SCHMID (SHMD) Registration filing summary

Company overview and business model

• Global supplier of equipment, software, and services for high-end PCB, substrate manufacturing, glass, and photovoltaics, with a focus on advanced technology and performance.

• Operates manufacturing sites in Germany and China, with a broad sales and service network across the US, Europe, and Asia.

• Business model emphasizes R&D, modular equipment design, and close collaboration with OEMs and research institutions.

• Key technologies include embedded traces (ET) and advanced glass substrate processes, targeting growth in AI, IoT, and automotive electronics.

• Pursues sustainability through energy- and resource-efficient manufacturing solutions.

Financial performance and metrics

• 2025 revenue: €66.9 million, up from €60.8 million in 2024; gross profit margin increased to 24.0%.

• Operating profit in 2025 was €1.4 million, a turnaround from a €81.8 million loss in 2024 (driven by a €71.6 million listing expense related to the de-SPAC transaction).

• Adjusted EBITDA for 2025: €6.3 million; net loss for 2025: €71.1 million, mainly due to finance expenses and fair value changes.

• Cash and cash equivalents at year-end 2025: €1.6 million; significant working capital deficiency addressed by post-year-end financings.

• Order backlog at December 31, 2025: €50.9 million for machine sales; strong order intake in 2025 and early 2026.

Use of proceeds and capital allocation

• No proceeds will be received from the resale of shares by selling securityholders; all proceeds go to the selling shareholders.

• Recent capital allocation includes debt-for-equity swaps, convertible notes, and a standby equity purchase agreement to strengthen liquidity.

• Investments planned for a new China manufacturing campus and ongoing R&D initiatives.