SCHMID (SHMD) Registration filing summary

Company overview and business model

• Global supplier of equipment, software, and services for PCB, substrate manufacturing, glass, energy storage, and photovoltaics, focusing on high-end technology and performance.

• Fifth-generation, family-controlled business founded in 1864, with manufacturing in Germany and China and a global sales/service network.

• Business model emphasizes R&D, with over 150 scientists and engineers out of 800 employees, and close collaboration with customers and research institutes.

• Key technologies include embedded traces (ET) for PCBs and substrates, offering higher precision, cost savings, and reduced environmental impact.

• Customers are large global OEMs in the semiconductor and electronics industries.

Financial performance and metrics

• 2024 revenue: €60.8 million, down from €90.2 million in 2023, mainly due to weak demand in Asia and delayed customer orders.

• Gross profit for 2024: €12.0 million (19.8% margin), down from €26.4 million (29.3%) in 2023.

• Net loss for 2024: €84.1 million, compared to net income of €38.0 million in 2023; loss driven by €71.6 million share listing expense and lower gross profit.

• Cash and cash equivalents as of Dec 31, 2024: €3.8 million; as of June 30, 2025: €2.5 million.

• Order backlog at Dec 31, 2024: €27.7 million for machines, €1.8 million for spare parts/services.

• 2025 preliminary sales estimated at €66 million, with an EBITDA margin around 10%; 2026 sales expected to exceed €100 million with an Adjusted EBITDA margin above 12%.

Use of proceeds and capital allocation

• No proceeds from resale of shares by selling securityholders; proceeds from warrant and option exercises (if exercised for cash) to be used for general corporate purposes.

• Potential gross proceeds: up to $241.5 million from warrant exercises, $5.2 million from 2025 Options, and additional proceeds from 2026 Warrants (floating rate mechanism).

• Proceeds from management share and option plans depend on future board decisions and share price development.