Solteq (SOLTEQ) Q2 2024 earnings summary

Executive summary

• Achieved a significant turnaround in profitability, with comparable operating result improving by EUR 2.1 million year-over-year in Q2 2024.

• Comparable EBITDA turned positive for the first time in two years, driven by strategic renewal, product quality improvements, and cost-saving initiatives.

• Revenue declined slightly due to subdued customer demand, but efficiency programs are expected to yield annual savings of EUR 3.4 million.

Financial highlights

• Q2 2024 comparable revenue was EUR 13.4 million, down 1.5% year-over-year; H1 2024 comparable revenue was EUR 27.0 million, down 2.7%.

• Q2 2024 comparable EBITDA was EUR 0.6 million (up from -1.3 million); H1 2024 comparable EBITDA was EUR 1.0 million (up from -1.1 million).

• Q2 2024 comparable operating result was EUR 0.0 million (up from -2.1 million); H1 2024 comparable operating result was EUR -0.2 million (up from -2.7 million).

• Earnings per share for H1 2024 was EUR -0.06 (down from 0.20 year-over-year).

• Net cash flow from operating activities in H1 2024 was EUR 1.2 million (up from -1.8 million year-over-year).

Outlook and guidance

• Expects comparable revenue to grow and operating result to be positive for the full year 2024.

• Long-term market outlook for Utilities remains good, with Retail & Commerce expected to recover as markets stabilize.