Directa Plus Plc

Directa Plus said first-half 2025 revenue increased 15% year over year, and EBITDA improved by 38% year over year. Cash as of June 2025 was EUR 3 million. Management did not state EPS, gross margin, or a specific full-year revenue/EBITDA target on the call. Looking ahead, the company said it expects at least double-digit revenue growth and is aiming for EBITDA breakeven in the short term, supported by recurring customers, a stronger pipeline, and lower production costs from the upgraded plant.

Giulio Cesareo framed the quarter around a strategic reset of the business, centered on a redesigned, fully automated production process and a broader product set that includes nano graphite as well as graphene. He said the company is focusing only on opportunities tied to real market demand, with time to market measured in months and several partnership discussions advancing, including in defense. His tone was confident and forward-looking, emphasizing that the company now has products, patents, and market access lined up more closely than in the past.

Giorgio Bonfanti focused on financial discipline and operational improvement, citing the 15% revenue increase, 38% EBITDA improvement, and EUR 3 million of cash at June 2025. He said the production upgrades should reduce direct costs, improve gross margin, and support both higher-performance products and lower-cost industrial offerings. He also pointed to portfolio rationalization at Setcar, workforce reduction from 164 at June 2024 to 144 at June 2025, and a target of around 130 or below by year-end.

In Q&A, analysts pressed on revenue visibility, EBITDA breakeven, the strength of the IP portfolio, and timing for nano-graphite revenues. Management said about EUR 6 million of H1 revenue came from related private-current supply tied to long-term relationships, and they expect continued double-digit growth, while saying EBITDA breakeven is a short-term objective. On nano-graphite, they said the transition should be quick because the materials are closely related and existing graphene customers can be offered the new product at an attractive price. They also said some defense opportunities could meaningfully expand turnover, but timing remains uncertain.