Announced record quarterly revenue of €62.9
million, up 27.3% year-over-year
VIA optronics AG (NYSE: VIAO) (“VIA”), a leading supplier of
interactive display systems and solutions, today announced
preliminary unaudited financial results for the third quarter ended
September 30, 2022.
Third Quarter 2022 Financial Highlights
- Total revenue increased 27.3% year-over-year to €62.9
million
- Display Solutions revenue increased 39.2% year-over-year to
€58.6 million
- EBITDA of €3.7 million compared to €2.0 million in the third
quarter of 2021
- Net income of €1.2 million compared to €0.1 million in the
third quarter of 2021
“We are pleased by the progress that we have made during the
third quarter of 2022. We are delighted to report record quarterly
revenue, exemplifying strong end-market demand for our display
systems and solutions as we continue to see increasing adoption of
more advanced, state-of-the-art displays in both electric and
traditional vehicles,” said Jürgen Eichner, CEO & Founder of
VIA. “Additionally, we are making great strides along our growth
path with the production ramp up and cost-savings initiatives that
should result in expanded profitability in the future.”
Third Quarter 2022 Financial Summary
Total revenue of €62.9 million increased 27.3% from €49.4
million in the third quarter of 2021. The increase was driven by
growth in the Company’s Display Solutions segment. Display
Solutions revenue of €58.6 million increased by 39.2% from €42.1
million in the third quarter of 2021, driven primarily by growth in
the automotive end market. Sensor Technologies revenue of €4.3
million decreased by 41.1% from €7.3 million in the third quarter
of 2021, due to ongoing lower demand in the consumer end market
after record turnover in the prior year.
- Revenue from the automotive end market grew 46% year-over-year
and accounted for 44% of Display Solutions revenue in the third
quarter
- Revenue related to the industrial and specialized applications
end market decreased 7% year-over-year and accounted for 27% of
Display Solutions revenue
- Revenue related to the consumer end market accounted for 29% of
Display Solutions revenue, compared to 17% of revenue in the third
quarter of 2021
Gross profit margin decreased to 8.6% from 13.8% in the third
quarter of 2021. Display Solutions gross profit margin of 8.9%
decreased from 11.6% in the third quarter of 2021, influenced by
ongoing margin pressure, material costs increase, inflation and
higher logistic costs. Sensor Technologies gross profit margin of
7.0% decreased from 26.0% in the third quarter of 2021, due to
changed market conditions and lower utilization.
Research and development expenses decreased slightly to €1.4
million from €1.5 million in the third quarter of 2021, in line to
support the Company’s future strategy. Selling expenses decreased
to €1.1 million from €1.2 million in the third quarter of 2021 and
general and administrative expenses decreased to €5.0 million from
€5.1 million in the third quarter of 2021 due further improvements
in the administrative cost structure.
Operating income was €2.1 million, compared to operating income
of €0.7 million in the third quarter 2021.
Net income was €1.2 million, or earnings of €0.27 per basic and
diluted share, compared to net income of €0.1 million, or earnings
of €0.02 per basic and diluted share, in the third quarter of
2021.
Total EBITDA was €3.7 million compared to EBITDA of €2.0 million
in the third quarter of 2021. Display Solutions EBITDA was €2.4
million compared to €1.5 million in the third quarter of 2021,
driven by operational performance as well as some one-time effects.
Sensor Technologies EBITDA was €(0.2) million compared to €1.1
million in the third quarter of 2021. Other Segments EBITDA was
€1.5 million compared to €(0.4) million in the third quarter of
2021, driven by the same aforementioned one-time effects.
Cash and cash equivalents were €54.3 million as of September 30,
2022, compared to €53.3 million at June 30, 2022. The increase was
driven by ongoing improvements in inventory management.
The Company has recognized an indication of an impairment during
the second quarter of 2022 due to a market capitalization of VIA
below equity as of June 30, 2022. As such, the Company has
commenced a goodwill impairment test according to IAS 36.8, which
is not yet finalized. The preliminary financial results for the
third quarter of 2022 should not be viewed as a substitute for the
Company´s third quarter 2022 results and do not present all
information necessary for an understanding of VIA's financial
performance as of September 30, 2022.
Outlook
For the fourth quarter of 2022, VIA expects to achieve total
revenue of between €37 million to €42 million. For the full year
2022, the Company expects to achieve revenue growth of between 10%
to 13% compared to 2021.
Dr. Markus Peters, CFO of VIA optronics, commented, “We had a
strong third quarter from a revenue standpoint, driven by a revenue
increase in our Display Solutions segment. This growth gives us the
confidence to increase our guidance revenue range for 2022. Strong
top-line growth, driven by a better utilization combined with
one-time effects resulted in better earnings in the quarter. We
will continue to strive to improve our operating performance which
includes further efficiencies in working capital management. Our
balance sheet remains strong, with cash and cash equivalents of
€54.3 million at the end of the third quarter, which provides us
with a solid basis to pursue our strategic initiatives.”
Conference Call
VIA will host a conference call to discuss its results and will
provide a corporate update at 12:30 p.m. Central European Time /
6:30 a.m. Eastern Time today, November 23, 2022.
The dial-in numbers for the call are 1-646-664-1960 (USA),
032-22109-8334 (Germany), 020-3936-2999 (United Kingdom), or +44
20-3936-2999 (Other). The access code for the call is 780257.
Please ask to be connected to the VIA Optronics AG call when
prompted by the operator.
The live webcast of the call, along with the Company’s earnings
press release, can be accessed through the VIA Investor Relations
website at https://investors.via-optronics.com. 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.
Investor Relations website.
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.
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 interests, taxes, depreciation and
amortization.
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. Due to rounding, it is possible that
individual figures in this and other documents do not add up
precisely to the totals shown and that percentages presented do not
accurately reflect the absolute values to which they relate.
VIA optronics AG
Consolidated Statement of
Financial Position
September 30,
December 31,
Millions of EUR
2022 unaudited
2021
Assets
Non-current assets
26.8
27.8
Intangible assets
3.1
4.2
Property and equipment
21.2
21.5
Other financial assets
1.3
1.1
Deferred tax assets
1.2
1.0
Current assets
128.8
133.9
Inventories
32.0
35.9
Trade accounts receivables
33.9
31.1
Current tax assets
—
0.6
Other financial assets
—
—
Other non-financial assets
8.6
8.3
Cash and cash equivalents
54.3
58.0
Total assets
155.6
161.7
Equity and liabilities
Equity attributable to equity holders
of the parent
57.6
65.0
Share capital
4.5
4.5
Subscribed capital
—
—
Capital reserve
88.5
88.5
(Accumulated Deficit) / Retained
earnings
(30.6
)
(26.8
)
Currency translation reserve
(4.8
)
(1.2
)
Non-controlling interests
0.4
0.5
Total Equity
58.0
65.5
Non-current liabilities
8.3
8.8
Loans
2.0
0.7
Provisions
0.1
0.1
Lease liabilities
6.2
8.0
Deferred tax liabilities
—
—
Current liabilities
89.3
87.4
Loans
38.6
34.6
Trade accounts payable
27.4
33.4
Current tax liabilities
0.2
1.4
Provisions
1.1
1.1
Lease liabilities
2.4
2.0
Other financial liabilities
11.5
7.3
Other non-financial liabilities
8.1
7.6
Total equity and liabilities
155.6
161.7
VIA optronics AG
Consolidated Statements of
Operations Data
Three Months Ended
Nine Months Ended
September 30,
September 30,
Millions of EUR
2022 unaudited
2021* unaudited
2022 unaudited
2021* unaudited
Revenue
62.9
49.4
163.6
134.5
Cost of sales
(57.5
)
(42.6
)
(150.2
)
(116.8
)
Gross profit
5.4
6.8
13.4
17.7
Selling expenses
(1.1
)
(1.2
)
(3.7
)
(3.8
)
General administrative expenses
(5.0
)
(5.1
)
(16.9
)
(14.7
)
Research and development expenses
(1.4
)
(1.5
)
(4.6
)
(4.5
)
Other operating income
5.5
4.5
14.5
8.6
Other operating expenses
(1.3
)
(2.8
)
(5.0
)
(5.1
)
Operating (loss)/income
2.1
0.7
(2.3
)
(1.8
)
Financial result
(0.5
)
(0.2
)
(1.2
)
(0.8
)
(Loss)/Profit before tax
1.6
0.5
(3.5
)
(2.6
)
Income tax expenses
(0.4
)
(0.3
)
(0.4
)
(1.1
)
Net (loss)/profit after taxes from
continuing operations
1.2
0.1
(3.9
)
(3.7
)
Adjustments:
Financial result
0.5
0.2
1.2
0.8
Foreign exchange gains (losses) on
intercompany indebtedness
—
—
—
—
Income tax expenses
0.4
0.3
0.4
1.1
Depreciation
1.6
1.4
4.8
4.5
EBITDA
3.7
2.0
2.5
2.7
*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 a thorough analysis in 2021, 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 so called “primary indicators” the
functional currency of those companies was changed from Euro and
Renminbi, respectively to US dollars. In accordance with IAS 21,
changes in functional currency are accounted for on a prospective
basis, beginning January 1, 2021; therefore, interim figures
reported during 2021, using the local currency as the functional
currency,have been revised with respect to the change in functional
currency
VIA optronics AG
Earnings Per Share
Three
Three
Months
Months
Ended
Ended
September 30,
September 30,
Millions of EUR (except per share
data)
2022 unaudited
2021* unaudited
Income/(loss) after taxes from continuing
operations (attributable to VIA optronics AG shareholders)
1.2
0.1
Weighted average of shares outstanding
4,530,701
4,530,701
Earnings/(loss) per share in EUR
(basic and diluted)
0.27
0.02
*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 a thorough analysis in 2021, 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 so called “primary indicators” the
functional currency of those companies was changed from Euro and
Renminbi, respectively to US dollars. In accordance with IAS 21,
changes in functional currency are accounted for on a prospective
basis, beginning January 1, 2021; therefore, interim figures
reported during 2021, using the local currency as the functional
currency,have been revised with respect to the change in functional
currency.
VIA optronics AG
Segment Information**
2022:
Nine Months Ended
September 30, 2022 unaudited
Display
Sensor
Other
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
segments
segments
adjustments
Total
External revenues
148.5
15.1
—
163.6
—
163.6
Inter-segment revenues
0.4
3.9
—
4.3
(4.3
)
—
Total revenues
148.9
19.0
—
167.9
(4.3
)
163.6
Gross profit
10.8
3.0
—
13.8
(0.4
)
13.4
Operating income (loss)
(1.3
)
(0.4
)
(0.6
)
(2.3
)
(2.3
)
Depreciation and amortization
3.1
1.7
—
4.8
—
4.8
EBITDA
1.8
1.3
(0.6
)
2.5
—
2.5
Net income (loss)
(3.3
)
(0.3
)
(0.3
)
(3.9
)
—
(3.9
)
Three Months Ended
September 30, 2022 unaudited
Display
Sensor
Other
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
segments
segments
adjustments
Total
External revenues
58.6
4.3
—
62.9
—
62.9
Inter-segment revenues
0.1
1.0
—
1.1
(1.1
)
—
Total revenues
58.7
5.3
—
64.0
(1.1
)
62.9
Gross profit
5.2
0.3
—
5.5
(0.1
)
5.4
Operating income (loss)
1.4
(0.8
)
1.5
2.1
—
2.1
Depreciation and amortization
1.0
0.6
—
1.6
—
1.6
EBITDA
2.4
(0.2
)
1.5
3.7
—
3.7
Net income (loss)
0.3
(0.7
)
1.6
1.2
—
1.2
2021:
Nine Months Ended
September 30, 2021* unaudited
Display
Sensor
Other
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
segments
segments
adjustments
Total
External revenues
115.2
19.3
—
134.5
—
134.5
Inter-segment revenues
—
3.0
—
3.0
(3.0
)
—
Total revenues
115.2
22.3
—
137.5
(3.0
)
134.5
Gross profit
12.5
5.2
—
17.7
—
17.7
Operating income (loss)
0.5
1.7
(4.0
)
(1.8
)
—
(1.8
)
Depreciation and amortization
2.5
2.0
—
4.5
—
4.5
EBITDA
3.0
3.7
(4.0
)
2.7
—
2.7
Net income (loss)
(1.0
)
1.1
(3.8
)
(3.7
)
—
(3.7
)
Three Months Ended
September 30, 2021* unaudited
Display
Sensor
Other
Total
Consolidation
Consolidated
Millions of EUR
Solutions
Technologies
segments
segments
adjustments
Total
External revenues
42.1
7.3
—
49.4
—
49.4
Inter-segment revenues
—
0.7
—
0.7
(0.7
)
—
Total revenues
42.1
8.0
—
50.1
(0.7
)
49.4
Gross profit
4.9
1.9
—
6.8
6.8
Operating income (loss)
0.5
0.6
(0.4
)
0.7
(0.1
)
0.6
Depreciation and amortization
0.9
0.5
—
1.4
—
1.4
EBITDA
1.5
1.1
(0.4
)
2.1
(0.1
)
2.0
Net income (loss)
—
0.4
(0.4
)
0.1
—
0.1
*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 a thorough analysis in 2021, 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 so called “primary indicators” the
functional currency of those companies was changed from Euro and
Renminbi, respectively to US dollars. In accordance with IAS 21,
changes in functional currency are accounted for on a prospective
basis, beginning January 1, 2021; therefore, interim figures
reported during 2021, using the local currency as the functional
currency,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, Q2 2021 and Q3 2021 figures have been
revised accordingly.
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version on businesswire.com: https://www.businesswire.com/news/home/20221123005123/en/
Investor Relations Sam Cohen or Lisa Fortuna Alpha IR
Group Phone: +1 312-445-2870 VIAO@alpha-ir.com Media Contact
Alexandra Müller-Pl�tz Phone: +49 911 597 575-302
Amueller-ploetz@via-optronics.com
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