Strong demand momentum drives record revenue of EUR 42.5 m for H1 2022 and strong order intake of EUR 22.6 m in Q2 2022 for SLM Solutions.
Highlights
- Strong order intake in Q2 2022 of EUR 22.6 m, up 100% YoY. (Q2 2021: EUR 11.3 m)
- Record revenue for Q2 2022 of EUR 26.1 m, up 60% YoY leading to record revenues for H1 2022 of EUR 42.5 m, up 34% YoY. (H1 2021: EUR 31.7 m)
- EBITDA of EUR 1.3 m and EUR -3.0 m for Q2 2022 and H1 2022 respectively, notably higher as compared Q2/H1 2021. (EUR -4.1m / EUR -6.2m)
- Order backlog remains solid at EUR 49.1 m as of Jun 2022. (Jun 2021: EUR 30.2 m)
- SLM Solutions reaffirms the FY 2022 guidance for revenue and EBITDA.
More from the News
SLM Solutions Group AG (“SLM Solutions”, “SLM” or the “Company”) announces financial results for the first half of 2022 with strong order momentum and record revenues, which have contributed to notable improvements in profitability. Order intake during the first half of 2022 amounted to EUR 39.4 m increasing by 59% over the corresponding period in 2021 (EUR 24.7 m) and reflects the robust nature of demand for additive manufacturing solutions from more customers. The successful rollout of the NXG XII 600 continues with two orders for this system in Q2 2022. As of the end of June 2022, the order backlog position amounts to EUR 49.1 m, significantly higher as compared to the end of June 2021 (EUR 30.2 m) and marginally higher as compared to March 2022 (EUR 49.0 m).
SLM Solutions posted record revenues of EUR 26.1 m for Q2 2022, an improvement of 60% as compared to the corresponding period in 2021 (EUR 16.4 m). Additionally, the Company also posted its best first half revenue performance of EUR 42.5 m for H1 2022, increasing by 34% as compared to the H1 2021 (EUR 31.7 m). This increase was driven by the completion of the initial NXG XII 600 production systems, a robust performance from the existing portfolio and further growth in the after-sales business segment. The team worked hard to successfully minimize the effects of the ongoing supply chain disruption.
The strong top line performance combined with SLM Solutions’ focus on continuously increasing operational efficiency and some target cost reduction measures have supported the Company’s bottom line performance. SLM Solutions’ bottom line has also benefited from positive foreign exchange effects and a positive one-off effect related to the reversal of a provision. Accordingly, the Company posted an EBITDA of EUR 1.3 m for Q2 2022, a significant improvement as compared to the corresponding period in 2021 (Q2 2021: EUR -4.1 m). For the first half of 2022, SLM reported an EBITDA of EUR -3.0 m, compared to EUR -6.2 m in H1 2021.
Sam O’Leary, CEO of SLM Solutions remarked, “We are halfway through the year 2022 and I am very pleased with the dedication and excellence all our teams displayed in this difficult operating environment. Thanks to their efforts, we have posted our best H1-revenue performance, delivered a notable improvement in operational profitability and are going into the second half of 2022 with strong order intake momentum. Although the business continues to experience headwinds, especially in the form of a tough macro environment and supply chain disruptions, we have managed to navigate the business well in the first half of this year, and we will continue to remain focused to continue our course.”
Working capital increased to EUR 37.0 m as of June 2022 as compared to the end of December 2021 (EUR 33.3 m), mainly due to the increase in inventories related to upcoming shipments including the NXG XII 600. The Company completed the first two NXG XII 600 production systems in Q2 2022 and expects an acceleration in the pace of deliveries towards the second half of 2022. As of the end of Q2 2022 SLM Solutions maintained a cash balance of EUR 37.1 m.
Outlook for FY 2022
Given its strong backlog position and continuous commercial strength, SLM Solutions reaffirms its guidance for FY 2022 with revenue of at least EUR 100 m. As regards to the Company’s EBITDA guidance for FY 2022, SLM has already achieved break-even EBITDA in Q2 2022 due to one-off effects. The company aims to maintain a positive EBITDA in the second half of the year.
Dirk Ackermann, CFO of SLM Solutions said, “Despite the ongoing significant challenges in our supply chain, we were able to deliver another strong performance in the second quarter of 2022. While our EBITDA in the second quarter was positively impacted by one-offs, the progress we made across all areas remains significant. Looking ahead, material availability of electronic components remains a key concern for the rest of the year. We will continue to take actions to mitigate this risk. Irrespective of the difficult environment our business dynamic is positive and we remain optimistic regarding the second half of the year.”
Earnings Presentation on 18 August 2022
SLM Solutions’ report for the first half of 2022 (German and English) will be made available in the course of the day in the “Investor Relations” section of www.slm-solutions.com. The CEO and CFO of SLM Solutions Group AG will present the figures for H1 2022 in an earnings presentation today, 18 August 2022, at 4 p.m. CET.
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