.5% of net sales.

Outlook and guidance

• 2025 net sales expected at EUR 95–105 million (EUR 85.2 million in 2024).

• Operating result forecasted at EUR 10–13 million (EUR 8.6 million in 2024).