VIA optronics AG

Reported figures: Q4 2022 revenue was EUR54.9 million, up 18.6% from EUR46.3 million in Q4 2021; full-year 2022 revenue was EUR218.5 million, up 20.9% from EUR180.8 million in 2021. Q4 gross profit margin was 16.6% versus 13.7% a year ago; full-year gross margin was 10.3% versus 11.3%. Q4 operating loss was EUR4.4 million versus EUR7.7 million; full-year operating loss was EUR6.7 million versus EUR9.5 million. Q4 loss after taxes from continuing operations attributable to shareholders was EUR6 million, or EUR1.31 per share, versus EUR8 million, or EUR1.77 per share; full-year was EUR9.9 million, or EUR2.17 per share, versus EUR11.8 million, or EUR2.59 per share. Q4 EBITDA loss was EUR2.7 million versus EUR6.1 million; full-year EBITDA loss was EUR0.2 million versus EUR3.4 million. Guidance: Q1 2023 revenue is expected at about EUR40 million to EUR45 million. Full-year 2023 revenue is expected to be around 2022 levels. Management did not give a 2023 gross margin target, but said it is focusing on profit over revenue growth and maintaining a margin of at least 20% on new projects over time. Cash and cash equivalents plus other short-term deposits were EUR52.4 million at year-end.

The CEO emphasized that the company has come through two difficult years and is now back on track, with a clear pivot toward profitability, efficiency, and higher-value products. He highlighted ongoing investments in display, sensor, and camera technology, plus expansion into car-interior solutions and industrial applications. His tone was cautiously optimistic, repeatedly pointing to structural tailwinds, a strong pipeline, and a maintained EUR500 million revenue target for 2026.

The CFO walked through a mixed but improving financial picture: revenue growth was driven mainly by Display Solutions and automotive demand, while Sensor Technologies weakened due to lower consumer demand. He noted Q4 gross margin improved to 16.6% and full-year gross margin was 10.3%, with 2022 results helped by FX and cost discipline, and he said SG&A decreased due to administrative improvements and one-time effects. He also highlighted year-end cash and short-term deposits of EUR52.4 million and said the company will continue focusing on net working capital management and a sharper margin profile.

Analyst Anthony Stoss pressed management on the 2023 gross margin outlook and the company’s customer concentration. Management declined to give a specific gross margin percentage for 2023, but said it is dropping low-margin consumer projects, targeting higher-value work, and aiming for new projects with at least a 20% margin over time. On customer concentration, management said there are about five customers representing more than 10% of revenue, and estimated the biggest auto customer was somewhere between 10% and 20% of revenue.