Materialise Reports First Quarter 2025 Results
LEUVEN,
Highlights – First Quarter 2025
-
Boosted by
18.7% growth in our Materialise Medical segment, total revenue increased by4.3% to 66,379 kEUR for the first quarter of 2025 compared to the corresponding 2024 period. - Total deferred revenues from software maintenance and license fees increased during the quarter by 1,921 kEUR, to 48,870 kEUR.
- Adjusted EBIT improved to 646 kEUR for the first quarter of 2025 from (1,195) kEUR for the fourth quarter of 2024, but remained below the 2,656 kEUR of the corresponding 2024 period, reflecting the impact from macro-economic headwinds faced by our Materialise Manufacturing and Software segments.
-
Net loss for the first quarter of 2025 was (535) kEUR, or
(0.01) EUR per diluted share, compared to a net profit of 3,585 kEUR, or0.06 EUR per diluted share, for the corresponding 2024 period. - Driven by recurring positive free cash flow, our net cash position increased over the quarter by 6,716 kEUR to 67,736 kEUR.
CEO Brigitte de Vet-Veithen commented, “Amidst the current macro-economic and geo-political turbulence, we managed to grow our consolidated revenue by more than
First Quarter 2025 Results
Total revenue for the first quarter of 2025 increased
Revenue from our Materialise Medical segment increased
Revenue from our Materialise Software segment decreased
Revenue from our Materialise Manufacturing segment decreased
Gross profit increased
Research and development (“R&D”), sales and marketing (“S&M”) and general and administrative (“G&A”) expenses increased, in the aggregate,
Net other operating income was 360 kEUR compared to 789 kEUR for the first quarter of 2024.
Operating result amounted to 574 kEUR compared to 2,585 kEUR for the first quarter of 2024.
Net financial result was (875) kEUR, compared to 1,510 kEUR for the first quarter of 2024, reflecting unfavorable effects from exchange rate fluctuations.
The first quarter of 2025 contained net tax expenses of (234) kEUR, compared to net tax expenses of (510) kEUR in the first quarter of 2024.
As a result of the above, net loss for the first quarter of 2025 was (535) kEUR, compared to a net profit of 3,585 kEUR for the same period in 2024. Total comprehensive loss for the first quarter of 2025, which includes exchange differences on translation of foreign operations, was (30) kEUR compared to 3,312 kEUR for the 2024 period.
At March 31, 2025, we had cash and cash equivalents of 104,180 kEUR compared to 102,304 kEUR at December 31, 2024. Gross debt amounted to 36,444 kEUR, compared to 41,284 kEUR at December 31, 2024. As a result, our net cash position increased by 6,716 kEUR to 67,736 kEUR.
Cash flow from operating activities for the first quarter of 2025 was 9,713 kEUR, compared to 9,970 kEUR for the same period in 2024. Total cash out from capital expenditures for the first quarter of 2025 amounted to 1,832 kEUR, resulting in a positive free cash flow.
Net shareholders’ equity at March 31, 2025 was 248,703 kEUR compared to 248,492 kEUR at December 31, 2024.
On April 2, 2025 Materialise released its 2024 Sustainability Report clearly outlining the initiatives we are taking to make a sustainable difference with additive manufacturing for a better and healthier world. The report is available on our corporate website or can be consulted directly through https://mtls.am/report.
2025 Guidance
Mrs. de Vet-Veithen concluded, “As already anticipated in our earlier guidance for the fiscal year 2025 issued in February, we expect uncertain macro-economic and geo-political conditions to impact the remainder of 2025 and in particular the second quarter, but we are convinced that the fundamentals of our business are solid and resilient. We therefore continue to expect to report consolidated revenue for the full fiscal year 2025 within the 270,000 to 285,000 kEUR range we communicated in February. We are also maintaining our Adjusted EBIT guidance of 6,000 kEUR to 10,000 kEUR for fiscal year 2025.”
Non-IFRS Measures
Materialise uses EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA as supplemental financial measures of its financial performance. EBIT is calculated as net profit plus income taxes, financial expenses (less financial income) and shares of profit or loss in a joint venture. EBITDA is calculated as net profit plus income taxes, financial expenses (less financial income), shares of profit or loss in a joint venture and depreciation and amortization. Adjusted EBIT and Adjusted EBITDA are determined by adding share-based compensation expenses, acquisition-related expenses of business combinations, impairments and revaluation of fair value due to business combinations to EBIT and EBITDA, respectively. Management believes these non-IFRS measures to be important measures as they exclude the effects of items which primarily reflect the impact of financing decisions and, in the case of EBITDA and Adjusted EBITDA, long term investment, rather than the performance of the company’s day-to-day operations. The company also uses segment Adjusted EBITDA to evaluate the performance of its three business segments. As compared to net profit, these measures are limited in that they do not reflect the cash requirements necessary to service interest or principal payments on the company’s indebtedness and, in the case of EBITDA and Adjusted EBITDA, these measures are further limited in that they do not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the company’s business, or the changes associated with impairments. Management evaluates such items through other financial measures such as financial expenses, capital expenditures and cash flow provided by operating activities. The company believes that these measurements are useful to measure a company’s ability to grow or as a valuation measurement. The company’s calculation of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA should not be considered as alternatives to net profit or any other performance measure derived in accordance with IFRS. The company’s presentation of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA should not be construed to imply that its future results will be unaffected by unusual or non-recurring items.
Exchange Rate
This document contains translations of certain euro amounts into
Conference Call and Webcast
Materialise will hold a conference call and simultaneous webcast to discuss its financial results for the first quarter of 2025 on Thursday, April 24, 2025, at 8:30 a.m. ET/2:30 p.m. CET. Company participants on the call will include Brigitte de Vet-Veithen, Chief Executive Officer and Koen Berges, Chief Financial Officer. A question-and-answer session will follow management’s remarks.
To access the call by phone, please click the link below at least 15 minutes prior to the scheduled start time and you will be provided with dial-in details. Participants can choose to dial in or receive a call to connect to Materialise’s conference call.
The conference call will also be broadcast live over the Internet with an accompanying slide presentation, which can be accessed on the company’s website at http://investors.materialise.com. The webcast of the conference call will be archived on the company's website for one year.
About Materialise
Materialise incorporates over 30 years of 3D printing experience into a range of software solutions and 3D printing services, which form the backbone of the 3D printing industry. Materialise’s open and flexible solutions enable players in a wide variety of industries, including healthcare, automotive, aerospace, art and design, and consumer goods, to build innovative 3D printing applications that aim to make the world a better and healthier place. Headquartered in
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our intentions, beliefs, assumptions, projections, outlook, analyses or current expectations, plans, objectives, strategies and prospects, both financial and business, including statements concerning, among other things, our estimates for the current fiscal year’s revenue and Adjusted EBIT, our results of operations, cash needs, capital expenditures, expenses, financial condition, liquidity, prospects, growth and strategies (including how our business, results of operations and financial condition could be impacted by the current armed geopolitical conflicts around the world and governmental responses thereto, inflation, increased labor, energy and materials costs), policy changes resulting from the
The company is providing this information as of the date of this press release and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.
Consolidated income statements (Unaudited)
| for the three months ended March 31, |
||||||
| In '000 | 2025 |
|
2025 |
|
2024 |
|
U.S.$ |
|
€ |
|
€ |
||
| Revenue | 71,789 |
66,379 |
63,637 |
|||
| Cost of Sales | (32,071) |
(29,654) |
(27,702) |
|||
| Gross Profit | 39,717 |
36,724 |
35,935 |
|||
| Gross profit as % of revenue |
|
|
|
|||
| Research and development expenses | (12,345) |
(11,414) |
(10,231) |
|||
| Sales and marketing expenses | (16,299) |
(15,071) |
(14,598) |
|||
| General and administrative expenses | (10,842) |
(10,025) |
(9,309) |
|||
| Net other operating income (expenses) | 389 |
360 |
789 |
|||
| Operating (loss) profit | 620 |
574 |
2,585 |
|||
| Financial expenses | (2,998) |
(2,772) |
(798) |
|||
| Financial income | 2,052 |
1,897 |
2,308 |
|||
| (Loss) profit before taxes | (326) |
(301) |
4,096 |
|||
| Income Taxes | (253) |
(234) |
(510) |
|||
| Net (loss) profit for the period | (579) |
(535) |
3,585 |
|||
| Net (loss) profit attributable to: | ||||||
| The owners of the parent | (577) |
(533) |
3,591 |
|||
| Non-controlling interest | (2) |
(2) |
(6) |
|||
| Earning per share attributable to owners of the parent | ||||||
| Basic | (0.01) |
(0.01) |
0.06 |
|||
| Diluted | (0.01) |
(0.01) |
0.06 |
|||
| Weighted average basic shares outstanding | 59,067 |
59,067 |
59,067 |
|||
| Weighted average diluted shares outstanding | 59,067 |
59,067 |
59,088 |
|||
Consolidated statements of comprehensive income (Unaudited)
| for the three months ended March 31, |
||||||
| In 000€ | 2025 |
|
2025 |
|
2024 |
|
U.S.$ |
|
€ |
|
€ |
||
| Net profit (loss) for the period | (579) |
(535) |
3,585 |
|||
| Other comprehensive income | ||||||
| Recycling | ||||||
| Exchange difference on translation of foreign operations | 546 |
505 |
(273) |
|||
| Other comprehensive income (loss), net of taxes | 546 |
505 |
(273) |
|||
| Total comprehensive income (loss) for the year, net of taxes | (33) |
(30) |
3,312 |
|||
| Total comprehensive income (loss) attributable to: | ||||||
| The owners of the parent | (34) |
(32) |
3,319 |
|||
| Non-controlling interests | 2 |
1 |
(6) |
|||
Consolidated statement of financial position (Unaudited)
As of
|
As of
|
|||
| In 000€ | 2025 |
2024 |
||
| Assets | ||||
| Non-current assets | ||||
| Goodwill | 43,372 |
43,391 |
||
| Intangible assets | 28,772 |
29,973 |
||
| Property, plant & equipment | 110,906 |
111,331 |
||
| Right-of-Use assets | 7,337 |
7,719 |
||
| Deferred tax assets | 3,407 |
3,523 |
||
| Investments in convertible loans | 4,055 |
3,994 |
||
| Other non-current assets | 6,274 |
5,893 |
||
| Total non-current assets | 204,123 |
205,823 |
||
| Current assets | ||||
| Inventories | 16,148 |
16,992 |
||
| Trade receivables | 49,571 |
53,052 |
||
| Other current assets | 16,432 |
18,166 |
||
| Cash and cash equivalents | 104,180 |
102,304 |
||
| Total current assets | 186,331 |
190,513 |
||
| Total assets | 390,454 |
396,336 |
As of
|
|
As of
|
||
| In 000€ | 2025 |
|
2024 |
|
| Equity and liabilities | ||||
| Equity | ||||
| Share capital | 4,487 |
4,487 |
||
| Share premium | 233,895 |
233,895 |
||
| Retained earnings and other reserves | 10,405 |
10,197 |
||
| Equity attributable to the owners of the parent | 248,787 |
248,578 |
||
| Non-controlling interest | (84) |
(86) |
||
| Total equity | 248,703 |
248,492 |
||
| Non-current liabilities | ||||
| Loans & borrowings | 19,450 |
23,175 |
||
| Lease liabilities | 4,970 |
5,112 |
||
| Deferred tax liabilities | 2,982 |
3,202 |
||
| Deferred income | 14,653 |
13,268 |
||
| Other non-current liabilities | 832 |
910 |
||
| Total non-current liabilities | 42,887 |
45,666 |
||
| Current liabilities | ||||
| Loans & borrowings | 9,502 |
10,383 |
||
| Lease liabilities | 2,522 |
2,614 |
||
| Trade payables | 21,303 |
23,348 |
||
| Tax payables | 787 |
1,432 |
||
| Deferred income | 46,435 |
45,998 |
||
| Other current liabilities | 18,315 |
18,403 |
||
| Total current liabilities | 98,864 |
102,178 |
||
| Total equity and liabilities | 390,454 |
396,336 |
Consolidated statement of cash flows (Unaudited)
for the three months ended March 31, |
||||
| In 000€ | 2025 |
|
2024 |
|
| Operating activities | ||||
| Net (loss) profit for the period | (535) |
3,585 |
||
| Non-cash and operational adjustments | 6,994 |
4,637 |
||
| Depreciation of property plant & equipment | 3,854 |
3,765 |
||
| Amortization of intangible assets | 1,631 |
1,672 |
||
| Share-based payment expense | 72 |
71 |
||
| Loss (gain) on disposal of intangible assets and property, plant & equipment | 21 |
(132) |
||
| Movement in provisions | 18 |
79 |
||
| Movement reserve for bad debt and slow moving inventory | 243 |
188 |
||
| Financial income | (1,834) |
(2,309) |
||
| Financial expense | 2,763 |
797 |
||
| Impact of foreign currencies | (2) |
(5) |
||
| (Deferred) income taxes | 228 |
510 |
||
| Working capital adjustments | 3,763 |
1,029 |
||
| Decrease (increase) in trade receivables and other receivables | 4,487 |
3,712 |
||
| Decrease (increase) in inventories and contracts in progress | 948 |
(10) |
||
| Increase (decrease) in deferred revenue | 1,868 |
643 |
||
| Increase (decrease) in trade payables and other payables | (3,539) |
(3,315) |
||
| Income tax paid & Interest received | (509) |
718 |
||
| Net cash flow from operating activities | 9,713 |
9,970 |
||
for the three months ended March 31, |
||||
| In 000€ | 2025 |
|
2024 |
|
| Investing activities | ||||
| Purchase of property, plant & equipment | (1,400) |
(2,525) |
||
| Purchase of intangible assets | (432) |
(306) |
||
| Proceeds from the sale of property, plant & equipment & intangible assets (net) | 75 |
206 |
||
| Net cash flow used in investing activities | (1,757) |
(2,624) |
||
| Financing activities | ||||
| Repayment of loans & borrowings | (4,472) |
(4,876) |
||
| Repayment of leases | (815) |
(757) |
||
| Capital increase | - |
- |
||
| Interest paid | (235) |
(358) |
||
| Other financial income (expense) | (310) |
(5) |
||
| Net cash flow from (used in) financing activities | (5,832) |
(5,997) |
||
| Net increase/(decrease) of cash & cash equivalents | 2,123 |
1,348 |
||
| Cash & Cash equivalents at the beginning of the year | 102,304 |
127,573 |
||
| Exchange rate differences on cash & cash equivalents | (247) |
(22) |
||
| Cash & cash equivalents at end of the period | 104,180 |
128,899 |
||
Reconciliation of Net Profit (Loss) to EBITDA and Adjusted EBITDA (Unaudited)
for the three months ended
|
||||
| In 000€ | 2025 |
2024 |
||
| Net profit (loss) for the period | (535) |
3,585 |
||
| Income taxes | 234 |
510 |
||
| Financial expenses | 2,772 |
798 |
||
| Financial income | (1,897) |
(2,308) |
||
| Depreciation and amortization | 5,501 |
5,438 |
||
| EBITDA | 6,075 |
8,023 |
||
| Share-based compensation expense (1) | 72 |
71 |
||
| Adjusted EBITDA | 6,147 |
8,094 |
||
| (1) Share-based compensation expense represents the cost of equity-settled and share-based payments to employees. | ||||
Reconciliation of Net Profit (Loss) to EBIT and Adjusted EBIT (Unaudited)
for the three months ended
|
||||
| In 000€ | 2025 |
2024 |
||
| Net profit (loss) for the period | (535) |
3,585 |
||
| Income taxes | 234 |
510 |
||
| Financial expenses | 2,772 |
798 |
||
| Financial income | (1,897) |
(2,308) |
||
| EBIT | 574 |
2,585 |
||
| Share-based compensation expense (1) | 72 |
71 |
||
| Adjusted EBIT | 646 |
2,656 |
||
| (1) Share-based compensation expense represents the cost of equity-settled and share-based payments to employees. | ||||
Segment P&L (Unaudited)
| In 000€ |
Materialise
|
|
Materialise
|
|
Materialise
|
|
Total
|
|
Unallocated (1) |
|
Consolidated |
|
| For the three months ended March 31, 2025 | ||||||||||||
| Revenues | 31,078 |
9,775 |
25,526 |
66,379 |
0 |
66,379 |
||||||
| Segment (adj) EBITDA | 9,047 |
599 |
(377) |
9,269 |
(3,122) |
6,147 |
||||||
| Segment (adj) EBITDA % |
|
|
- |
|
|
|||||||
| For the three months ended March 31, 2024 | ||||||||||||
| Revenues | 26,183 |
10,438 |
27,016 |
63,637 |
0 |
63,637 |
||||||
| Segment (adj) EBITDA | 7,921 |
1,090 |
1,529 |
10,540 |
(2,446) |
8,094 |
||||||
| Segment (adj) EBITDA % |
|
|
|
|
|
|||||||
| (1) Unallocated segment adjusted EBITDA consists of corporate research and development and corporate other operating income (expense), and the added share-based compensation expenses that are included in Adjusted EBITDA. | ||||||||||||
Reconciliation of Net Profit (Loss) to Segment adjusted EBITDA (Unaudited)
| for the three months ended March 31, |
||||
| In 000€ | 2025 |
2024 |
||
| Net profit (loss) for the period | (535) |
3,585 |
||
| Income taxes | 234 |
510 |
||
| Financial cost | 2,772 |
798 |
||
| Financial income | (1,897) |
(2,308) |
||
| Operating (loss) profit | 574 |
2,585 |
||
| Depreciation and amortization | 5,501 |
5,438 |
||
| Corporate research and development | 1,030 |
808 |
||
| Corporate headquarter costs | 2,852 |
2,484 |
||
| Other operating income (expense) | (688) |
(776) |
||
| Segment adjusted EBITDA | 9,269 |
10,540 |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250424481206/en/
Investor Relations:
Harriet Fried
Alliance Advisors Investor Relations
212.838.3777
hfried@allianceadvisors.com
Source: Materialise NV
