Kalray (ALKAL) H1 2024 TU earnings summary

Executive summary

• H1 2024 revenue reached €10.9 million, aligning with recent guidance and reflecting extended sales cycles and supply chain challenges.

• Revenue mix remained two-thirds software and one-third hardware, with sales evenly split between Europe and the US.

• Strong revenue growth is anticipated for H2 2024, driven by the ramp-up of a major contract and expansion in AI data acceleration.

Financial highlights

• H1 2024 revenue of €10.9 million, down from €15.3 million in H1 2023 but stable compared to H2 2023 (€10.5 million).

• Initial orders for several hundred TC4 acceleration cards to be recognized in 2024.

Outlook and guidance

• Annual revenue growth expected for 2024, with very strong growth projected in H2.

• Imminent agreement with Pliops aims to create a global leader in DPU for AI and Generative AI markets.