OSAI Automation System (OSA) H1 2024 earnings summary

Executive summary

• First half of 2024 marked by a sharp contraction in orders, especially in Semiconductors and Automation divisions, due to ongoing sector crises and a slowdown in electric mobility markets.

• Revenue slightly increased by 1.93% year-over-year to €17.1M, but EBITDA turned negative at -€2.4M and net loss deepened to -€5.1M.

• Commercial backlog fell 52.1% year-over-year, and order intake dropped 41.85% compared to H1 2023.

• Cost containment measures and use of social safety nets (CIGO) implemented to address production slowdown.

Financial highlights

• Revenue: €17.1M (+1.93% YoY); Value of production: €21.7M (-8.2% YoY).

• EBITDA: -€2.4M (down from +€1.0M in H1 2023); EBIT: -€4.0M (down from -€0.8M).

• Net loss: -€5.1M (vs. -€1.3M in H1 2023); Gross margin: 41.98% (down from 53.93%).

• Net financial debt: €37.5M, stable vs. year-end 2023.

• No dividends distributed.

Outlook and guidance

• Order intake showed slight recovery at the start of H2 2024, with critical projects completed and cost reduction measures extended.

• Management expects EBITDA recovery in the medium term and sufficient cash flow to meet obligations.

• Further cost reductions and hiring freeze in place; use of wage support extended to November 2024.