Modulight (MODU) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue was EUR 965,000, declining 13% year-over-year and 9% sequentially, mainly due to the transition to the pay-per-treatment (PPT) model and project delays.

• Operational efficiency improved, with EBITDA loss narrowing by 23% year-over-year to -EUR 1,221,000, and significant improvement in operating and net cash flow.

• The R&D pipeline expanded to 30 projects, focusing on commercialization, Phase 3 clinical projects, and new customers in the US and Asia.

• The investment program was completed, reducing one-time costs and enabling more resources for product development and geographic expansion.

• Strategic focus remains on geographical expansion, new indications, and SaaS-based business models like PPT.

Financial highlights

• Q2 2024 revenue: EUR 965,000 (Q2 2023: EUR 1,107,000); H1 2024 revenue: EUR 2,024,000 (H1 2023: EUR 2,600,000).

• Q2 2024 EBITDA: -EUR 1,221,000 (Q2 2023: -EUR 1,581,000); H1 2024 EBITDA: -EUR 2,535,000 (H1 2023: -EUR 3,010,000).

• Q2 2024 EBIT: -EUR 2,047,000 (Q2 2023: -EUR 2,095,000); H1 2024 EBIT: -EUR 4,026,000 (H1 2023: -EUR 3,998,000).

• Q2 2024 EPS: -EUR 0.05; H1 2024 EPS: -EUR 0.09 (flat year-over-year).

• Cash and cash equivalents at June 30, 2024: EUR 20,565,000.

Outlook and guidance

• No formal revenue or profitability guidance for 2024 due to early-stage customer projects and market unpredictability.

• Macroeconomic and geopolitical uncertainty expected to impact short-term financial performance.

• Revenue is expected to become more predictable as more projects mature, but remains modest due to the PPT model and project delays.