Modulight (MODU) Q4 2024 earnings summary

Executive summary

• Q4 revenue grew 40% year-over-year to EUR 1.43 million, with the PPT business model expanding to 50 hospitals, mainly in the U.S., and new geographies and indications.

• Order collection accelerated, reaching EUR 3.5 million in Q4, with a positive trend continuing into the new year.

• EBITDA loss narrowed by 66% year-over-year in Q4, driven by lower non-recurring costs and improved operational efficiency.

• Operating cash flow improved by 145% to EUR 819 thousand in Q4, despite increased R&D and sales investments.

• Major investment program completed, leading to lower capital expenditures and improved cash flow.

Financial highlights

• Q4 2024 revenue: EUR 1,431 thousand (+40% YoY, +123% QoQ); full-year revenue: EUR 4,095 thousand (+2%).

• Q4 EBITDA: EUR -1,023 thousand (improved from -2,992k); FY24 EBITDA: EUR -4,836 thousand (improved from -8,539k).

• Q4 EBIT: EUR -2,204 thousand; FY24 EBIT: EUR -8,337 thousand.

• Q4 operating cash flow: EUR 819 thousand; FY24: EUR -825 thousand.

• Cash and cash equivalents at year-end: EUR 17.4 million; net debt: EUR -12.9 million; equity ratio: 87.5%.

Outlook and guidance

• Most customer projects remain in early development, focused on commercializing own products and expanding the PPT model.

• No formal revenue or profitability outlook for 2025 due to project unpredictability and macroeconomic/geopolitical uncertainties.

• Growth in the number of care facilities using cloud-connected products expected to continue or accelerate in 2025.