Shape Robotics (SHAPE) Q1 2025 earnings summary

Executive summary

• Announced a new €7.5 million revolving credit facility with UniCredit, co-guaranteed by the European Investment Fund, supporting growth and confirming lender confidence.

• Achieved record LTM revenue of DKK 336.7m, EBITDA of DKK 34.9m, and first positive LTM net result of DKK 2.8m.

• Q1 2025 revenue doubled year-over-year to DKK 69.8m, driven by expansion in Romania and adoption of the Techducator concept.

• Business model relies on public sector contracts, primarily funded by EU programs, resulting in long payment cycles.

• Expansion into Southeast Asia and the Middle East is being considered, with prepayments and risk mitigation for non-EU partners.

Financial highlights

• Revenue grew 100% year-over-year in Q1 2025 to DKK 69.8m.

• Contribution margin rose to 34% in Q1 2025 from 22% in Q1 2024.

• Adjusted EBITDA margin reached 15% in Q1 2025, with no non-recurring costs.

• Net working capital increased 113% to DKK 189.8m, supporting revenue growth.

• Cash flow from operating activities improved to DKK 9.8m; net cash flow was DKK -4.3m.

Outlook and guidance

• 2025 guidance: revenue growth of 20–35%, adjusted EBITDA margin of at least 10%, and EBITDA margin of at least 8%.

• Extension of the EU Recovery and Resilience Plan by 18 months is expected to boost sector opportunities.

• Romania expected to remain the largest market; Poland to become a significant revenue contributor.

• Contribution margin expected in the 29–32% range; operational costs to decrease relative to revenue.

• No change in guidance despite a strong Q1, as current guidance is considered appropriate.