BALYO's Mid-Year Insights: Financial Performance Review
BALYO's Financial Performance for 2024 Half Year
BALYO (FR0013258399, Ticker: BALYO), recognized for its innovative robotic solutions in industrial environments, has shared its financial highlights for the first half of 2024. The company focuses on autonomous technology to enhance logistical operations globally.
Sales Performance Overview
In the second quarter of 2024, BALYO achieved sales of €8.5 million, marking a 12% increase compared to the same quarter in 2023, where sales stood at €7.6 million. Overall, the total sales for the first half reached €13.8 million, slightly down by 7% from €14.9 million in H1 2023. This decline can be attributed to decreasing orders from previous commitments arising from collaborations with Linde Material Handling.
Regional Sales Insights
Sales performance varied significantly by region in the first half of 2024. The EMEA region faced a downturn, generating only €5.9 million—a substantial 45% decrease. Conversely, impressive growth was seen in the United States, where sales surged by 103% to €6.6 million. The APAC region also experienced growth, with sales rising by 54% to €1.2 million.
Order Intake and Backlog Analysis
After considering new orders, BALYO's backlog on June 30, 2024, increased significantly to €17.9 million from €10.3 million on June 30, 2023. Direct order intake represented 68% of total orders, a notable improvement compared to 24% at the end of Q2 2023.
Financial Results and Challenges
The gross profit for the first half of 2024 was reported at €2.94 million, a drastic drop of 52% from €6.13 million in 2023. This reduction stems from higher costs associated with an unfavorable product mix and significant depreciation on inventories due to obsolescence. Consequently, the gross margin happened to diminish to 21% from 41%, meriting a review of operational strategies to regain profitability.
Operating Costs and Profitability
Operating expenses ascended to €9.95 million, reflecting a 25% surge influenced by heightened research and development (17%), sales and marketing (7%), and administrative expenses (11%). As a result, BALYO recorded an operating loss of €7.01 million for H1 2024, a significant increase from the loss of €1.85 million in the same period last year.
Net Loss and Financial Position
The net financial expense stood at -€0.39 million, aligning closely with the -€0.54 million reported at the end of June 2023. Overall, the net loss escalated to -€7.4 million compared to -€2.43 million in the first half of 2023. BALYO's cash position was recorded at €4.73 million as of June 30, 2024, down from €8.6 million at the end of 2023.
Future Outlook and Strategic Plans
Looking forward, BALYO anticipates challenges in maintaining growth momentum, with current estimations suggesting the need for operational adjustments. On September 9, 2024, BALYO announced plans for a capital increase, aiming to secure €36 million to bolster its financial footing and ensure liquidity over the coming year. A shareholders' meeting scheduled for October 23 will address this initiative.
Continued Focus on Innovation
Despite the financial hurdles, BALYO remains committed to advancing its robotic technology and expanding its market presence, particularly in the United States. This is reflected in their ongoing investment in research and development aimed at ensuring the effectiveness of their autonomous solutions.
Frequently Asked Questions
What are the main highlights of BALYO’s half-year results for 2024?
BALYO reported €13.8 million in sales for the first half of 2024, although there was a decline in profitability with a net loss of €7.4 million.
How has BALYO's sales performed by region in 2024?
The company saw a 45% decline in the EMEA region while achieving over 100% growth in the US market.
What were the significant factors for the decrease in gross profit?
The decrease stemmed from higher costs related to an unfavorable product mix and depreciation in inventories due to parts obsolescence.
What does BALYO plan to do to manage its financial situation?
BALYO intends to execute a capital increase of €36 million to improve its cash position and operational sustainability.
What is BALYO’s strategic focus moving forward?
The company aims to enhance its robotic technologies and expand its market share, particularly through direct sales efforts.
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