Solteq (SOLTEQ) Q3 2024 earnings summary

Executive summary

• Q3 2024 saw significant profitability improvement, with comparable EBITDA at EUR 1.2 million versus -0.1 million last year, but revenue declined 6.5% year-over-year to EUR 11.4 million.

• For January–September, comparable revenue fell 3.9% to EUR 38.4 million, and comparable operating result turned positive at EUR 0.4 million from -3.5 million.

• Efficiency measures and cost-savings programs contributed to improved margins, especially in Retail & Commerce.

• The company lowered its 2024 guidance, now expecting comparable revenue to diminish and operating result to remain positive.

Financial highlights

• Q3 comparable EBITDA was EUR 1.2 million (up from -0.1 million), and comparable operating result was EUR 0.6 million (up from -0.8 million).

• Q3 revenue declined 6.5% year-over-year to EUR 11.4 million; 9M revenue down 11.5% to EUR 38.4 million.

• Earnings per share for Q3 was EUR -0.03 (improved from -0.05); for 9M, EUR -0.09 (down from 0.15).

• Net cash flow from operating activities for 9M was EUR 1.2 million (up from -5.3 million).

Outlook and guidance

• 2024 guidance lowered: comparable revenue expected to diminish versus 2023 (EUR 54.2 million), but operating result to be positive.

• Retail & Commerce outlook remains moderate with anticipated demand recovery as markets stabilize; Utilities segment expected to offer profitable growth opportunities.