Achieved significant revenue expansion of 27.6%
year-over-year in first quarter 2022
Provides outlook for 5% to 10% expected revenue
growth in fiscal year 2022
Full year 2021 results at a glance
VIA optronics AG (NYSE: VIAO) (“VIA or the “Company”), a leading
supplier of interactive display systems and solutions, today
announced unaudited financial results for the first quarter of
fiscal year 2022, ending March 31, 2022.
First Quarter 2022 Highlights compared to First Quarter
2021
- Total revenue increased 27.6% to €52.7 million
- Display Solutions revenue increased 31.5% to €46.8 million
- Sensor Technologies revenue of €5.9 million increased 3.5%
- Gross profit margin of 7.4%
- Continuing integration of Germaneers, a high-tech company
focusing on automotive system integration and user interfaces for
well-known, high-end original equipment manufacturers (OEMs), that
the Company acquired in 2021
Jürgen Eichner, CEO & Founder of VIA commented, “We are
excited to announce a very strong start to fiscal year 2022 as
first quarter revenue expanded by 27.6% compared to the first
quarter 2021. Despite headwinds from ongoing semi-conductor
shortages and logistic challenges, demand for our display systems
and solutions remains robust, driven by strength in both the
automotive and industrial markets.”
First Quarter 2022 Results
Total revenue of €52.7 million in the first quarter 2022
increased 27.6% from €41.3 million in the first quarter 2021,
driven by growth in both the Display Solutions and Sensor
Technologies segments. Display Solutions revenue of €46.8 million
in the first quarter increased by 31.5% from €35.6 million in the
first quarter 2021, driven primarily by growth in automotive
revenue and industrial sales. Sensor Technologies revenue of €5.9
million in the first quarter 2022 increased by 3.5% from €5.7
million in the first quarter 2021.
Revenue from the automotive end market grew 74% in the first
quarter 2022 and accounted for 39% of Display Solutions revenue in
the first quarter of 2021. Revenue related to the Industrial and
Specialized Applications end market increased 24% in the first
quarter 2022 and accounted for 39% of Display Solutions revenue,
compared to 41% of revenue in the first quarter 2021. Revenue
related to the Consumer end market accounted for 22% of Display
Solutions revenue in the first quarter 2022, compared to 30% of
revenue in the first quarter 2021.
Gross profit margin decreased to 7.4% in the first quarter from
11.4% in the first quarter of 2021. Display Solutions gross profit
margin of 5.8% decreased in the first quarter 2022 from 9.8% in the
first quarter 2021, due to a change in sales mix and the increase
in the price of certain raw materials, transportation costs and
overhead and labor costs. Sensor Technologies gross profit margin
of 20.3% in the first quarter 2022 decreased from 21.1% in the
first quarter 2021, primarily driven by product mix.
Research and development (R&D) expenses increased in the
first quarter 2022 to €1.5 million from €1.0 million in the first
quarter 2021 due to the addition of R&D capabilities primarily
related to the acquisition of Germaneers.
Selling expenses increased to €1.3 million in the first quarter
2022 from €1.2 million in the first quarter 2021 due to higher
sales volumes.
General and administrative expenses of €5.4 million increased in
the first quarter 2022 from €4.7 million in the first quarter 2021
due to, among other, increased headcount to support the Company’s
growth plans and consulting expenses.
Operating loss was €3.1 million in the first quarter 2022
compared to operating income of €0.7 in the first quarter 2021.
Net loss was €3.7 million, or €0.83 per basic and diluted share
in the first quarter 2022, compared to net income of €0.2 million,
or €0.04 per basic and diluted share, in the first quarter
2021.
EBITDA loss was €1.0 million in the first quarter 2022 compared
to EBITDA of €2.5 million in the first quarter 2021. Display
Solutions EBITDA loss was €0.3 million in the first quarter 2022
compared EBITDA of €0.5 million in the first quarter 2021. Sensor
Technologies EBITDA was €1.2 million in the first quarter 2022
compared to €1.1 million in the first quarter 2021. Other segments
EBITDA loss was €1.9 million compared to EBITDA of €0.9 million in
the first quarter 2021.
Full Year 2021 Highlights
- Total revenue increased 18.5 % to €180.8 million
- Display Solutions revenue increased to €154.7 million
- Sensor Technologies revenue increased 2.4% to €26.1
million
- Gross profit margin of 11.3%
- Acquired and began integration of Germaneers
- Formed strategic partnership with SigmaSense to develop new
touch sensing solutions
- Completed production readiness at new facility in Germany
dedicated to a U.S. electric vehicle manufacturer
- Incorporated new entity, VIA optronics (Philippines), Inc. for
design and development of camera solutions
The above is a high-level overview of the Company’s financial
results for the year ended December 31, 2021. For further
information on the Company’s financial results for the year ended
December 31, 2021, please refer to our annual report filed on Form
20-F with the U.S. Securities and Exchange Commission (SEC). You
can access a PDF version at VIA´s Investor Relations website,
https://investors.via-optronics.com/investors/financials-and-filings/sec-filings/default.aspx
2022 Outlook
For the second quarter of 2022, VIA expects total revenue to
range between €40.0 million and €45.0 million. For the full year
2022, the Company expects to achieve revenue growth between 5% to
10% compared to 2021.
Dr. Markus Peters, CFO of VIA commented, “For 2022, we expect
our top line revenue growth to continue, albeit at a slower pace
than 2021 due to planned portfolio adjustments, a slowdown in the
consumer end market, potential component shortages in the camera
business, and overall economic uncertainty. We plan to sharpen our
focus on margins with ongoing pricing actions and disciplined
expense management to offset inflationary pressures and
transportation costs. We have a healthy balance sheet with €47.1
million in cash and cash equivalents at the end of the first
quarter 2022, which supports a strong runway to achieve our
objectives.”
Conference Call
VIA will host a conference call to discuss its first quarter
2022 and full year 2021 results and will provide a corporate update
at 2:30 p.m. Central European Time / 8:30 a.m. Eastern Time today,
June 29, 2022. The live webcast of the call can be accessed at the
VIA Investor Relations website at
https://investors.via-optronics.com, along with the company's
earnings press release. The dial-in numbers for the call are
1-646-664-1960 (USA), 020-3936-2999 (United Kingdom), or
032-22109-8334 (Germany). The access code for the call is 776026.
Please ask to be connected to the VIA optronics AG call.
Following the conference call, an archived version of the
webcast will also be available on the Investor Relations section of
the Company’s website shortly after the live call ends. To listen
to the telephone replay, callers should dial 1-845-709-8569 (USA),
020-3936-3001 (United Kingdom), or 44-203-936-3001 (Other). The
access code is 742116. The replay will be available for two weeks
following the call date.
About VIA
VIA is a leading provider of enhanced display solutions for
multiple end-markets in which superior functionality or durability
is a critical differentiating factor. Its customizable technology
is well-suited for high-end markets with unique specifications as
well as demanding environments that pose technical and optical
challenges for displays, such as bright ambient light, vibration
and shock, extreme temperatures and condensation. VIA’s interactive
display systems combine system design, interactive displays,
software functionality, cameras and other hardware components.
VIA’s intellectual property portfolio, process know-how, and
optical bonding and metal mesh touch sensor and camera module
technologies provide enhanced display solutions that are built to
meet the specific needs of its customers.
Further information on the Company can be found in its Annual
Report on Form 20-F for the year ended December 31, 2021 (the
“Annual Report”), which the Company has filed with the U.S.
Securities and Exchange Commission. The Company restated its
consolidated financial statements as of December 31, 2020 and for
each of the years ended December 31, 2020 and 2019 for the
correction of an error related to costs incurred in preparation for
its September 2020 IPO. For additional information on the nature
and impact of the error on the Company’s historical financial
statements, refer to Note 2.3 to the Audited Consolidated Financial
Statements, included elsewhere in the Annual Report. You can access
a PDF version of the Annual Report at VIA’s Investor Relations
website,
https://investors.via-optronics.com/investors/financials-and-filings/sec-filings/default.aspx.
A hard copy of the audited consolidated financial statements can
also be requested free of charge by contacting the investor
relations team via the information provided below.
Non-IFRS Financial Measures
Our management and supervisory boards utilize both IFRS and
non-IFRS measures in a number of ways, including to facilitate the
determination of our allocation of resources, to measure our
performance against budgeted and forecasted financial plans and to
establish and measure a portion of management's compensation.
The non-IFRS measures used by our management and supervisory
boards include:
EBITDA, which we define as net profit (loss) calculated in
accordance with IFRS before financial result, taxes, depreciation
and amortization; for purposes of our EBITDA calculation, we define
"financial result" to include financial result as calculated in
accordance with IFRS and foreign exchange gains (losses) on
intercompany indebtedness.
Forward-Looking Statements
Statements in this press release about future expectations,
plans and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
“forward-looking statements.” These statements include, but are not
limited to, statements relating to the expected trading
commencement and closing dates. The words, without limitation,
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “potential,” “predict,” “project,”
“should,” “target,” “will,” “would” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these or similar identifying
words. Forward-looking statements are based largely on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition, results
of operations, business strategy, short-term and long-term business
operations and objectives, and financial needs. These
forward-looking statements involve known and unknown risks,
uncertainties, changes in circumstances that are difficult to
predict and other important factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statement, including, without
limitation, the risks described under Item 3. “Key Information—D.
Risk Factors,” in our Annual Report on Form 20-F as filed with the
US Securities and Exchange Commission. Moreover, new risks emerge
from time to time. It is not possible for our management to predict
all risks, nor can we assess the impact of all factors on our
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements we may make. In light
of these risks, uncertainties and assumptions, the forward-looking
events and circumstances discussed in this release may not occur
and actual results could differ materially and adversely from those
anticipated or implied in the forward-looking statements. We
caution you therefore against relying on these forward-looking
statements, and we qualify all of our forward-looking statements by
these cautionary statements. Any forward-looking statements
contained in this press release are based on the current
expectations of VIA’s management team and speak only as of the date
hereof, and VIA specifically disclaims any obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
VIA optronics AG
Consolidated Statement of
Financial Position
March 31,
December 31,
Millions of EUR
2022 unaudited
2021
Assets
Non-current assets
27.7
27.8
Intangible assets
3.8
4.2
Property and equipment
21.7
21.5
Financial assets
1.1
1.1
Deferred tax assets
1.1
1.0
Current assets
128.2
133.9
Inventories
38.0
35.9
Trade accounts receivables
34.2
31.1
Current tax assets
1.2
0.6
Other non-financial assets
7.7
8.3
Cash and cash equivalents
47.1
58.0
Total assets
155.9
161.7
Equity and liabilities
Equity attributable to equity holders
of the parent
61.3
65.0
Share capital
4.5
4.5
Capital reserve
88.5
88.5
(Accumulated Deficit) / Retained
earnings
(30.5
)
(26.8
)
Currency translation reserve
(1.2
)
(1.2
)
Non-controlling interests
0.5
0.5
Total Equity
61.8
65.5
Non-current liabilities
8.0
8.8
Loans
0.5
0.7
Provisions
0.1
0.1
Lease liabilities
7.4
8.0
Current liabilities
86.1
87.4
Loans
37.6
34.6
Trade accounts payable
29.5
33.4
Current tax liabilities
0.4
1.4
Provisions
1.1
1.1
Lease liabilities
2.2
2.0
Other financial liabilities
9.4
7.3
Other non-financial liabilities
5.9
7.6
Total equity and liabilities
155.9
161.7
VIA optronics AG
Consolidated Statements of
Operations Data
Three Months Ended
Twelve Months Ended
March 31, unaudited
December 31,
Millions of EUR
2022
2021 *
2021
2020 *
Revenue
52.7
41.3
180.8
152.6
Cost of sales
(48.8
)
(36.6
)
(160.3
)
(129.3
)
Gross profit
3.9
4.7
20.5
23.3
Selling expenses
(1.3
)
(1.2
)
(6.4
)
(3.4
)
General administrative expenses
(5.4
)
(4.7
)
(23.0
)
(16.1
)
Research and development expenses
(1.5
)
(1.0
)
(4.5
)
(3.2
)
Other operating income
1.4
3.4
11.6
5.0
Other operating expenses
(0.2
)
(0.5
)
(7.7
)
(7.1
)
Operating (loss)/income
(3.1
)
0.7
(9.5
)
(1.5
)
Financial result
(0.3
)
(0.3
)
(0.8
)
(1.4
)
(Loss)/Profit before tax
(3.4
)
0.4
(10.3
)
(2.9
)
Income tax expenses
(0.3
)
(0.2
)
(1.2
)
(2.0
)
Net (loss)/profit after taxes from
continuing operations
(3.7
)
0.2
(11.5
)
(4.9
)
Adjustments:
Financial result
(0.3
)
(0.3
)
(0.8
)
(1.4
)
Income tax expenses
(0.3
)
(0.2
)
(1.2
)
(2.0
)
Depreciation
(2.1
)
(1.8
)
(6.1
)
(7.0
)
EBITDA
(1.0
)
2.5
(3.4
)
5.5
*Change in Functional Currency For the years ended
December 31, 2020, and all prior periods, the functional currencies
of the Companies of the VIA Group were considered to be the
respective local currencies. Following thorough analysis VIA
determined that the functional currency for two of its major group
subsidiaries – VIA optronics GmbH and VIA optronics (Suzhou) Co.,
Ltd. should change as both subsidiaries currently generate revenues
and expend cash for supplies predominantly in US dollars. Based on
the development of these “primary indicators” the functional
currency of those companies is changed from Euro and Renminbi,
respectively to US dollars during 2021. In accordance with IAS 21,
changes in functional currency are accounted for on a prospective
basis. Q1 2021 figures have been revised with respect to the
change in functional currency.
VIA optronics AG
Earnings Per Share
Three
Three
Twelve
Twelve
Months
Months
Months
Months
Ended
Ended
Ended
Ended
March 31,
March 31,
December 31,
December 31,
2022 unaudited
2021 * unaudited
2021
2020 *
Income/(loss) after taxes from continuing
operations (attributable to VIA optronics AG shareholders) in
Millions of EUR
(3.7
)
0.2
(11.8
)
(4.9
)
Weighted average of shares outstanding
4,530,701
4,530,701
4,530,701
3,398,330
Earnings/(loss) per share in EUR
(basic and diluted)
(0.83
)
0.04
(2.59
)
(1.45
)
*Change in Functional Currency For the years ended
December 31, 2020, and all prior periods, the functional currencies
of the Companies of the VIA Group were considered to be the
respective local currencies. Following thorough analysis VIA
determined that the functional currency for two of its major group
subsidiaries – VIA optronics GmbH and VIA optronics (Suzhou) Co.,
Ltd. should change as both subsidiaries currently generate revenues
and expend cash for supplies predominantly in US dollars. Based on
the development of these “primary indicators” the functional
currency of those companies is changed from Euro and Renminbi,
respectively to US dollars during 2021. In accordance with IAS 21,
changes in functional currency are accounted for on a prospective
basis. Q1 2021 figures have been revised with respect to the
change in functional currency.
VIA optronics AG
Segment Information**
Three Months Ended
March 31, 2022
Display
Sensor
Other
Total
Consolidation
Consolidated
Millions of EUR unaudited
Solutions
Technologies
Segments
segments
adjustments
Total
External revenues
46.8
5.9
—
52.7
—
52.7
Inter-segment revenues
—
1.4
—
1.4
(1.4
)
—
Total revenues
46.8
7.3
—
54.1
(1.4
)
52.7
Gross profit
2.7
1.2
—
3.9
—
3.9
Operating income (loss)
(1.3
)
0.1
(1.9
)
(3.1
)
—
(3.1
)
Depreciation and amortization
1.0
1.1
—
2.1
—
2.1
EBITDA
(0.3
)
1.2
(1.9
)
(1.0
)
—
(1.0
)
Twelve Months Ended
December 31, 2021
Display
Sensor
Other
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
Segments
segments
adjustments
Total
External revenues
154.7
26.1
—
180.8
—
180.8
Inter-segment revenues
—
3.9
—
3.9
(3.9
)
—
Total revenues
154.7
30.0
—
184.7
(3.9
)
180.8
Gross profit
13.9
6.6
—
20.5
—
20.5
Operating income (loss)
(4.0
)
1.5
(7.0
)
(9.5
)
—
(9.5
)
Depreciation and amortization
3.5
2.6
—
6.1
—
6.1
EBITDA
(0.5
)
4.1
(7.0
)
(3.4
)
—
(3.4
)
Three Months Ended
March 31, 2021 *
Display
Sensor
Other
Total
Consolidation
Consolidated
Millions of EUR unaudited
Solutions
Technologies
Segments
segments
adjustments
Total
External revenues
35.6
5.7
—
41.3
—
41.3
Inter-segment revenues
—
1.1
—
1.1
(1.1
)
—
Total revenues
35.6
6.8
—
42.4
(1.1
)
41.3
Gross profit
3.5
1.2
—
4.7
—
4.7
Operating income (loss)
(0.2
)
—
0.9
0.7
—
0.7
Depreciation and amortization
0.7
1.1
—
1.8
—
1.8
EBITDA
0.5
1.1
0.9
2.5
—
2.5
Twelve Months Ended
December 31, 2020 *
Display
Sensor
Other
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
Segments
segments
adjustments
Total
External revenues
127.1
25.5
—
152.6
—
152.6
Inter-segment revenues
—
3.4
—
3.4
(3.4
)
—
Total revenues
127.1
28.9
—
156.0
(3.4
)
152.6
Gross profit
18.4
4.9
—
23.3
—
23.3
Operating income (loss)
6.6
0.5
(8.6
)
(1.5
)
—
(1.5
)
Depreciation and amortization
2.5
4.5
—
7.0
—
7.0
EBITDA
9.1
5.0
(8.6
)
5.5
—
5.5
*Change in Functional Currency For the years ended
December 31, 2020, and all prior periods, the functional currencies
of the Companies of the VIA Group were considered to be the
respective local currencies. Following thorough analysis VIA
determined that the functional currency for two of its major group
subsidiaries – VIA optronics GmbH and VIA optronics (Suzhou) Co.,
Ltd. should change as both subsidiaries currently generate revenues
and expend cash for supplies predominantly in US dollars. Based on
the development of these “primary indicators” the functional
currency of those companies is changed from Euro and Renminbi,
respectively to US dollars during 2021. In accordance with IAS 21,
changes in functional currency are accounted for on a prospective
basis. Q1 2021 figures have been revised with respect to the change
in functional currency.
**Segments Operating segments are reported in a manner
consistent with the internal reporting provided to the Chief
Operating Decision Maker (CODM). The CODM is comprised of the CEO
and the CFO of VIA. Since the acquisition of VTS in 2018, the Group
reports two reportable segments: “Display Solutions” and “Sensor
Technologies”. Based on the further development of the Group and
the strengthening of the group-wide holding functions of VIA
optronics AG, VIA optronics AG is from 2021 on no longer aggregated
as part of the reportable segment Display Solutions but reported as
“Other segments”. Q1 2021 figures have been revised
accordingly.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220629005278/en/
Investor Relations Sam Cohen or Lisa Fortuna Alpha IR
Group 312-445-2870 VIAO@alpha-ir.com Media Contact Alexandra
Müller-Pl�tz +49 911 597 575-302
Amueller-ploetz@via-optronics.com
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