Saunum Group (SAUNA) H1 2024 earnings summary

Executive summary

• Focused on developing patented sauna climate devices and heaters, with operations in Europe, North America, and emerging markets like Japan and Australia.

• European sales underperformed due to a cooling German market, while North America remains the fastest-growing segment.

• Consolidated revenue for H1 2024 was €1,535.3k, down 18.15% year-over-year.

• Cost-saving measures from 2023 took effect, but initial 2024 cost base was higher than planned.

• Workforce reduced to an average of 28 employees in H1 2024 from 35 in H1 2023, with labor costs down 20.84%.

Financial highlights

• H1 2024 revenue: €1,585,301 (H1 2023: €1,936,891), an 18.15% decrease year-over-year.

• Operating loss (EBIT): -€448,920 (H1 2023: -€495,091).

• Net loss: -€467,486 (H1 2023: -€501,767).

• Cash at period end: €74,254 (H1 2023: €306,913).

• Total assets: €3,609,908 (H1 2023: €3,787,079).

Outlook and guidance

• H2 2024 production will focus on meeting North American demand, with continued attention to other markets.

• Plans to increase direct-to-consumer marketing while maintaining partner-based sales and support.