Largo (ALLGO) H2 2024 earnings summary

Executive summary

• Achieved historic revenue growth in 2024, with sales up 64% year-over-year to €34.8M, driven by operator channel expansion and new strategic partnerships with Orange France, Orange Poland, and Bouygues Telecom.

• Significant improvement in profitability metrics: gross margin after reconditioning costs reached €4.3M (7x 2023), and EBITDA improved by €3.5M to -€1.9M, with a positive Q3.

• Strategic initiatives included the creation of Largo Factory (ESS status), dissolution of Largo Business, and a €4M convertible bond issue.

Financial highlights

• Consolidated revenue: €34.8M (+64% vs. 2023); parent company revenue: €35.4M (+67%).

• Consolidated net loss: €2.1M (vs. €5.0M in 2023); parent company net loss: €2.8M (vs. €5.0M in 2023).

• Gross margin after reconditioning: €4.3M (7x 2023); EBITDA: -€1.9M (+€3.5M YoY).

• Total assets: €19.0M; equity: €0.88M; net debt: €3.0M plus €4.1M convertible bonds.

Outlook and guidance

• 2025 strategy focuses on full-year impact of new operator partnerships, continued B2B and online growth, and further margin improvement through industrial and financial optimization.

• Stable fixed costs and enhanced business intelligence tools expected to drive operational profitability.