Creotech Instruments (CRI) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached 22.3 mln PLN, up by 16.5 mln PLN year-over-year, driven by progress in the key 'Mikroglob' project.

• Net profit for the quarter was 1.4 mln PLN, a significant turnaround from a net loss of 3.3 mln PLN in Q1 2024.

• Major contracts signed include the CAMILA satellite constellation project (51.9 mln EUR, with 25.6 mln EUR for the company) and continued execution of the 556.7 mln PLN 'Mikroglob' contract.

• The company initiated the process of spinning off its quantum systems and geospatial/drone segments into new entities.

Financial highlights

• Operating profit for Q1 2025 was 1.4 mln PLN, compared to a loss of 4.0 mln PLN in Q1 2024.

• Total assets increased to 250.7 mln PLN as of March 31, 2025, up from 162.3 mln PLN at year-end 2024.

• Cash and equivalents rose to 106.0 mln PLN, mainly due to proceeds from a 475,000 share issue at 160 PLN per share.

• Equity increased to 145.2 mln PLN, up by 74.2 mln PLN from December 2024.

• EBITDA for Q1 2025 was 4.5 mln PLN, compared to -2.4 mln PLN in Q1 2024.

Outlook and guidance

• The company expects continued growth, supported by a strong order backlog and new contracts in the space and quantum technology sectors.

• Key risks for the next quarter include timing of milestone payments and component availability.