Saunum Group (SAUNA) H2 2024 earnings summary

Executive summary

• 2024 revenue reached €3,160.8k, down 15.45% year-over-year; net loss widened to €1,069k from €1,012k in 2023.

• Cost reductions in H2 2024 were offset by lower sales, preventing profitability improvements.

• Strategic focus remains on North America, with new technical support commitments and product launches planned for 2025.

• Workforce reduced to an average of 25 in 2024 (from 32 in 2023), with labor costs down 17.44%.

• €75k provision made for ongoing litigation.

Financial highlights

• Revenue: €3,160,792 in 2024 vs €3,738,154 in 2023 (–15.45% year-over-year).

• Net loss: €1,069,345 in 2024 vs €1,012,443 in 2023.

• Operating loss: €1,034,782 in 2024 vs €993,777 in 2023.

• Cash at year-end: €7,436, down from €113,848 at end-2023.

• Investments: €307.6k in fixed assets (mainly intangible development costs).

Outlook and guidance

• 2025 target is to grow sales above €4,200k, aiming for profitability if efficiency gains continue.

• Renewed focus on Estonian sales and licensing for Asian markets.

• New product launches planned for 2025 to expand the portfolio.