Kumulus Vape (ALVAP) H1 2024 earnings summary

Executive summary

• Kumulus Vape reported consolidated financials for the first half of 2024, following recent acquisitions and integration of physical retail networks Vaposhop, Ziklop, and Cigaverte.

• The group continued expanding its franchise network and integrating subsidiaries, with a focus on centralizing logistics and procurement.

• Kumulus Vape is listed on Euronext Growth since June 2021.

Financial highlights

• Revenue for H1 2024 was €30.1M, with 84.7% from B2B and 15% from B2C; 94.24% of sales were in France.

• Net income for H1 2024 was €1.05M, down from €1.87M in H2 2023.

• Operating income for H1 2024 was €1.61M, compared to €2.87M in H2 2023.

• Cash flow from operations was negative at -€0.79M, compared to €6.32M in H2 2023.

• Total assets at June 30, 2024, were €24.5M, with equity of €14.87M.

Outlook and guidance

• The group is focused on further integration of acquired subsidiaries and expansion of the Cigaverte franchise network.