SLM Solutions sees record revenue in first half of 2022
August 19, 2022
SLM Solutions Group AG, Lübeck, Germany, has announced its financial results for the first half of 2022, noting strong order momentum and record revenues. Order intake during the first half of 2022 amounted to €39.4 million increasing by 59% over the same period in 2021 (€24.7 million). The successful introduction of the NXG XII 600 continued with two orders for this AM machine in Q2 2022. As of the end of June 2022, the order backlog position amounts to €49.1 million, significantly higher than June 2021 €30.2 million.
SLM Solutions posted record revenues of €26.1 million for Q2 2022, an improvement of 60% year over year. The company also posted its best first half revenue performance of €42.5 million for H1 2022, increasing by 34% from H1 2021 (€31.7). This increase was attributed to the completion of the initial NXG XII 600 production machines, a robust performance from the existing portfolio and further growth in the after-sales business segment. The team worked hard to successfully minimise the effects of the ongoing supply chain disruption.
The company posted an EBITDA of €1.3 million for Q2 2022, a significant improvement as compared to the corresponding period in 2021 (€ -4.1 million). For the first half of 2022, SLM reported an EBITDA of €-3 million, compared to € -6.2 million in H1 2021.
Sam O’Leary, CEO, stated, “We are halfway through the year 2022 and I am very pleased with the dedication and excellence all our teams displayed in this difficult operating environment. Thanks to their efforts, we have posted our best H1-revenue performance, delivered a notable improvement in operational profitability and are going into the second half of 2022 with strong order intake momentum. Although the business continues to experience headwinds, especially in the form of a tough macro environment and supply chain disruptions, we have managed to navigate the business well in the first half of this year, and we will continue to remain focused to continue our course.”
Working capital increased to €37 million as of June 2022 as compared to the end of December 2021 (€ 33.3 million), mainly due to the increase in inventories related to upcoming shipments. The company completed the first two NXG XII 600 production machines in Q2 2022 and expects an acceleration in the pace of deliveries towards the second half of 2022. As of the end of Q2 2022, SLM Solutions maintained a cash balance of €37.1 million. Given its backlog position and commercial strength, SLM Solutions has reaffirmed its guidance for FY 2022 with revenue of at least €100 million.
“Despite the ongoing significant challenges in our supply chain, we were able to deliver another strong performance in the second quarter of 2022,” commented Dirk Ackermann, CFO. “While our EBITDA in the second quarter was positively impacted by one-offs, the progress we made across all areas remains significant. Looking ahead, material availability of electronic components remains a key concern for the rest of the year. We will continue to take actions to mitigate this risk. Irrespective of the difficult environment our business dynamic is positive and we remain optimistic regarding the second half of the year.”
