2024 REVENUE DOWN 10% AFTER 51% GROWTH IN
2023
STRONG PERFORMANCE FROM THE GROUP’S TOP 4
CLIENTS (+13%) OFFSET BY DISRUPTION FROM 3 CLIENTS
STRONG VISIBILITY AND SOLID ORDER BACKLOG IN
AEROSPACE FOR 2025
2024 NET PROFIT: EUR 1,374K (10.9% OF
REVENUE)
2024 ADJUSTED EBITDA1: EUR 2,148K (17.0% OF
REVENUE)
RESILIENT PROFITABILITY MODEL CONFIRMED
DESPITE CHALLENGING ECONOMIC ENVIRONMENT
SUCCESSFUL COMPLETION OF TECHNICAL TESTS AND
MAJOR MILESTONES IN THE "ENGINE CONTROL" PROGRAM, SUPPORTING
PROFITABLE GROWTH TARGETS OF THE 4G PLAN FOR 2026
INVESTOR WEBINAR – TUESDAY, JANUARY 28,
10:00 AM
(Non-audited data)
- Quarterly revenue of EUR 2,759 thousand, bringing the
Group's annual sales to EUR 12,660 thousand
- Proven resilient profitability model despite challenging
sector conditions
- Quarterly adjusted EBITDA1 of EUR 369 thousand (13.4% of
revenue), resulting in an adjusted EBITDA1 of EUR 2,148
thousand for FY 2024 (17.0% of revenue)
- Quarterly consolidated net profit of EUR 204 thousand (7.4%
of revenue), leading to a net profit of EUR 1,374 thousand for FY
2024 (10.9% of revenue)
- Strong visibility in the aerospace sector for 2025
- Investor webinar: Tuesday, January 28, 10:00 AM
Registration link:
https://app.livestorm.co/euroland-corporate/memscap-webinaire-actionnaires?s=b2cb247c-2eb4-4e18-a70f-7ac75d5a449f
Regulatory News:
MEMSCAP (Euronext Paris: MEMS), leading provider of
high-accuracy, high-stability pressure sensor solutions for the
aerospace and medical markets using MEMS technology (Micro Electro
Mechanical Systems), today announced its earnings for the fourth
quarter of 2024 ending December 31, 2024.
Analysis of consolidated revenue
The distribution of consolidated revenue from continuing
operations (non-audited) by market segment for the fourth quarter
of 2024 and for FY 2024 is as follows:
Market segments / Revenue (In
thousands of euros) – Non-audited
Q4 2023 (3 months)
Q4 2023 (%)
Jan.-Dec. 2023
(12 months)
Jan.-Dec. 2023 (%)
Q4 2024 (3 months)
Q4 2024 (%)
Jan.-Dec. 2024
(12 months)
Jan.-Dec. 2024 (%)
Aerospace
2,323
58%
8,801
63%
1,727
63%
8,195
65%
Medical
1,066
27%
3,589
26%
714
26%
3,147
25%
Optical communications
548
14%
1,555
11%
297
11%
1,237
10%
Others (Royalties from licensed
trademarks)
36
1%
128
1%
20
1%
81
1%
Total revenue from continuing
operations
3,973
100%
14,073
100%
2,759
100%
12,660
100%
(Any apparent discrepancies in totals are due to rounding.)
The fourth quarter of 2024 unfolded in a deteriorated sectoral
environment, with the aerospace industry facing significant
tensions within supply chains. In the Group's primary market sector
(65% of consolidated sales for the 2024 fiscal year), demand
remained particularly strong in both civil and military domains.
However, supply chains are struggling to meet this demand, with
some players experiencing disruptions and delays impacting the
entire industry. After a growth-oriented first half, these
disruptions nevertheless affected the Group's sales during the
second half.
While the Group's major clients remained aligned with stated
objectives, achieving significant growth over the fiscal year,
these turbulences heavily impacted four smaller clients.
Consolidated revenue from continuing operations for the fourth
quarter of 2024 amounted to EUR 2,759 thousand (EUR 3,973 thousand
for the fourth quarter of 2023).
The Group's 12-month consolidated sales amounted to EUR 12,660
thousand, representing a 10.0% decline compared to fiscal year
2023, despite the previous year's growth reaching +51%, resulting
in a particularly demanding base effect.
The aerospace industry is expected to return to a normative
situation during the 2025 fiscal year.
Analysis of consolidated income statement
MEMSCAP’s consolidated earnings (non-audited) for the fourth
quarter of 2024 and for FY 2024 are given within the following
table:
In thousands of euros –
Non-audited
Q4 2023 (3 months)
Jan.-Dec. 2023 (12 months)
Q4 2024 (3 months)
Jan.-Dec. 2024 (12 months)
Revenue from continuing
operations
3,973
14,073
2,759
12,660
Cost of revenue
(2,279)
(8,033)
(1,811)
(7,639)
Gross margin
1,694
6,040
948
5,022
% of revenue
42.6%
42.9%
34.4%
39.7%
Operating expenses*
(876)
(3,563)
(885)
(3,849)
Operating profit /
(loss)
818
2,477
64
1,172
Financial profit / (loss)
(132)
(304)
142
226
Income tax expense
16
(33)
(1)
(24)
Net profit / (loss)
702
2,140
204
1,374
* Net of research & development grants. (Any apparent
discrepancies in totals are due to rounding.)
Due to an unfavourable volume effect, the gross margin for the
fourth quarter of 2024 stood at EUR 948 thousand, bringing the
annual gross margin rate to 39.7% of consolidated revenue compared
to 42.9% in the previous fiscal year.
Operating expenses, net of research and development grants,
amounted to EUR 885 thousand for the fourth quarter of 2024,
resulting in a total annual amount of EUR 3,849 thousand compared
to EUR 3,563 thousand for fiscal year 2023.
As a result, the operating profit from continuing operations
stood at EUR 64 thousand (2.3% of consolidated revenue) for the
fourth quarter of 2024, leading to an operating profit of EUR 1,172
thousand (9.3% of consolidated revenue) for fiscal year 2024,
compared to EUR 2,477 thousand (17.6% of consolidated revenue) for
fiscal year 2023.
Benefiting from a favourable exchange rate effect, net financial
income for the fourth quarter of 2024 amounted to EUR 142 thousand.
The financial income for fiscal year 2024 thus showed a net gain of
EUR 226 thousand, compared to a net loss of EUR 304 thousand for
fiscal year 2023.
The tax expense recognized for fiscal years 2024 and 2023
corresponded to changes in deferred tax assets. This expense had no
impact on the Group's cash flow.
The consolidated net profit after tax amounted to EUR 204
thousand (7.4% of consolidated revenue) in the fourth quarter of
2024, bringing the net profit for fiscal year 2024 to EUR 1,374
thousand (10.9% of consolidated revenue), compared to a net profit
of EUR 2,140 thousand (15.2% of consolidated revenue) for fiscal
year 2023.
MEMSCAP reported an adjusted EBITDA¹ of EUR 369 thousand for the
fourth quarter of 2024 (13.4% of consolidated revenue) and EUR
2,148 thousand for fiscal year 2024, representing 17.0% of
consolidated revenue (EUR 3,263 thousand for fiscal year 2023,
23.2% of consolidated revenue). It is noted that research and
development costs were fully recognized as expenses during this
12-month period and were not capitalized in the Group's balance
sheet.
1 Adjusted EBITDA means operating profit before depreciation,
amortisation, and share-based payment charge (IFRS 2) and including
foreign exchange gains/losses related to ordinary activities.
Perspectives
Despite a temporarily deteriorated sectoral environment, the
fourth quarter and fiscal year 2024 demonstrated the robustness of
MEMSCAP's business model, whose foundations ensure a significant
and sustainable level of profitability.
Additionally, the Group holds a strong order backlog in the
aerospace sector for fiscal year 2025.
The successful validation of technical tests and major
milestones in the "Engine Control" development and
industrialization program reinforces the profitable growth
objectives outlined in the 4G Plan by 2026.
Shareholders and investors video conference - Tuesday,
January 28, 2025 at 10:00 a.m. Thank you for registering and
sending your questions in advance using the following link:
https://memscap.com/fr/visio/
About MEMSCAP
MEMSCAP is a leading provider MEMS based pressure sensors,
best-in-class in term of precision and stability (very low drift)
for two market segments: aerospace and medical.
MEMSCAP also provides variable optical attenuators (VOA) for the
optical communications market.
For more information, visit our website at: www.memscap.com
MEMSCAP is listed on Euronext Paris (Euronext Paris - Memscap -
ISIN code: FR0010298620 - Ticker symbol: MEMS)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250127664670/en/
Yann Cousinet Chief Financial Officer Ph.: +33 (0) 4 76 92 85 00
yann.cousinet@memscap.com
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