Modulight (MODU) Q1 2025 earnings summary

Executive summary

• Revenue increased 52% year-over-year to EUR 1.6 million, with EBITDA improving 56% from Q1 2024 and operational efficiency gains.

• R&D pipeline expanded to 31 projects, focusing on mature projects and new indications, including eye cancer.

• Strategic transition to a pay-per-treatment (PPT) business model continued, now at 50+ hospital sites, supporting revenue stability.

• Geographical expansion and new customer wins in the US, Europe, and Asia, with the US as the primary market focus.

• Order intake remained strong, including an $800k order from a major quantum computing customer.

Financial highlights

• Revenue: EUR 1,606 thousand, up 52% year-over-year and 12% sequentially.

• EBITDA: EUR -582 thousand, improved from EUR -1,314 thousand; EBITDA margin -36.2% (prior year -124.1%).

• EBIT: EUR -1,585 thousand; EPS: EUR -0.04, unchanged year-over-year.

• Free cash flow from operations: EUR -1,551 thousand, improved from EUR -2,519 thousand; cash and equivalents: EUR 14,573 thousand.

• Costs decreased by 15% year-on-year due to completed investment program and lower commissioning costs.

Outlook and guidance

• Most customer projects are in early development, focused on commercializing own products; transition to PPT model ongoing.

• No formal outlook or guidance for 2025 due to unpredictability and macro/geopolitical uncertainties.

• Record number of system installations anticipated in spring and summer, driven by phase three trials.