Q3'23 EBITDA Outcomes: Neutral Performance and Segment Dynamics Overview
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Q3'23 EBITDA = PLN -1.7mn vs. -1.9mn of our estimates - NEUTRAL
Our view: NEUTRAL
We view Q3'23 results neutrally - they were broadly in line with our assumptions. Within the revenue structure, the space projects segment grew most rapidly (PLN 8.9mn vs. 2.6mn a year earlier).
The quantum systems segment posted revenue growth of +24.5% (+11.1% from product sales). In contrast, the electronics manufacturing segment continues to show weakness, with revenues falling y/y to PLN1.6mn vs. 2.3mn a year earlier. In terms of the cost base, we note a y/y decline of 2.3% in wages costs.
The company reported higher-than-assumed OCF (mainly due to the positive changes in working capital and the balance of grants to be settled), which translated into PLN 24.9mn of cash and cash equivalents at the end of the period, and lower-than-assumed net debt.
