Materialise (MTLS) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue increased 10.4% to €256.1m; adjusted EBITDA rose 65% to €31.4m, and net result turned to €6.7m profit from a €2.2m loss in 2022.

• Q4 revenue rose 4.1% to €65.3m and adjusted EBITDA nearly doubled to €8.5m; net loss was €539k, including €4.228m of impairment charges.

Financial highlights

• FY gross profit was €145.1m versus €128.8m in 2022; operating loss narrowed to €1.6m from €2.9m.

• FY net profit was €6.695m versus a €2.153m loss; diluted EPS was €0.11 versus a loss of €0.04.

• Q4 gross profit was €37.5m versus €35.7m; operating loss was €1.1m versus €3.4m in Q4 2022.

Outlook and guidance

• 2024 consolidated revenue guidance is €265–275m; adjusted EBIT guidance is €11–14m.

• From 2024, guidance shifts from adjusted EBITDA to adjusted EBIT, which includes periodic costs of capitalized tangible and intangible assets; segment adjusted EBITDA will continue to be reported.

• 2024 priorities include maintaining Medical momentum, expanding end-use parts opportunities with Magics, Build Processors and CO-AM, and starting the second ACTech plant amid macroeconomic and geopolitical uncertainty.