Ellipsiz (BIX) H2 2024 earnings summary

Executive summary

• FY2024 revenue declined to $55.1m from $59.1m as semiconductor-market weakness reduced DSS equipment and consumables sales; net loss was driven largely by impairments tied to APSS and the egg-farm project.

• DSS remained profitable and showed resilience in Q4; the planned Singapore egg farm faced delays and a viability reassessment may be needed.

Financial highlights

• Revenue was $55.1m vs $59.1m; gross profit was $11.6m vs $11.7m; net loss after tax was $5.5m vs net profit of $0.7m.

• Reported loss before tax was $5.1m vs profit before tax of $1.1m; adjusted FY2024 profit was $1.2m excluding non-recurring impairments on goodwill, intangible assets and right-of-use assets.

• Other income rose to $1.4m from $1.1m, including a $0.3m fair-value gain on Bintan land; finance income increased to $1.6m from $1.2m on higher interest rates.

• Cash and cash equivalents were $54.9m at 30 June 2024 vs $55.2m a year earlier; operating cash flow was $0.2m vs $0.4m.

Outlook and guidance

• FY2025 semiconductor outlook was positive: WSTS forecast 2024 market growth of 16%, while SEMI projected higher wafer capacity and semiconductor equipment sales of US$109.5bn.

• Geopolitical tensions involving China and the US, Russia-Ukraine and the Middle East could dampen semiconductor recovery; market conditions will be monitored closely.

• Egg-farm development plans and timelines are under review amid SFA discussions on funding, biosecurity land and lease extensions; project viability may be reassessed.