Martela (MARAS) Q3 2024 earnings summary

Executive summary

• Revenue and operating result declined for January–September 2024 compared to the previous year, with new orders rising in Q3.

• Market uncertainty and weak economic development impacted order accumulation and revenue in H1, but Q3 saw a 10% increase in new orders year-over-year.

• Structural efficiency measures reduced fixed costs but did not fully offset revenue decline.

• The company continues to develop its "Workplace as a Service" model and digital sales channels.

Financial highlights

• Q3 2024 revenue: €20.7M (down 15.6% year-over-year); operating result: €-0.9M (was €0.8M); EPS: €-0.28 (was €0.15).

• 1–9/2024 revenue: €61.9M (down 8.9% year-over-year); operating result: €-4.8M (was €-3.9M); EPS: €-1.32 (was €-0.99).

• Cash flow from operating activities for 1–9/2024: €-0.3M (was €-1.2M).

• Net liabilities at period end: €16.8M (was €12.6M); balance sheet total: €48.2M (was €53.9M).

• Personnel at period end: 360 (was 400); personnel costs: €16.6M (was €17.6M).

Outlook and guidance

• Full-year 2024 revenue expected at €91–97M (2023: €94.4M); operating result estimated slightly negative, with operating loss of €0.0–1.8M (2023: €-2.4M).