Finepart (FINE) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 was 1,763 tkr, down 37% year-over-year, mainly due to fewer cutting assignments.

• Operating loss for Q2 was -4,979 tkr, similar to Q2 2023 despite lower sales, due to reduced external costs.

• Order backlog at quarter-end was approximately 8,000 tkr, with a significant machine order of 5,800 tkr received after the period.

• Two of three remaining inventory machines have been sold, improving cash flow.

Financial highlights

• Q2 2024 revenue: 1,763 tkr (2,736 tkr in Q2 2023); H1 2024 revenue: 8,276 tkr (10,813 tkr in H1 2023).

• Q2 2024 operating costs: -6,523 tkr (-7,455 tkr in Q2 2023); H1 2024: -14,536 tkr (-16,427 tkr in H1 2023).

• Q2 2024 net loss: -4,979 tkr (-4,767 tkr in Q2 2023); H1 2024 net loss: -6,818 tkr (-5,654 tkr in H1 2023).

• EPS after tax: -0.12 for Q2 2024 (-0.82 Q2 2023); -0.16 for H1 2024 (-0.26 H1 2023).

• Cash flow from operations for H1 2024: -4,254 tkr (-8,573 tkr H1 2023); cash at period end: 2,821 tkr.

Outlook and guidance

• Management notes increased market activity, especially in the US and growing interest in Europe.

• Strong order intake at the start of Q3 and improved aftersales expected to support future performance.