Siili Solutions (SIILI) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 declined 11% year-over-year to €24.1 million amid challenging IT service market conditions.

• Adjusted EBITA for Q3 2024 was €0.7 million, representing 2.9% of revenue.

• New strategy focusing on AI and data was launched in August, with notable new contracts in the German automotive sector.

• Financial guidance for 2024 was lowered in September due to slower-than-expected market recovery.

Financial highlights

• Q3 2024 revenue: €24.1 million (down from €27.0 million in Q3 2023); Q1–Q3 2024 revenue: €83.3 million (down from €92.3 million year-over-year).

• Q3 2024 adjusted EBITA: €0.7 million (2.9% of revenue); Q1–Q3 2024 adjusted EBITA: €4.0 million (4.8% of revenue).

• Q3 2024 net profit: €0.15 million; Q1–Q3 2024 net profit: €2.0 million.

• Q3 2024 basic EPS: €0.02; Q1–Q3 2024 basic EPS: €0.24.

• Cash and cash equivalents at 30 Sep 2024: €11.4 million, down from €22.1 million a year earlier.

Outlook and guidance

• Updated 2024 revenue guidance: €106–116 million (previously €120–140 million).

• Updated 2024 adjusted EBITA guidance: €4.5–6.5 million (previously €7.5–10.5 million).