VIA optronics AG Reports Unaudited Third Quarter 2021 Results
VIA optronics AG (NYSE: VIAO) reported a 13.3% increase in total revenue for Q3 2021, reaching €49.4 million, driven by a 17.3% rise in Display Solutions. Automotive revenue surged 137% year-over-year, accounting for 42% of total revenue. However, gross profit margin fell to 13.8% from 14.7% due to rising costs. The company experienced a net loss of €0.9 million compared to a profit of €1.5 million in Q3 2020. Looking ahead, VIA expects Q4 revenue between €40 million and €45 million, amid supply chain challenges.
- Total revenue rose to €49.4 million, a 13.3% increase year-over-year.
- Automotive revenue increased by 137%, confirming strong market demand.
- Display Solutions revenue up by 17.3% to €42.1 million.
- Gross profit margin decreased to 13.8% from 14.7% due to higher component costs.
- Net loss of €0.9 million compared to profit of €1.5 million in Q3 2020.
- EBITDA fell to €1.1 million from €3.5 million in the same quarter last year.
Total Q3 2021 revenue rose
NUREMBERG,
“We are pleased to report an increase in revenue and positive EBITDA in the third quarter despite ongoing headwinds due to component shortages and supply challenges,” said Jürgen Eichner, CEO & Founder of VIA. “We plan to continue executing on our strategy with a goal of moving towards our
Third Quarter 2021 Financial Highlights
-
Total revenue of
€49.4 million increased13.3% year-over-year -
Display Solutions revenue of
€42.1 million increased17.3% year-over-year -
Sensor Technologies revenue of
€7.3 million decreased5.2% year-over-year -
Gross profit margin of
13.8% compared to14.7% in the third quarter of 2020 -
EBITDA of
€1.1 million compared to€3.5 million in the third quarter of 2020
“We recorded significant revenue from our automotive customers, which increased
Third Quarter 2021 Financial Summary
Total revenue of
Revenue from the automotive end market grew
Gross profit margin decreased to
Research and development expenses increased to
Operating loss of
Net loss of
EBITDA of
For information regarding the non-IFRS financial measures discussed in this release, please see "Non-IFRS Financial Measures" including a reconciliation of EBITDA on a consolidated basis to operating income (loss), the comparable IFRS measure, as well a reconciliation of EBITDA on a segment basis in the Segment Information section below.
Allocation of Costs
In connection with the preparation of the unaudited financial results for the second quarter ended
Specifically:
-
for the three months ended
September 30, 2020 , a retrospective application of the reallocations would have had no impact on gross profit or operating (loss)/income and would have resulted in a decrease in general and administrative expenses of approximately€0.8 million and an increase in research and development expenses of approximately€0.2 million and an increase in selling expenses of approximately€0.6 million .
Outlook
For the fourth quarter of 2021, VIA expects to achieve total revenue of
Change of Auditor
VIA’s audit committee has recommended to the supervisory board that it propose PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (“PWC”) and
Conference Call
VIA will host a conference call to discuss its results and will provide a corporate update at
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
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
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.
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. As an example, our acquisition of VTS in 2018 included acquisition-related costs, such as costs attributable to the consummation of the transaction and integration of VTS as a consolidated subsidiary (composed substantially of professional services fees, including legal, accounting and other consultants) and any transition compensation costs, and were not considered to be related to the continuing operation of VTS's business and are generally not relevant to assessing or estimating the long-term performance of VTS. 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.
VIA optronics AG Reports Unaudited Third Quarter 2021 Results
Total Q3 2021 revenue rose |
||||||
Consolidated Statement of Financial Position |
||||||
|
|
|
|
|
||
|
|
|
|
|
||
Millions of EUR |
|
2021 |
|
2020 |
||
Assets |
|
|
|
|
||
|
|
|
|
|
||
Non-current assets |
|
26.2 |
|
|
21.5 |
|
Intangible assets |
|
4.5 |
|
|
4.1 |
|
Property and equipment |
|
20.6 |
|
|
16.8 |
|
Other financial assets |
|
— |
|
|
0.2 |
|
Deferred tax assets |
|
1.1 |
|
|
0.4 |
|
|
|
|
|
|
||
Current assets |
|
128.8 |
|
|
128.4 |
|
Inventories |
|
32.6 |
|
|
17.3 |
|
Trade accounts receivables |
|
36.9 |
|
|
26.4 |
|
Current tax assets |
|
0.2 |
|
|
0.1 |
|
Other financial assets |
|
— |
|
|
— |
|
Other non-financial assets |
|
4.3 |
|
|
3.6 |
|
Cash and cash equivalents |
|
54.8 |
|
|
81.0 |
|
|
|
|
|
|
||
Total assets |
|
155.0 |
|
|
149.9 |
|
|
|
|
|
|
||
Equity and liabilities |
|
|
|
|
||
|
|
|
|
|
||
Equity attributable to equity holders of the parent |
|
72.6 |
|
|
77.6 |
|
Share capital |
|
4.5 |
|
|
4.5 |
|
Subscribed capital |
|
— |
|
|
— |
|
Capital reserve |
|
83.3 |
|
|
83.4 |
|
(Accumulated Deficit) / Retained earnings |
|
(16.2 |
) |
|
(9.9 |
) |
Currency translation reserve |
|
1.0 |
|
|
(0.4 |
) |
|
|
|
|
|
||
Non-controlling interests |
|
0.7 |
|
|
0.3 |
|
|
|
|
|
|
||
Total Equity |
|
73.3 |
|
|
77.9 |
|
|
|
|
|
|
||
Non-current liabilities |
|
10.0 |
|
|
9.3 |
|
Loans |
|
1.6 |
|
|
1.6 |
|
Provisions |
|
0.1 |
|
|
0.1 |
|
Lease liabilities |
|
8.3 |
|
|
7.6 |
|
Deferred tax liabilities |
|
— |
|
|
— |
|
|
|
|
|
|
||
Current liabilities |
|
71.7 |
|
|
62.7 |
|
Loans |
|
30.3 |
|
|
20.6 |
|
Trade accounts payable |
|
28.5 |
|
|
30.6 |
|
Current tax liabilities |
|
1.2 |
|
|
1.3 |
|
Provisions |
|
1.0 |
|
|
0.6 |
|
Lease liabilities |
|
1.8 |
|
|
1.6 |
|
Other financial liabilities |
|
5.3 |
|
|
4.1 |
|
Other non-financial liabilities |
|
3.6 |
|
|
3.9 |
|
|
|
|
|
|
||
Total equity and liabilities |
|
155.0 |
|
|
149.9 |
|
Consolidated Statements of Operations Data |
|||||||||||
|
|
|
|
|
|
|
|
||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
||||||||
Millions of EUR |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Revenue |
49.4 |
|
|
43.6 |
|
|
134.5 |
|
|
108.5 |
|
|
|
|
|
|
|
|
|
||||
Cost of sales |
(42.6 |
) |
|
(37.2 |
) |
|
(116.8 |
) |
|
(92.4 |
) |
|
|
|
|
|
|
|
|
||||
Gross profit |
6.8 |
|
|
6.4 |
|
|
17.7 |
|
|
16.1 |
|
|
|
|
|
|
|
|
|
||||
Selling expenses |
(1.2 |
) |
|
(1.1 |
) |
|
(3.8 |
) |
|
(3.3 |
) |
|
|
|
|
|
|
|
|
||||
General administrative expenses |
(5.1 |
) |
|
(3.4 |
) |
|
(14.7 |
) |
|
(9.8 |
) |
|
|
|
|
|
|
|
|
||||
Research and development expenses |
(1.5 |
) |
|
(0.4 |
) |
|
(4.5 |
) |
|
(1.5 |
) |
|
|
|
|
|
|
|
|
||||
Other operating income |
3.4 |
|
|
1.4 |
|
|
7.7 |
|
|
3.0 |
|
|
|
|
|
|
|
|
|
||||
Other operating expenses |
(2.7 |
) |
|
(1.2 |
) |
|
(6.3 |
) |
|
(2.4 |
) |
|
|
|
|
|
|
|
|
||||
Operating (loss)/income |
(0.3 |
) |
|
1.7 |
|
|
(3.9 |
) |
|
2.1 |
|
|
|
|
|
|
|
|
|
||||
Financial result |
(0.2 |
) |
|
(0.3 |
) |
|
(0.8 |
) |
|
(1.0 |
) |
|
|
|
|
|
|
|
|
||||
(Loss)/Profit before tax |
(0.5 |
) |
|
1.4 |
|
|
(4.7 |
) |
|
1.1 |
|
|
|
|
|
|
|
|
|
||||
Income tax expenses |
(0.4 |
) |
|
0.1 |
|
|
(1.1 |
) |
|
(0.5 |
) |
|
|
|
|
|
|
|
|
||||
Net (loss)/profit after taxes from continuing operations |
(0.9 |
) |
|
1.5 |
|
|
(5.8 |
) |
|
0.6 |
|
Adjustments: |
|
|
|
|
|
|
|
||||
Financial result |
(0.2 |
) |
|
(0.3 |
) |
|
(0.8 |
) |
|
(1.0 |
) |
|
|
|
|
|
|
|
|
||||
Foreign exchange gains (losses) on intercompany indebtedness |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
||||
Income tax expenses |
(0.4 |
) |
|
0.1 |
|
|
(1.1 |
) |
|
(0.5 |
) |
|
|
|
|
|
|
|
|
||||
Depreciation |
(1.4 |
) |
|
(1.8 |
) |
|
(4.5 |
) |
|
(5.3 |
) |
|
|
|
|
|
|
|
|
||||
EBITDA |
1.1 |
|
|
3.5 |
|
|
0.6 |
|
|
7.4 |
|
Earnings Per Share |
|||||
|
|
|
|
|
|
|
|
Three |
|
Three |
|
|
|
Months |
|
Months |
|
|
|
Ended |
|
Ended |
|
|
|
|
|
|
|
EUR |
|
2021 |
|
2020 |
|
Income/(loss) after taxes from continuing operations (attributable to |
|
(0.9 |
) |
|
1.4 |
Weighted average of shares outstanding |
|
4,530,701 |
|
|
3,068,681 |
Earnings/(loss) per share in EUR (basic and diluted) |
|
(0.19 |
) |
|
0.47 |
Segment Information |
||||||||||||||
2021: |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
||||
|
|
Display |
|
Sensor |
|
Total |
|
Consolidation |
|
Consolidated |
||||
Millions of EUR |
|
Solutions |
|
Technologies |
|
segments |
|
adjustments |
|
Total |
||||
External revenues |
|
115.2 |
|
|
19.3 |
|
134.5 |
|
|
— |
|
|
134.5 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Inter-segment revenues |
|
— |
|
|
3.0 |
|
3.0 |
|
|
(3.0 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues |
|
115.2 |
|
|
22.3 |
|
137.5 |
|
|
(3.0 |
) |
|
134.5 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross profit |
|
12.5 |
|
|
5.2 |
|
17.7 |
|
|
— |
|
|
17.7 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income (loss) |
|
(5.5 |
) |
|
1.6 |
|
(3.9 |
) |
|
|
|
(3.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
2.5 |
|
|
2.0 |
|
4.5 |
|
|
— |
|
|
4.5 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
EBITDA |
|
(3.0 |
) |
|
3.6 |
|
0.6 |
|
|
— |
|
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
||||
|
|
Display |
|
Sensor |
|
Total |
|
Consolidation |
|
Consolidated |
||||
Millions of EUR |
|
Solutions |
|
Technologies |
|
segments |
|
adjustments |
|
Total |
||||
External revenues |
|
42.1 |
|
|
7.3 |
|
49.4 |
|
|
— |
|
|
49.4 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Inter-segment revenues |
|
— |
|
|
0.7 |
|
0.7 |
|
|
(0.7 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenues |
|
42.1 |
|
|
8.0 |
|
50.1 |
|
|
(0.7 |
) |
|
49.4 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross profit |
|
4.9 |
|
|
1.9 |
|
6.8 |
|
|
— |
|
|
6.8 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income (loss) |
|
(0.9 |
) |
|
0.6 |
|
(0.3 |
) |
|
— |
|
|
(0.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
0.9 |
|
|
0.5 |
|
1.4 |
|
|
— |
|
|
1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
EBITDA |
|
— |
|
|
1.1 |
|
1.1 |
|
|
— |
|
|
1.1 |
|
2020: |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
Display |
|
Sensor |
|
Total |
|
Consolidation |
|
Consolidated |
|
Millions of EUR |
|
Solutions |
|
Technologies |
|
segments |
|
adjustments |
|
Total |
|
External revenues |
|
89.2 |
|
19.2 |
|
108.5 |
|
— |
|
|
108.5 |
|
|
|
|
|
|
|
|
|
|
|
|
Inter-segment revenues |
|
— |
|
2.3 |
|
2.3 |
|
(2.3 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
89.2 |
|
21.5 |
|
110.8 |
|
(2.3 |
) |
|
108.5 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
12.7 |
|
3.4 |
|
16.1 |
|
— |
|
|
16.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
1.7 |
|
0.4 |
|
2.1 |
|
— |
|
|
2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
1.9 |
|
3.4 |
|
5.3 |
|
— |
|
|
5.3 |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
3.6 |
|
3.8 |
|
7.4 |
|
— |
|
|
7.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
Display |
|
Sensor |
|
Total |
|
Consolidation |
|
Consolidated |
|
Millions of EUR |
|
Solutions |
|
Technologies |
|
segments |
|
adjustments |
|
Total |
|
External revenues |
|
35.9 |
|
7.7 |
|
43.6 |
|
— |
|
|
43.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Inter-segment revenues |
|
— |
|
0.7 |
|
0.7 |
|
(0.7 |
) |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
35.9 |
|
8.4 |
|
44.3 |
|
(0.7 |
) |
|
43.6 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
5.1 |
|
1.3 |
|
6.3 |
|
0.1 |
|
|
6.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
1.5 |
|
0.2 |
|
1.7 |
|
— |
|
|
1.7 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
0.6 |
|
1.2 |
|
1.8 |
|
— |
|
|
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
2.1 |
|
1.4 |
|
3.5 |
|
— |
|
|
3.5 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20211117005829/en/
Investor Relations
Lindsay@blueshirtgroup.com
212-331-8417
Monica@blueshirtgroup.com
212-871-3927
Media Contact
Alexandra Müller-Plötz
Amueler-ploetz@via-optronics.com
+49 911 597 575-302
Source:
FAQ
What were VIAO's total revenues for Q3 2021?
How much did VIAO's automotive revenue increase in Q3 2021?
What is VIAO's projected revenue for the fourth quarter of 2021?
What was the net loss reported by VIAO for Q3 2021?
How did VIAO's gross profit margin change in Q3 2021?
