Entech (ALESE) H2 2024 earnings summary

Executive summary

• Revenue grew 32% year-over-year to €45.5M, driven by strong performance in both storage (+40%) and production (+36%) segments.

• Gross margin contracted to 26.6% from 28.2% due to project mix and increased subcontracting.

• EBITDA was negative at -€1.2M (-2.6% of revenue), with net loss widening to -€2.9M.

• Second half of the year reached operational break-even, reflecting investment strategy and scaling.

Financial highlights

• Revenue: €45.5M (up from €34.3M), with France accounting for €38.8M and exports €6.7M.

• Gross margin: €12.1M (26.6% of revenue), down from 28.2% prior year.

• EBITDA: -€1.2M; Net loss: -€2.9M; EPS: -€0.20.

• Operating cash flow: -€9.8M; Cash position: €9.7M; Equity: €26.2M; Financial debt: €17.0M.

• Workforce increased to 168 employees (+33 year-over-year), mainly in operations and sales.

Outlook and guidance

• Order backlog at €41M, providing strong revenue visibility.

• Medium-term targets for FY2025/26: revenue ~€130M, EBITDA margin ~20%.

• Growth to be driven by economies of scale, R&D project ramp-up, and process industrialization.