SMAG Mobile Antenna Masts (1SMA) H2 2024 earnings summary

Executive summary

• Provider of mobile, guyless antenna masts up to 40m, serving global disaster relief, military, and broadcast sectors.

• 2024 saw significant operational improvements, with output and delivery delays from the prior year resolved and a strong order backlog maintained.

• The year included a change in management and adjustments to prior period financials for inventory and contract accounting.

Financial highlights

• Revenue for 2024 reached €27.6M, up from €3.0M in the prior (three-month) period, exceeding the €22.3M target.

• EBITDA was €4.1M (prior: €-1.3M), with net income of €3.1M.

• Cash flow from operations was negative at €-3.9M, mainly due to inventory build-up and changes in receivables/payables.

• Cash and equivalents increased to €3.3M from €1.6M.

• Equity ratio improved to 58% from 48%.

Outlook and guidance

• Expecting significant revenue and EBITDA growth in 2025, driven by strong order backlog and increased defense spending.

• Plans to further increase workforce and improve delivery performance.

• Risks remain due to geopolitical uncertainties and competition for defense budgets.