Designs and manufactures specialized equipment for electronics, solar, glass, and power production—think the machinery that makes semiconductor wafers and solar panels.
EUR 0.06B revenue (2025), but losing money: EUR -0.07B net income. Gross margin 22%, but operating losses and massive below-the-line charges push net margin to -106%.
Custom, capital-intensive equipment for niche sectors creates switching costs, but collapsing profitability since 2023 (net margin fell from +41% to -106%) signals execution failure or demand collapse eroding any competitive advantage.
Key events, in time order
Order intake nearly equals annual revenue, driven by AI server boards/optical modules, supporting raised FY guidance
Q2 order intake EUR30.7M, revenue EUR27.7M, backlog EUR54.8M; recent EUR37M+ repeat order
AI infrastructure and optical module demand drive multi-customer order growth
None yet
None yet
No comments yet.
Facts and opinions separated · All items sourced · Not investment advice
