Bittium (BITTI) Q2 2024 earnings summary

Executive summary

• Net sales for H1 2024 reached €37.9 million, up 6.5% year-over-year, with Q2 net sales at €19.8 million, down 4.4% year-over-year.

• Operating result improved to €2.9 million (7.7% of net sales) for H1 2024; Q2 operating result was €1.9 million (9.6% of net sales).

• Order book increased 46.3% year-over-year to €33.8 million, reflecting strong demand in core segments.

• Cost-saving measures and strategic focus on existing products contributed to improved profitability; R&D investments decreased year-over-year.

• Key partnerships and agreements were signed with Finnish Defence Forces, BAE Systems, and Lockheed Martin, supporting future growth.

Financial highlights

• Services net sales in H1 2024 were €15.3 million; products net sales were €22.6 million.

• EBITDA for H1 2024 was €7.4 million (19.5% of net sales), up from €1.6 million (4.5%) last year.

• Net cash from operating activities was €3.0 million, a significant improvement from -€4.6 million last year.

• Cash and liquid assets stood at €5.5 million; net gearing at 15.5%, equity ratio at 70.3%.

• Net income was €2.3 million, compared to a loss of €3.6 million last year; earnings per share €0.064.

Outlook and guidance

• Full-year 2024 net sales expected at €85–95 million; operating result between €7.0 and €9.5 million.

• Strategy implementation is ongoing, focusing on profitable growth, customer acquisition, and operational efficiency.

• Market outlook remains positive for Defense & Security; Medical and Engineering Services face regulatory and market headwinds.