VIA optronics AG Reports Preliminary Unaudited Fourth Quarter and Full Year 2022 Financial Results
VIA optronics AG (NYSE: VIAO) announced its preliminary financial results for Q4 2022, reporting a 18.6% year-over-year increase in total revenue to €54.9 million, driven by the Display Solutions segment. The company achieved a gross profit margin improvement to 16.6%, despite ongoing material cost pressures. Operating loss narrowed to €(4.4) million, down from €(7.7) million in Q4 2021, while the loss after taxes decreased to €(6.0) million or €(1.31) per share. For FY 2022, total revenue rose 20.9% to €218.5 million, but the gross profit margin decreased to 10.3%. The company expects Q1 2023 revenue between €40 million and €45 million.
- Total revenue increased by 20.9% year-over-year to €218.5 million in 2022.
- Q4 2022 revenue rose 18.6% year-over-year to €54.9 million.
- Operating loss narrowed to €(4.4) million in Q4 2022 from €(7.7) million in Q4 2021.
- Improvement in gross profit margin to 16.6% in Q4 2022 from 13.7% in Q4 2021.
- Cash and cash equivalents were €52.4 million as of December 31, 2022, supporting strategic growth initiatives.
- Gross profit margin for FY 2022 decreased to 10.3% from 11.3% in 2021.
- Loss after taxes from continuing operations for FY 2022 was €(9.9) million or €(2.17) per share.
Annual revenue rose
NUREMBERG,
Fourth Quarter 2022 Highlights (Compared with prior-year period, where comparisons are noted)
-
Total revenue of
€54.9 million increased by18.6% driven by growth in the Display Solutions segment -
Gross profit margin increased to
16.6% from13.7% -
Operating loss was
€(4.4) million , compared to operating loss of€(7.7) million -
Loss after taxes from continuing operations (attributable to
VIA optronics AG shareholders) was€(6.0) million or€(1.31) per share, compared to loss after taxes from continuing operations (attributable toVIA optronics AG shareholders) of€(8.0) million or€(1.77) per share -
Total EBITDA loss was
€(2.7) million compared to EBITDA loss of€(6.1) million
Full Year 2022 Highlights (Compared with prior-year period, where comparisons are noted)
-
Total revenue of
€218.5 million increased by20.9% driven by growth in the Display Solutions segment -
Gross profit margin decreased to
10.3% from11.3% -
Operating loss was
€(6.7) million , compared to operating loss of€(9.5) million -
Loss after taxes from continuing operations (attributable to
VIA optronics AG shareholders) was€(9.9) million or€(2.17) per share compared to loss after taxes from continuing operations (attributable toVIA optronics AG shareholders) of€(11.8) million or€(2.59) per share -
Total EBITDA loss was
€(0.2) million compared to EBITDA loss of€(3.4) million
The production performance at VIA´s Nuremberg facility was addressed successfully and the current facility output is beyond plan. Moreover, VIA is intensely exploring opportunities to extend its solutions for car interiors with interactive display and touch functionality with industrial partners. Furthermore, the Company kicked off the implementation of its first shared services activities in
“We are pleased to report strong quarterly and annual revenue growth, closing out an important year in which we consolidated and strengthened the organization. This growth was supported by the expansion of our Nuremberg facility and completion of our production ramp up,” said Jürgen Eichner, CEO & Founder of VIA. “For the full year 2022, the Company executed well despite the impact of external factors like inflation, supply chain challenges and higher logistics and freight costs on the Company´s operational results. The implemented margin improvements and cost savings measures have set us up for additional improvement as we progress towards margin expansion in 2023.”
Fourth Quarter 2022 Financial Summary
Total revenue of
Gross profit margin increased to
Research and development expenses increased compared to the fourth quarter of 2021, as the Company invested in its future strategy. Selling expenses decreased and general and administrative expenses decreased as well compared to the fourth quarter of 2021 due to further improvements in the administrative cost structure.
Operating loss was
Total EBITDA was
Year End 2022 Financial Summary
Total revenue of
Gross profit margin decreased to
Research and development expenses increased, due to increased investment to support the Company’s future strategy to expand into integrated display solutions. Moreover,
Operating loss was
Total EBITDA was
Cash and cash equivalents as well as other short-term deposits were
The Company completed the goodwill impairment test triggered in the second quarter of 2022. The reporting units had a fair value in excess of the carrying value. As a result of the test, no impairment for goodwill was recorded for the second quarter and third quarter of 2022. If actual results are not consistent with our estimates or assumptions, or there are significant changes in any of these estimates, projections and assumptions, then this could have a material effect on the fair value of these assets in future measurement periods and result in an impairment, which could materially affect our results of operations.
The audit of financial statements is still ongoing. Final audited group financial statements will be made available within the required 20 F filing period.
Outlook
For the first quarter of 2023, VIA expects to achieve total revenue of between
Dr.
Conference Call
VIA will host a conference call to discuss its results and will provide a corporate update at
The dial-in numbers for the call are +1-646-664-1960 (
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.
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 interest, taxes, depreciation and amortization.
Our management and supervisory boards believe these non-IFRS measures are helpful tools in understanding certain aspects of our financial performance and are important supplemental measures of operating performance because they eliminate items that may have less bearing on our operating performance and highlight trends that may not otherwise be apparent when relying solely on IFRS financial measures. We also believe that these non-IFRS measures are useful to investors and other users of our financial statements in evaluating our performance because these measures are the same measures used by our management and supervisory boards for these purposes.
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
Consolidated Statement of Financial Position |
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Millions of EUR |
|
2022 unaudited |
|
2021 |
||
Assets |
|
|
|
|
||
|
|
|
|
|
||
Non-current assets |
|
25.9 |
|
|
27.8 |
|
Intangible assets |
|
3.0 |
|
|
4.2 |
|
Property and equipment |
|
20.9 |
|
|
21.5 |
|
Other financial assets |
|
1.3 |
|
|
1.1 |
|
Deferred tax assets |
|
0.7 |
|
|
1.0 |
|
|
|
|
|
|
||
Current assets |
|
110.4 |
|
|
133.9 |
|
Inventories |
|
22.1 |
|
|
35.9 |
|
Trade accounts receivables |
|
22.6 |
|
|
31.1 |
|
Current tax assets |
|
1.0 |
|
|
0.6 |
|
Other financial assets |
|
8.0 |
|
|
— |
|
Other non-financial assets |
|
12.3 |
|
|
8.3 |
|
Cash and cash equivalents |
|
44.4 |
|
|
58.0 |
|
|
|
|
|
|
||
Total assets |
|
136.3 |
|
|
161.7 |
|
|
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|
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Equity and liabilities |
|
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Equity attributable to equity holders of the parent |
|
53.0 |
|
|
65.0 |
|
Share capital |
|
4.5 |
|
|
4.5 |
|
Subscribed capital |
|
— |
|
|
— |
|
Capital reserve |
|
88.5 |
|
|
88.5 |
|
(Accumulated Deficit) / Retained earnings |
|
(36.6 |
) |
|
(26.8 |
) |
Currency translation reserve |
|
(3.4 |
) |
|
(1.2 |
) |
|
|
|
|
|
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Non-controlling interests |
|
0.1 |
|
|
0.5 |
|
|
|
|
|
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Total Equity |
|
53.1 |
|
|
65.5 |
|
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Non-current liabilities |
|
7.0 |
|
|
8.8 |
|
Loans |
|
1.1 |
|
|
0.7 |
|
Provisions |
|
0.1 |
|
|
0.1 |
|
Lease liabilities |
|
5.6 |
|
|
8.0 |
|
Other liabilities |
|
0.2 |
|
|
— |
|
|
|
|
|
|
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Current liabilities |
|
76.2 |
|
|
87.4 |
|
Loans |
|
29.4 |
|
|
34.6 |
|
Trade accounts payable |
|
27.1 |
|
|
33.4 |
|
Current tax liabilities |
|
0.3 |
|
|
1.4 |
|
Provisions |
|
1.0 |
|
|
1.1 |
|
Lease liabilities |
|
2.3 |
|
|
2.0 |
|
Other financial liabilities |
|
6.9 |
|
|
7.3 |
|
Other non-financial liabilities |
|
9.2 |
|
|
7.6 |
|
|
|
|
|
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Total equity and liabilities |
|
136.3 |
|
|
161.7 |
|
Consolidated Statements of Operations Data including EBITDA Reconciliation |
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Three Months Ended |
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Year ended |
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Millions of EUR |
2022 unaudited |
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2021 unaudited |
|
2022 unaudited |
|
2021 |
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Revenue |
54.9 |
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46.3 |
|
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218.5 |
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180.8 |
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Cost of sales |
(45.8 |
) |
|
(43.5 |
) |
|
(196.0 |
) |
|
(160.3 |
) |
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|
|
|
|
|
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Gross profit |
9.1 |
|
|
2.8 |
|
|
22.5 |
|
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20.5 |
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Operating (loss)/income |
(4.4 |
) |
|
(7.7 |
) |
|
(6.7 |
) |
|
(9.5 |
) |
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|
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|
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Financial result |
(0.3 |
) |
|
— |
|
|
(1.5 |
) |
|
(0.8 |
) |
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|
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(Loss)/Profit before tax |
(4.7 |
) |
|
(7.7 |
) |
|
(8.2 |
) |
|
(10.3 |
) |
|
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|
|
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Income tax expenses |
(1.6 |
) |
|
(0.1 |
) |
|
(2.0 |
) |
|
(1.2 |
) |
|
|
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|
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Net (loss)/profit |
(6.3 |
) |
|
(7.8 |
) |
|
(10.2 |
) |
|
(11.5 |
) |
|
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Three Months Ended |
|
Year ended |
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Millions of EUR |
2022 unaudited |
|
2021 unaudited |
|
2022 unaudited |
|
2021 |
||||
Net (loss)/profit |
(6.3 |
) |
|
(7.8 |
) |
|
(10.2 |
) |
|
(11.5 |
) |
Adjustments: |
|
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Interest result |
0.3 |
|
|
0.4 |
|
|
1.5 |
|
|
1.2 |
|
|
|
|
|
|
|
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Fair value (gains) / losses on non-current financial assets at fair value through profit or loss* |
— |
|
|
(0.4 |
) |
|
— |
|
|
(0.4 |
) |
|
|
|
|
|
|
|
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Income tax expenses |
1.6 |
|
|
0.1 |
|
|
2.0 |
|
|
1.2 |
|
|
|
|
|
|
|
|
|
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Depreciation |
1.7 |
|
|
1.6 |
|
|
6.5 |
|
|
6.1 |
|
|
|
|
|
|
|
|
|
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EBITDA |
(2.7 |
) |
|
(6.1 |
) |
|
(0.2 |
) |
|
(3.4 |
) |
* Fair value (gains) / losses on non-current financial assets at fair value through profit or loss are excluded from the EBITDA calculation according to
Earnings Per Share |
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Three |
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Three |
|
Twelve |
|
Twelve |
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Months |
|
Months |
|
Months |
|
Months |
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Ended |
|
Ended |
|
Ended |
|
Ended |
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Millions of EUR (except per share data) |
|
2022 unaudited |
|
2021 unaudited |
|
2022 unaudited |
|
2021 |
||||
Income/(loss) after taxes from continuing operations (attributable to |
|
(6.0 |
) |
|
(8.0 |
) |
|
(9,9 |
) |
|
(11,8 |
) |
Weighted average of shares outstanding |
|
4,530,701 |
|
|
4,530,701 |
|
|
4,530,701 |
|
|
4,530,701 |
|
Earnings/(loss) per share in EUR (basic and diluted) |
|
(1.31 |
) |
|
(1.77 |
) |
|
(2.17 |
) |
|
(2.59 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230328005628/en/
Investor Relations
Phone: +1 312-445-2870
VIAO@alpha-ir.com
Media Contact
Alexandra Müller-Plötz
Phone: +49 911 597 575-302
Amueller-ploetz@via-optronics.com
Source:
FAQ
What was VIAO's total revenue for Q4 2022?
How much did VIAO's revenue increase in FY 2022?
What is VIAO's expected revenue range for Q1 2023?
What was VIAO's loss after taxes in FY 2022?
How did the gross profit margin change for VIAO in Q4 2022?
