Pallas Air (PALLAS) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €3.36 million, down 24.2% year-over-year due to delayed financing and project deliveries.

• Operating loss improved to -€2.8 million from -€3.2 million in H1 2024, with cost-saving measures partially offsetting lower sales.

• Significant management changes occurred, including the CEO's resignation effective September 2025 and board member departures.

• No guidance was issued for 2025.

Financial highlights

• EBITDA for H1 2025 was -€1.51 million, an improvement from -€1.80 million in H1 2024.

• Net result was -€3.28 million, with EPS at -€2.55 (vs. -€3.00 in H1 2024).

• Total operating expenses decreased 20% year-over-year, with notable reductions in material, personnel, and other costs.

• Cash flow from operations improved to -€130k from -€1.8 million in H1 2024.

• Cash at period end was €122k, down from €802k a year earlier.

Outlook and guidance

• No formal guidance for 2025 was provided.

• Management expects full benefits of cost-saving measures to materialize in H2 2025.

• Medium-term targets include 20–25% annual revenue growth and 15% EBITDA margin from 2026.