VIA optronics AG Reports Unaudited First Quarter 2022 Results
VIA optronics AG (NYSE: VIAO) announced a 27.6% revenue increase to €52.7 million for Q1 2022, despite semiconductor shortages. Display Solutions revenue rose 31.5% to €46.8 million, with automotive market growth at 74%. However, gross profit margin dipped to 7.4% from 11.4% due to cost increases. The company anticipates 5% to 10% revenue growth for the full year. Operationally, VIA reported a €3.7 million net loss, down from a profit of €0.2 million in Q1 2021, with an EBITDA loss of €1.0 million.
- Revenue grew 27.6% to €52.7 million in Q1 2022.
- Display Solutions revenue increased 31.5% driven by robust automotive demand.
- Automotive revenue growth of 74% in Q1 2022.
- Gross profit margin decreased from 11.4% to 7.4% year-over-year.
- Operating loss of €3.1 million in Q1 2022 compared to a profit of €0.7 million in Q1 2021.
- Net loss of €3.7 million in Q1 2022 versus net income of €0.2 million in Q1 2021.
Achieved significant revenue expansion of
Provides outlook for
Full year 2021 results at a glance
NUREMBERG,
First Quarter 2022 Highlights compared to First Quarter 2021
-
Total revenue increased
27.6% to€52.7 million -
Display Solutions revenue increased
31.5% to€46.8 million -
Sensor Technologies revenue of
€5.9 million increased3.5% -
Gross profit margin of
7.4% - Continuing integration of Germaneers, a high-tech company focusing on automotive system integration and user interfaces for well-known, high-end original equipment manufacturers (OEMs), that the Company acquired in 2021
Jürgen Eichner, CEO & Founder of VIA commented, “We are excited to announce a very strong start to fiscal year 2022 as first quarter revenue expanded by
First Quarter 2022 Results
Total revenue of
Revenue from the automotive end market grew
Gross profit margin decreased to
Research and development (R&D) expenses increased in the first quarter 2022 to
Selling expenses increased to
General and administrative expenses of
Operating loss was
Net loss was
EBITDA loss was
Full Year 2021 Highlights
-
Total revenue increased 18.5 % to
€180.8 million -
Display Solutions revenue increased to
€154.7 million -
Sensor Technologies revenue increased
2.4% to€26.1 million -
Gross profit margin of
11.3% - Acquired and began integration of Germaneers
- Formed strategic partnership with SigmaSense to develop new touch sensing solutions
-
Completed production readiness at new facility in
Germany dedicated to aU.S. electric vehicle manufacturer -
Incorporated new entity, VIA optronics (
Philippines ), Inc. for design and development of camera solutions
The above is a high-level overview of the Company’s financial results for the year ended
2022 Outlook
For the second quarter of 2022, VIA expects total revenue to range between
Dr.
Conference Call
VIA will host a conference call to discuss its first quarter 2022 and full year 2021 results and will provide a corporate update at
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. To listen to the telephone replay, callers should dial 1-845-709-8569 (
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.
Further information on the Company can be found in its Annual Report on Form 20-F for the year ended
A hard copy of the audited consolidated financial statements can also be requested free of charge by contacting the investor relations team via the information provided below.
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 financial result, taxes, depreciation and amortization; for purposes of our EBITDA calculation, we define "financial result" to include financial result as calculated in accordance with IFRS and foreign exchange gains (losses) on intercompany indebtedness.
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
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Consolidated Statement of Financial Position |
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Millions of EUR |
|
2022 unaudited |
|
2021 |
||
Assets |
|
|
|
|
||
|
|
|
|
|
||
Non-current assets |
|
27.7 |
|
|
27.8 |
|
Intangible assets |
|
3.8 |
|
|
4.2 |
|
Property and equipment |
|
21.7 |
|
|
21.5 |
|
Financial assets |
|
1.1 |
|
|
1.1 |
|
Deferred tax assets |
|
1.1 |
|
|
1.0 |
|
|
|
|
|
|
||
Current assets |
|
128.2 |
|
|
133.9 |
|
Inventories |
|
38.0 |
|
|
35.9 |
|
Trade accounts receivables |
|
34.2 |
|
|
31.1 |
|
Current tax assets |
|
1.2 |
|
|
0.6 |
|
Other non-financial assets |
|
7.7 |
|
|
8.3 |
|
Cash and cash equivalents |
|
47.1 |
|
|
58.0 |
|
|
|
|
|
|
||
Total assets |
|
155.9 |
|
|
161.7 |
|
|
|
|
|
|
||
Equity and liabilities |
|
|
|
|
||
|
|
|
|
|
||
Equity attributable to equity holders of the parent |
|
61.3 |
|
|
65.0 |
|
Share capital |
|
4.5 |
|
|
4.5 |
|
Capital reserve |
|
88.5 |
|
|
88.5 |
|
(Accumulated Deficit) / Retained earnings |
|
(30.5 |
) |
|
(26.8 |
) |
Currency translation reserve |
|
(1.2 |
) |
|
(1.2 |
) |
|
|
|
|
|
||
Non-controlling interests |
|
0.5 |
|
|
0.5 |
|
|
|
|
|
|
||
Total Equity |
|
61.8 |
|
|
65.5 |
|
|
|
|
|
|
||
Non-current liabilities |
|
8.0 |
|
|
8.8 |
|
Loans |
|
0.5 |
|
|
0.7 |
|
Provisions |
|
0.1 |
|
|
0.1 |
|
Lease liabilities |
|
7.4 |
|
|
8.0 |
|
|
|
|
|
|
||
Current liabilities |
|
86.1 |
|
|
87.4 |
|
Loans |
|
37.6 |
|
|
34.6 |
|
Trade accounts payable |
|
29.5 |
|
|
33.4 |
|
Current tax liabilities |
|
0.4 |
|
|
1.4 |
|
Provisions |
|
1.1 |
|
|
1.1 |
|
Lease liabilities |
|
2.2 |
|
|
2.0 |
|
Other financial liabilities |
|
9.4 |
|
|
7.3 |
|
Other non-financial liabilities |
|
5.9 |
|
|
7.6 |
|
|
|
|
|
|
||
Total equity and liabilities |
|
155.9 |
|
|
161.7 |
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Consolidated Statements of Operations Data |
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Three Months Ended |
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Twelve Months Ended |
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Millions of EUR |
2022 |
|
2021 * |
|
2021 |
|
2020 * |
|||||
Revenue |
52.7 |
|
|
41.3 |
|
|
180.8 |
|
|
152.6 |
|
|
|
|
|
|
|
|
|
|
|||||
Cost of sales |
(48.8 |
) |
|
(36.6 |
) |
|
(160.3 |
) |
|
(129.3 |
) |
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
3.9 |
|
|
4.7 |
|
|
20.5 |
|
|
23.3 |
|
|
|
|
|
|
|
|
|
|
|||||
Selling expenses |
(1.3 |
) |
|
(1.2 |
) |
|
(6.4 |
) |
|
(3.4 |
) |
|
|
|
|
|
|
|
|
|
|||||
General administrative expenses |
(5.4 |
) |
|
(4.7 |
) |
|
(23.0 |
) |
|
(16.1 |
) |
|
|
|
|
|
|
|
|
|
|||||
Research and development expenses |
(1.5 |
) |
|
(1.0 |
) |
|
(4.5 |
) |
|
(3.2 |
) |
|
|
|
|
|
|
|
|
|
|||||
Other operating income |
1.4 |
|
|
3.4 |
|
|
11.6 |
|
|
5.0 |
|
|
|
|
|
|
|
|
|
|
|||||
Other operating expenses |
(0.2 |
) |
|
(0.5 |
) |
|
(7.7 |
) |
|
(7.1 |
) |
|
|
|
|
|
|
|
|
|
|||||
Operating (loss)/income |
(3.1 |
) |
|
0.7 |
|
|
(9.5 |
) |
|
(1.5 |
) |
|
|
|
|
|
|
|
|
|
|||||
Financial result |
(0.3 |
) |
|
(0.3 |
) |
|
(0.8 |
) |
|
(1.4 |
) |
|
|
|
|
|
|
|
|
|
|||||
(Loss)/Profit before tax |
(3.4 |
) |
|
0.4 |
|
|
(10.3 |
) |
|
(2.9 |
) |
|
|
|
|
|
|
|
|
|
|||||
Income tax expenses |
(0.3 |
) |
|
(0.2 |
) |
|
(1.2 |
) |
|
(2.0 |
) |
|
|
|
|
|
|
|
|
|
|||||
Net (loss)/profit after taxes from continuing operations |
(3.7 |
) |
|
0.2 |
|
|
(11.5 |
) |
|
(4.9 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|||||
Financial result |
(0.3 |
) |
|
(0.3 |
) |
|
(0.8 |
) |
|
(1.4 |
) |
|
|
|
|
|
|
|
|
|
|||||
Income tax expenses |
(0.3 |
) |
|
(0.2 |
) |
|
(1.2 |
) |
|
(2.0 |
) |
|
|
|
|
|
|
|
|
|
|||||
Depreciation |
(2.1 |
) |
|
(1.8 |
) |
|
(6.1 |
) |
|
(7.0 |
) |
|
|
|
|
|
|
|
|
|
|||||
EBITDA |
(1.0 |
) |
|
2.5 |
|
|
(3.4 |
) |
|
5.5 |
|
|
*Change in Functional Currency
For the years ended
|
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Earnings Per Share |
|||||||||||
|
|
|
|
|
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|||
|
|
Three |
|
Three |
|
Twelve |
|
Twelve |
|||
|
|
Months |
|
Months |
|
Months |
|
Months |
|||
|
|
Ended |
|
Ended |
|
Ended |
|
Ended |
|||
|
|
|
|
|
|
|
|
|
|||
|
|
2022 unaudited |
|
2021 * unaudited |
|
2021 |
|
2020 * |
|||
Income/(loss) after taxes from continuing operations (attributable to |
|
(3.7 |
) |
|
0.2 |
|
(11.8 |
) |
|
(4.9 |
) |
Weighted average of shares outstanding |
|
4,530,701 |
|
|
4,530,701 |
|
4,530,701 |
|
|
3,398,330 |
|
Earnings/(loss) per share in EUR (basic and diluted) |
|
(0.83 |
) |
|
0.04 |
|
(2.59 |
) |
|
(1.45 |
) |
*Change in Functional Currency
For the years ended
|
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Segment Information** |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Display |
|
Sensor |
|
Other |
|
Total |
|
Consolidation |
|
Consolidated |
|||||
Millions of EUR unaudited |
|
Solutions |
|
Technologies |
|
Segments |
|
segments |
|
adjustments |
|
Total |
|||||
External revenues |
|
46.8 |
|
|
5.9 |
|
— |
|
|
52.7 |
|
|
— |
|
|
52.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Inter-segment revenues |
|
— |
|
|
1.4 |
|
— |
|
|
1.4 |
|
|
(1.4 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
46.8 |
|
|
7.3 |
|
— |
|
|
54.1 |
|
|
(1.4 |
) |
|
52.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
2.7 |
|
|
1.2 |
|
— |
|
|
3.9 |
|
|
— |
|
|
3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
(1.3 |
) |
|
0.1 |
|
(1.9 |
) |
|
(3.1 |
) |
|
— |
|
|
(3.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
1.0 |
|
|
1.1 |
|
— |
|
|
2.1 |
|
|
— |
|
|
2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
EBITDA |
|
(0.3 |
) |
|
1.2 |
|
(1.9 |
) |
|
(1.0 |
) |
|
— |
|
|
(1.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Display |
|
Sensor |
|
Other |
|
Total |
|
Consolidation |
|
Consolidated |
|||||
Millions of EUR |
|
Solutions |
|
Technologies |
|
Segments |
|
segments |
|
adjustments |
|
Total |
|||||
External revenues |
|
154.7 |
|
|
26.1 |
|
— |
|
|
180.8 |
|
|
— |
|
|
180.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Inter-segment revenues |
|
— |
|
|
3.9 |
|
— |
|
|
3.9 |
|
|
(3.9 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
154.7 |
|
|
30.0 |
|
— |
|
|
184.7 |
|
|
(3.9 |
) |
|
180.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
13.9 |
|
|
6.6 |
|
— |
|
|
20.5 |
|
|
— |
|
|
20.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
(4.0 |
) |
|
1.5 |
|
(7.0 |
) |
|
(9.5 |
) |
|
— |
|
|
(9.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
3.5 |
|
|
2.6 |
|
— |
|
|
6.1 |
|
|
— |
|
|
6.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
EBITDA |
|
(0.5 |
) |
|
4.1 |
|
(7.0 |
) |
|
(3.4 |
) |
|
— |
|
|
(3.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Display |
|
Sensor |
|
Other |
|
Total |
|
Consolidation |
|
Consolidated |
|||||
Millions of EUR unaudited |
|
Solutions |
|
Technologies |
|
Segments |
|
segments |
|
adjustments |
|
Total |
|||||
External revenues |
|
35.6 |
|
|
5.7 |
|
— |
|
|
41.3 |
|
|
— |
|
|
41.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Inter-segment revenues |
|
— |
|
|
1.1 |
|
— |
|
|
1.1 |
|
|
(1.1 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
35.6 |
|
|
6.8 |
|
— |
|
|
42.4 |
|
|
(1.1 |
) |
|
41.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
3.5 |
|
|
1.2 |
|
— |
|
|
4.7 |
|
|
— |
|
|
4.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
(0.2 |
) |
|
— |
|
0.9 |
|
|
0.7 |
|
|
— |
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
0.7 |
|
|
1.1 |
|
— |
|
|
1.8 |
|
|
— |
|
|
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
EBITDA |
|
0.5 |
|
|
1.1 |
|
0.9 |
|
|
2.5 |
|
|
— |
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Twelve Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Display |
|
Sensor |
|
Other |
|
Total |
|
Consolidation |
|
Consolidated |
|||||
Millions of EUR |
|
Solutions |
|
Technologies |
|
Segments |
|
segments |
|
adjustments |
|
Total |
|||||
External revenues |
|
127.1 |
|
|
25.5 |
|
— |
|
|
152.6 |
|
|
— |
|
|
152.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Inter-segment revenues |
|
— |
|
|
3.4 |
|
— |
|
|
3.4 |
|
|
(3.4 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total revenues |
|
127.1 |
|
|
28.9 |
|
— |
|
|
156.0 |
|
|
(3.4 |
) |
|
152.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
18.4 |
|
|
4.9 |
|
— |
|
|
23.3 |
|
|
— |
|
|
23.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income (loss) |
|
6.6 |
|
|
0.5 |
|
(8.6 |
) |
|
(1.5 |
) |
|
— |
|
|
(1.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
2.5 |
|
|
4.5 |
|
— |
|
|
7.0 |
|
|
— |
|
|
7.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
EBITDA |
|
9.1 |
|
|
5.0 |
|
(8.6 |
) |
|
5.5 |
|
|
— |
|
|
5.5 |
|
*Change in Functional Currency
For the years ended
**Segments
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM is comprised of the CEO and the CFO of VIA. Since the acquisition of VTS in 2018, the Group reports two reportable segments: “Display Solutions” and “Sensor Technologies”. Based on the further development of the Group and the strengthening of the group-wide holding functions of
View source version on businesswire.com: https://www.businesswire.com/news/home/20220629005278/en/
Investor Relations
312-445-2870
VIAO@alpha-ir.com
Media Contact
Alexandra Müller-Plötz
+49 911 597 575-302
Amueller-ploetz@via-optronics.com
Source:
FAQ
What were VIAO's Q1 2022 revenue results?
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How much did VIAO's Display Solutions revenue increase in Q1 2022?
