Cabasse (ALCAB) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 declined 30% year-over-year to €2.5M due to weak international demand, high distributor inventories, and component delivery delays from suppliers impacted by new US tariffs.

• OEM activity dropped sharply compared to H1 2024, with retail sales down 14% year-over-year, reflecting broader high-end audio market trends.

• Cost reduction measures helped limit EBITDA loss to -€0.4M, nearly stable despite the revenue drop.

Financial highlights

• Gross margin rate improved to 50.2% from 49.4% in H1 2024, driven by a favorable product mix and production cost optimization.

• EBITDA was -€0.4M, a slight decline of €68K year-over-year.

• Net loss was -€1.0M, stable compared to H1 2024.

• Operating cash flow was -€0.3M, with stable investment outflows and €0.7M in financing inflows.

Outlook and guidance

• Strengthening of international sales team with a new Director of Business Development as of July 2025.

• Continued expansion of the Wireless Luxury Audio range, with launches of LA SPHERE EVO and THE PEARL THEATER 5.1 planned in the coming months.

• Ongoing partnership with a major luxury brand, with a second co-developed product expected in 2026.

• H2 2025 performance will depend on consumer demand and distributor inventory management amid ongoing market uncertainty and tariff impacts.