Bittium (BITTI) Q4 2024 earnings summary

Executive summary

• Net sales for 2024 reached EUR 85.2 million, up 13.2% year-on-year, with Q4 net sales at EUR 33.2 million, a 29.2% increase year-on-year.

• Operating profit for 2024 was EUR 8.6 million (10.1% of net sales), up from EUR -4.3 million last year; Q4 operating profit was EUR 6 million (18% of net sales).

• Result for the period was EUR 7.3 million, with EPS of EUR 0.205 (previous year: EUR -0.153).

• Order book increased 63.4% year-on-year to EUR 45.1 million.

• Growth driven by Defense & Security segment, with new partnership agreements and product deliveries.

Financial highlights

• EBITDA rose to EUR 17.3 million (20.3% of net sales) from EUR 5.2 million (6.9%).

• Cash flow from operating activities was EUR 24.4 million, including a non-recurring EUR 7.2 million income; net cash flow improved to EUR 13.4 million.

• R&D investments decreased to EUR 13.5 million (15.9% of net sales), with EUR 5.6 million capitalized and EUR 5.6 million in depreciations.

• Equity ratio at 69.9%; net gearing at -0.7%.

• Interest-bearing debt was EUR 20.9 million at year-end.

Outlook and guidance

• 2025 net sales are expected between EUR 95 million and EUR 105 million, with operating results between EUR 10 million and EUR 13 million.

• Long-term targets: average annual net sales growth above 10% and operating profit above 10%.

• Dividend proposal of EUR 0.10 per share for 2024.

• Growth strategy implementation is ongoing, supported by strong customer base and mega trends in defense, medical, and 5G/IoT markets.

• Seasonality is expected to persist, with stronger performance in the second half of the year.