BALYO Announces Its Sales for the 1st Quarter of 2024 at €5.2 Million
April 23 2024 - 1:26PM
Business Wire
- Q1 2024 sales at €5.2 million, down -27% vs. Q1
2023
- Increase in the backlog1 to €19 million in Q1 2024, up +35%
vs. Q1 2023
- Signing of a €12 million shareholder loan in March 2024,
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 sales for the 1st quarter of
2024.
Pascal Rialland, CEO of BALYO, states: “The first quarter
2024 reflects slower than expected sales momentum and a decline in
order intake mainly due to an unfavorable base effect. Indeed, last
year Q1 sales were spurred by Linde Material’s commitment, which
explains in part the decline of the activity in Europe. However,
the Americas and the APAC region remain resilient, bringing the
backlog to €19 million in Q1 2024, representing an increase by
+35%. Now looking ahead, BALYO will focus on further implementing
its commercial ambitions to get back to growth, with emphasis on
direct sales in order to ensure its commercial autonomy. Thanks to
the shareholder loan obtained from its majority shareholder earlier
this year, BALYO now has the financial means to pursue its activity
and will maintain very tight control over its costs to preserve its
cash position.”
In thousands of euros
Q1 2023
Q1 2024
Change
EMEA Region
5,736
3,235
-44%
Region Americas
1,388
1,591
+15%
APAC Region
104
422
+307%
Sales revenue*
7,228
5,247
-27%
* Unaudited data
Q1 2024 sales and activity
In the first quarter of 2024, BALYO recorded sales at €5.2
million, compared to €7.2 million in Q1 2023, down -27%. This
decrease is due to an unfavorable effect on the base comparison.
For the record, first quarter 2023 sales had benefited from the
commitment order contract with Linde Material Handling. By region,
a lower activity is thus observed in the EMEA region over the first
quarter 2024, where BALYO generated sales of €3.2 million, a
decrease by -44%. Sales in the United States and the APAC region
grew by +15% and +307% respectively.
In the first quarter of 2024, order intake declined by -79%,
reaching €1.9 million, compared to €8.9 million in Q1 2023. After
integrating new orders, the backlog sets at €19 million as of March
31, 2024, up +35% over March 31, 2023. The geographical breakdown
shows substantial growth both in the United States (+132%) and the
APAC region (+239%).
Financial position and outlook
On March 31, 2024, BALYO’s cash position stood at €3.5 million,
compared to €8.6 million as of December 31, 2023. This cash
position corresponds to the cash and cash equivalents item in the
consolidated financial statements.
Over the course of the first quarter, BALYO successfully secured
a Shareholder Loan with SoftBank Group, its indirect majority
shareholder, for a total amount of up to €12 million, which has
been signed on March 21, 2024. This loan, which may be repaid by
offsetting of receivables as part of a capital increase, is subject
to covenants on revenue and operating cash-flow that will be
audited every quarter.
Regarding its cash position and after taking into account the
remaining convertible bonds issuances with SoftBank Group (of €2
million), the postponement of payment deadlines to end of 2024
granted to BALYO by one of its main suppliers (a time period
depending on orders received during the financial year which may be
postponed beyond this deadline), 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 granted by SoftBank Group, BALYO has
now the necessary financial means to fund its activities until at
least the end of 2024.
Given these factors, BALYO will focus on working in the rebound
of its commercial momentum in 2024, by leveraging on its model
based on direct sales, while maintaining very tight control over
its costs to preserve its cash position.
Annual General Meeting: June 13, 2024
Next BALYO financial announcement: first half 2024 sales
revenue, on July 18, 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 of BALYO refers to all orders for projects
received but not yet delivered, which evolves every quarter
following the taking into account of new orders, the revenue
generated by projects during the period and orders
cancellation.
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version on businesswire.com: https://www.businesswire.com/news/home/20240423094462/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
Balyo (EU:BALYO)
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