OSAI Automation System (OSA) H1 2024 earnings summary

Executive summary

• Orders contracted sharply in H1 2024, especially in Semiconductors and Automation, due to sector crises and a slowdown in electric mobility and automotive markets.

• Revenue rose 1.93% year-over-year to €17.1M, while value of production fell 8% to €21.7M.

• Net loss widened to -€5.12M from -€1.26M in H1 2023, driven by a 42% drop in order intake and reduced margins.

• Commercial backlog fell 52.1% year-over-year, and cost containment, organizational restructuring, and wage support measures (CIGO) were implemented.

Financial highlights

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

• EBITDA: -€2.4M (vs. +€0.99M in H1 2023); EBIT: -€3.96M (vs. -€0.78M).

• Net loss: -€5.12M (vs. -€1.26M in H1 2023); Gross margin: €9.10M (vs. €12.73M).

• Net financial debt stable at €37.51M; cash and cash equivalents at €0.52M.

• 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, supported by efficiency gains and improved margins.

• Further cost reductions, hiring freeze, and wage support measures extended to November 2024.