- 2023 sales at €26.7 million, up +10% vs. 2022
- Growth in 2023 order intake by +39% vs. 2022, to €36.1
million
- Increase of direct sales to 58% of 2023 order intake vs. 37%
in 2022
- Rise in backlog1 to €21.9 million, up +73% vs. 2022
- Gross margin drop to 35% from 43% in 2022
- Implementation of a €12 million shareholder loan, extending
financial visibility
Regulatory News:
BALYO (FR0013258399, Ticker: BALYO), technology leader in
the design and development of innovative robotic solutions for
industrial trucks, today announces its full year 2023 results, as
approved by the Board of Directors on March 18, 2024.
Pascal Rialland, CEO of BALYO, states: “The 2023 results
demonstrate the resilience of BALYO's business model, marked by a
rebound in sales momentum, with revenues up by +10% and gross
margin decrease due to a large share of direct project sales vs.
OEM kit sales. Most of our resources were focused on the transition
to the Company's new business model to direct sales, aimed at
ensuring its commercial autonomy. With 58% of order intake placed
through direct sales in 2023, BALYO is close to achieving the 65%
target announced a year ago. Another highlight over the past year
was the search for financing to secure the Company's development.
As part of this process, BALYO welcomed SoftBank Group as its
majority shareholder. BALYO has also just obtained from his
majority shareholder a €12 million shareholder loan in March 2024,
extending its financial visibility. The year 2024 should thus
enable BALYO to pursue its commercial ambitions, driven by growth
in direct sales, while maintaining very tight control over its
costs in order to preserve its cash position.”
2023 financial results*
In €m
2023
2022
Change
Sales revenue
26.67
24.14
+10%
Cost of sales
-17.38
-13.79
+26%
Gross margin
9.28
10.35
-10%
Gross margin rate
35%
43%
-19%
Research and Development
-4.35
-4.55
-4%
Sales and Marketing
-2.99
-2,91
+3%
General and administrative expenses
-7.12
-7,12
-
Share-based payment expense
-0.11
-0.24
-54%
Other non-current operating income and
expenses
-2.71
-
-
Operating income
-8.00
-4.45
-80%
Financial expense
-1.73
-0.11
n.s.
Net income
-9.76
-4.56
-114%
Cash position as of December
31st
8.6
8.2
* The audit procedures have been carried out by the Statutory
Auditor’s and the corresponding report is about to be issued.
In 2023, BALYO recorded an increase in sales by +10% to €26.7
million. This growth was driven by the recovery in business in APAC
(+426%) and sales growth in the United States (+17%).
Regarding sales momentum, 2023 order intake rose by +39%,
reaching €36.1 million. BALYO signed a significant order worth $7.8
million in the United States in the fourth quarter, leading to a
strong rebound in 2023 order intake. Overall, 58% of the 2023 order
intake was placed through direct sales orders, compared with 37% in
2022.
The backlog stands at €21.9 million as of December 31, 2023, up
by 73% over the year, with substantial growth both in the United
States and the APAC region.
Over the course of the 2023 financial year, cost of sales
increased by €3.6 million to €17.4 million. With this increase,
gross margin amounted to €9.3 million, compared with €10.3 million
in 2022. The 2023 gross margin rate dropped to 35%, compared with
43% in 2022. The increase of cost is on the one hand linked to the
change in sales model (project sales including base trucks) and on
the other hand related to higher-than-expected execution cost
partly due to subcontracting.
Operating expenses amounted to €17.3 million, up 17% compared
with 2022. Current operating expenses (R&D, Sales and
Marketing, G&A) remained stable, demonstrating BALYO's ability
to control its cost structure. However, the Company recorded other
non-recurring operating income and expenses totaling €2.7 million,
partly related to SoftBank Group's takeover bid for BALYO
shares.
After taking these items into account, operating loss was -€8.0
million, compared with -€4.5 million in 2022. In total, and after
including the financial income of -€1.7 million, net loss set at
-€9.8 million for 2023.
At the end of December 2023, BALYO had 169 employees, compared
with 146 employees as of December 31, 2022.
Financial position and outlook
As of December 31, 2023, BALYO’s cash position stood at €8.6
million. Following the agreement reached in June 2023 with its
senior creditors regarding the extension of existing financing, for
which the Company was unable to meet upcoming payment deadlines,
BALYO ultimately obtained a payment exemption until December 31,
2023.
In order to extend its financial visibility, BALYO has entered
into a Shareholder Loan Agreement with SoftBank Group Corp., its
majority shareholder, for a total amount of up to €12 million. The
terms and conditions of such shareholder loan, which are further
described in the notice published on BALYO's website2, have been
approved by the Board of Directors on March 18, 2024.
Given its cash position at the date of this press release and
after taking into account the remaining convertible bonds issuances
with SoftBank Group (pursuant to the fulfilment of the required
conditions), the postponement of payment deadlines to 2024 granted
to BALYO by one of its main suppliers, the record of a $7.8 million
order intake, which generated a down payment of 50% of this amount
end of 2023, and the shareholder loan up to €12 million granted by
SoftBank Group Corp. to the Company (subject to certain covenants
and which may be repaid by offsetting of receivables as part of a
capital increase), BALYO is now confident in the funding of its
activities.
Next BALYO financial announcement: first quarter 2024
sales revenue, on April 23, 2024 after market closing.
About BALYO
Humans around the World deserve enriching and creative jobs. At
BALYO, we believe that pallet movements in DC and manufacturing
sites should be left to fully autonomous robots. To execute this
ambition, BALYO transforms standard forklifts into intelligent
robots thanks to its breakthrough Driven by Balyo™ technology. Our
leading geo guidance navigation system enables robots to locate
their position and navigate autonomously inside buildings - without
the need for any additional infrastructure. To accelerate the
material handling market conversion to autonomy, BALYO has entered
into two global partnerships with KION (Fenwick-Linde's parent
company) and Hyster-Yale Group. A full range of globally available
robots has been developed for virtually all traditional warehousing
applications; Tractor, Pallet, Stackers, Reach and VNA-robots.
BALYO and its subsidiaries in Boston and Singapore serve clients in
the Americas, Europe and Asia-Pacific. The company has been listed
on EURONEXT since 2017 and its sales revenue reached €26.7 million
in 2023. For more information, visit www.balyo.com.
________________________ 1 The backlog refers to all orders for
projects received but not yet fulfilled. The backlog evolves every
quarter following the taking into account of new orders, the
revenue generated by projects during the period and the
cancellation of orders. 2 BALYO’s investors’ website,
“Documentation” section
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240321049488/en/
BALYO investors@balyo.com
NewCap Financial Communication and Investor Relations Thomas
Grojean / Aurélie Manavarere Phone: +33 1 44 71 94 94
balyo@newcap.eu
Grafico Azioni Balyo (EU:BALYO)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Balyo (EU:BALYO)
Storico
Da Apr 2023 a Apr 2024
