Technoprobe (TPRO) H1 2024 earnings summary

Executive summary

• H1 2024 revenues reached €241.1 million, up 22.8% year-over-year, driven by acquisitions, new product ramps, and strong consumer and AI segment demand, partially offset by weakness in automotive and industrial sectors.

• EBITDA for H1 2024 was €60.7 million, down 6.2% year-over-year, with margin dropping to 25.2% due to integration, sales mix shifts, and higher R&D.

• Net profit for H1 2024 was €28.1 million, down from €31.1 million in H1 2023.

• Net financial position improved to €650.1 million, supported by a €384.7 million capital increase and positive operating cash flow.

• Acquisitions of Harbor Electronics (Aug 2023) and DIS Tech (May 2024) contributed to revenue growth but diluted margins.

Financial highlights

• Q2 2024 revenue: €139.3 million, up 32.7% year-over-year and 36.8% sequentially.

• H1 2024 gross profit: €100.8 million, down 1.1% year-over-year; gross margin declined to 41.8% from 51.9% due to acquisition effects and product mix.

• H1 2024 EBITDA margin: 25.2%, down from 33.0% in H1 2023.

• Net financial position at €650.1 million as of June 30, 2024, up from €350.8 million at year-end 2023.

• Shareholders’ equity increased to €1,232.5 million, mainly due to the capital increase.

Outlook and guidance

• Q3 2024 revenue guidance: €150 million ±3%; gross margin 41% ±2%; EBITDA margin 23% ±2%.

• Full-year 2024 expected to achieve mid-double-digit growth, with stronger performance in Q4 and continued focus on integrating acquisitions and expanding production capacity.

• AI expected to contribute around 20% of 2024 revenue.