Metasurface Technologies (8637) H2 2024 earnings summary

Executive summary

• FY2024 revenue was S$37.7m, down 2.7% YoY; profit was S$3.2m versus S$4.4m, while adjusted profit was S$5.8m versus S$7.1m.

• Operations were described as stable amid gradual semiconductor recovery; year-end purchase-order backlog was S$19.5m, down from S$24.9m.

Financial highlights

• Revenue declined to S$37.722m from S$38.769m; cost of sales rose to S$24.856m from S$24.354m.

• Gross profit was S$12.866m versus S$14.415m; operating profit increased to S$6.379m from S$5.054m.

• Profit from continuing operations was S$3.193m versus S$2.284m; total profit was S$3.193m versus S$4.427m, including S$2.143m from discontinued operations in 2023.

• Administrative expenses fell 10.3% to S$10.4m, mainly as FY2024 had no share-based payments; the prior-year charge was S$3.2m.

Outlook and guidance

• Plans include expanding production capacity and workforce, pursuing semiconductor and aerospace opportunities, and growing data storage and oil and gas business.

• Expansion opportunities include deeper work with existing customers, new customers and module assembly; management expressed confidence in prospects while monitoring market risks.

• No numerical financial guidance was stated; strategy emphasizes capital efficiency, diversification and long-term sustainable growth.