ErreDue (RDUE) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €7.68M, down 2.2% year-over-year, mainly due to delayed deliveries and a slowdown in traditional industrial demand.

• Net profit for H1 2024 was €1.04M, compared to €1.55M in H1 2023, reflecting lower sales and margin compression.

• EBITDA decreased to €1.98M from €2.82M year-over-year, impacted by product mix shift, increased R&D, and higher personnel costs.

• Hydrogen segment accounted for 70% of plant sales, with revenue up 40% YoY and significant order growth linked to the energy transition.

• Backlog reached €24M at June 30, 2024, and €22M at August 31, 2024, with 65–70% related to 2025, indicating robust future demand, especially in hydrogen.

Financial highlights

• Revenue: €7.68M (–2.2% YoY); EBITDA: €1.98M (–30% YoY); EBIT: €1.10M (–43% YoY); Net profit: €1.04M (–33% YoY).

• Net financial position: €17.3M net cash (vs. €16.3M at 2023 year-end), after €1.4M dividend distribution.

• Operating cash flow: €2.22M (up 114% YoY); net cash outflow from investing: €3.43M; net cash outflow from financing: €0.23M.

• EBITDA margin: 25.7% (vs. 35.9% in H1 2023); value of production stable at €9.1M.

• Dividend of €1.4M paid in H1 2024.

Outlook and guidance

• Backlog of €24M–€22M, with 65–70% for 2025, driven by hydrogen projects and energy transition demand.

• 2025 expected to see significant growth as pilot hydrogen plants are delivered, especially internationally.

• Ongoing investments in new production facility (Giga Factory) and R&D to support scaling of hydrogen business.

• Market outlook remains cautious due to ongoing industrial recession, sector contractions, and geopolitical tensions.