2025 nine months results
INVESTORS LIVE STREAMING PRESENTATIONbusiness
update
#3
financial highlights
Ǫ3-25 EBITDA almost @ breakeven
vs Ǫ3-24 EBITDA @ -0.8M€ with comparable revenues
G months Revenues down YoY -18.2%
improving from -26.6% on H1
Gross Profit Margin @ 4G.3%, stable over quarters in 2025
confirming a good mix of products sold C purchasing cost control
Net OPEX down 5.0M€ YoY
mitigating negative effect of weak top line on EBITDA
Net Working Capital down 4.3M€
mainly due to reduction of receivable
Net Financial Position under control
Emera capital injection sustaining cash flow
#4
work in progress
a strategic plan for next 3 to 5 years
Pillars of our #rethink initiative:
Reclaim Engineering Excellence
Combine hardware and software building blocks into
customer-focused unique solutions that leverage our core DNA.
Leverage Cybersecurity Capabilities
Strengthen our position as premier provider of cybersecurity solutions specifically designed for edge computing environments.
Focus on Strategic Verticals
Target markets where our expertise creates competitive advantage: Smart Infrastructure (energy/transportation), Rolling Stock,
and Defense sectors.
l o a d i n g
#5
road ahead in the short term: back to positive EBITDA
H2 >> H1 on revenues
H2-25 > H2-24 confirming trend inversion
Order intake +25% YoY sustaining positive trend
FY25 vs FY-24: revenues slightly below YoY due to H1 performance, but…
FY-25 EBITDA materially better than FY-24 due to H2-25 revenue result and opex reduction
Ǫ4 EBITDA definitely positive
#6
financial
update
GM 2025
#7
revenues are recovering
trend inversion in Ǫ3 but nine months impacted by weak H1
All values in € million
43.0
-0.3
-2.2
-5.3
35.2
#Legacy embedded business impacted by contraction in US
#Edge AIoT contracting mainly due to economic crisis in Germany in H2 2024 but recoveing in Ǫ3
9M FX Delta edge
24 AIoT
Delta 9M
embedded 25
#8
EU area consolidates first place
revenues breakdown by end-customer location
other other
7.4 | 9.7 | #Europe confirmed as first market | ||||||||
JP | 24.7 | % | % | #Japan consolidating second place | ||||||
% 13.8 % | 9M 2024 | 54.1 % | EU | JP | 29.9 % | 9M 2025 5.5 | 54.9 % | EU | #US showing different distribution of revenues between quarters in 2025 vs 2024 | |
US | US | % | ||||||||
Percentages total might not sum up to 100 because of rounding
#9
EBITDA helped by lower break-even point
opex reduction almost compensates top line weakness All values in € thousand
-4,254
990
-41 -3,305
5,035
-739 -3,751
-1,593 -5,344
-3,905 | ||||||||||
-837 | ||||||||||
EBITDA | Non | Fx rate | EBITDA ADJ | Lower | Lower | Opex | Capex | EDITDA ADJ | Non | EBITDA |
9M 24 Act | recurring | effect | 9M 24 Act | Volumes | GM | Decrease | Decrease | 9M 25 Act | recurring | 9M 25 Act |
FX 24 | costs | FX 25 | FX 25 | costs | FX 25 | |||||
#10
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