Exail Technologies (EXA) H1 2024 earnings summary

Executive summary

• Revenue grew 5% year-over-year to €163 million in H1 2024, mainly from Navigation & Maritime Robotics.

• Order intake increased 16% year-over-year, with a record €60 million contract signed in July.

• Operational cash flow improved by €27 million, reaching €22 million in H1 2024.

• Exports accounted for nearly 90% of orders, highlighting strong international demand.

Financial highlights

• Current EBITDA was €30 million, with a margin of 19%, down from 22% in H1 2023.

• Operating income improved to €4 million from €1 million year-over-year.

• Consolidated net income was a loss of €5.1 million, compared to a €22 million profit in H1 2023, which included discontinued activities.

• Net financial debt cost was €13 million, with only €5.8 million as cash outflow.

• Cash and cash equivalents rose to €65.7 million at period end, up from €25.5 million at the start.

Outlook and guidance

• Exail targets double-digit revenue growth and absolute EBITDA growth for 2024.

• Strong commercial momentum expected to continue, with significant revenue and order growth anticipated in Q3.