Shape Robotics (SHAPE) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached 106.1 mDKK, up 90% year-over-year, driven by Romanian market expansion and the Skriware acquisition.

• LTM revenue hit 221.5 mDKK, marking the strongest 12 months in company history.

• Contribution margin improved to 25% in Q2 2024, with further increases expected in H2 due to new service offerings.

• Strategic partnerships and product launches, including Thinken with Lenovo, are expanding global reach.

Financial highlights

• Q2 2024 revenue was 71.2 mDKK, up 93% from Q2 2023; H1 2024 revenue was 106.1 mDKK, up 90% year-over-year.

• Q2 2024 contribution margin rose to 25% from 22% in Q1 2024; H1 2024 contribution margin was 24%.

• Adjusted EBITDA for Q2 2024 was -1.8 mDKK, impacted by non-recurring listing costs; EBITDA was -2.2 mDKK.

• Net result for H1 2024 was -22.3 mDKK, compared to -8.4 mDKK in H1 2023.

• Total assets as of June 30, 2024, were 318.5 mDKK, with equity at 143.5 mDKK.

Outlook and guidance

• Revenue guidance for 2024 is maintained at a minimum of 300 mDKK.

• EBITDA guidance for 2024 is at least 25 mDKK, supported by strong order backlog, improved margins, and new service revenue.

• Anticipates further margin improvement in H2 2024 from Techducator service rollout.