BALYO Announces Its Revenues for 2023, up by +10% at €26.7 Million and Q4 Order Intake Growth of +68% to €17.8 Million
31 January 2024 - 3:45AM
Business Wire
- Growth in 2023 order intake by +39% vs. 2022, to €36.1
million, with a significant order intake of $7.8 million in the
United States recorded in Q4
- Increase in the share of direct sales representing 58% of
2023 order intake vs. 37% in 2022
- Backlog1 rising to €21.9 million as of December 31, 2023 (up
+73% vs. December 31, 2022)
- Financial position and outlook
Regulatory News:
BALYO (FR0013258399, Ticker: BALYO), technology leader in
the design and development of innovative robotic solutions for
industrial trucks, today announces its revenues for the year ended
December 31, 2023.
Pascal Rialland, CEO of BALYO, says: “We ended the year
2023 with a very strong rebound in our commercial momentum, spurred
by a significant order intake in the United States. Overall, we
achieved nearly 40% growth in annual order intake and recorded an
increase in our revenues of 10% to €26.7 million. Direct Sales
accounted for just under two-thirds of orders taken in 2023, in
line with our desire to strengthen our commercial autonomy. The
last quarter was also marked by the closing of the tender offer by
SoftBank Group for the shares of BALYO, now the majority
shareholder".
In thousands of euros
Q4 2022
Q4 2023
2022
2023
Change
Q4-23/Q4-22
Change 2023/2022
EMEA Region
8,016
4,477
19,133
19,062
-44%
-0%
Americas Region
3,386
1,283
4,581
5,372
-62%
+17%
APAC Region
134
1,078
425
2,233
+708%
+426%
Revenues reported*
11,536
6,838
24,138
26,667
-41%
+10%
*Unaudited data
2023 Q4 activity and revenues
BALYO recorded a 41% decrease in revenues in the fourth quarter
of 2023, to €6.8 million, taking full-year 2023 revenues to €26.7
million, up 10% over 2022. The decline in fourth-quarter 2023
revenues in EMEA and the United States can be best explained by an
unfavorable base effect. As a reminder, in the fourth quarter of
2022, BALYO benefited on the one hand from the favorable
seasonality effect of revenues from the framework contract with
Linde, and on the other from a catch-up effect compared with
previous quarters. Over the full 2023 financial year, revenues in
EMEA were stable, but grew by 17% in the United States and 426% in
APAC. Furthermore, regarding sales momentum, the fourth quarter of
2023 was marked by a strong rebound, with order intake increasing
by +68% to €17.8 million, driven by the signing of a significant
$7.8 million order in the United States. Overall annual order
intake amounted to €36.1 million (+39%), with direct orders
accounting for 58% of this total compared with 37% in 2022.
After taking into account fourth-quarter 2023 order intake, the
backlog stands at €21.9 million at December 31, 2023, up by 73%
over the year. The geographical breakdown reflects particularly
strong growth in the United States and APAC.
Financial position and outlook
On December 31, 2023, BALYO’s cash position stood at €8.6
million, compared to €3.3 million as of September 30, 2023.
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.
Regarding its cash position and after taking into account the
remaining convertible bonds issuances with SoftBank Group (provided
that the conditions precedent are met), the postponement of payment
deadlines to 2024 granted to BALYO by one of its main suppliers,
and the record of the above-indicated order intake amounting to
$7.8 million early October, which generated a down payment of 50%
of this amount early November, BALYO will be able to secure funding
for its activities until April 2024.
Next BALYO financial announcement: 2023 annual results,
on March 21, 2024, after market close.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240130050682/en/
BALYO Frank Chuffart investors@balyo.com
NewCap Financial Communication and Investor Relations Thomas
Grojean / Aurélie Manavarere Phone: +33 1 44 71 94 94
balyo@newcap.eu
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