CeoTronics (CEK) H1 24/25 earnings summary

Executive summary

• Achieved record half-year revenue of €21.2 million, up 95.3% year-over-year, with net income after taxes of €798k versus a loss of €741k in the prior year.

• Significant improvement in all key earnings figures, driven by initial deliveries of a major order, with the bulk of revenue expected in the second half.

• High order backlog of €70.5 million (+362.5% year-over-year) and order intake up 12.2% to €20.8 million.

• Strong demand from security, rescue, and defense sectors, with continued growth expected due to geopolitical tensions and increased security needs.

Financial highlights

• EBITDA reached €2.3 million (prior year: €-9k); EBIT at €1.5 million (prior year: €-690k); pre-tax profit €1.1 million (prior year: €-839k).

• Gross margin at 39.5% (down from 45.1%); EPS at €0.10 (prior year: €-0.11).

• Cash flow from operations negative at €-3.8 million, mainly due to pre-financing of large orders; liquidity at €430k (prior year: €1.6 million).

• Equity increased to €24.2 million (up €4.3 million since May 2024) with an equity ratio of 47.0%.

• Investments rose to €1.3 million (+142.8% year-over-year), mainly in R&D and fixed assets.

Outlook and guidance

• Revenue guidance for FY 2024/25 raised to over €50 million (+69% year-over-year), with net income after taxes expected at around €4 million (+220%).

• High order backlog supports positive outlook for FY 2025/26.

• Company expects to remain dividend-capable in November 2025.