Zortrax publishes financial results for the first quarter of 2022, noting -74% decrease in revenues year-on-year

On Monday, Zortrax published its financial results for the first quarter of this year. Unfortunately, as was the case in previous reporting periods, they do not look good… In the first quarter of 2023, Zortrax generated PLN 4.6 million in sales revenue compared to PLN 17.6 million in revenue in the same period last year, which is a decrease of over -74% . As in the case of Sygnis SA, this collapse is due to the fact that in January 2022 Zortrax booked the proceeds from the sale of 3D printers under the “Laboratoria Przyszłości” program, which accounted for 44% of the company’s total revenues in the year. At the same time, the company recorded a net loss of PLN -3.7m, and adjusted EBITDA amounted to -PLN 1.7m with an EBITDA margin of -31.3%.

Gross profit on sales for the first quarter of 2023 amounted to PLN 2 million compared to PLN 6.4 million in the corresponding period of the previous year, while the gross margin ratio on products, goods and services amounted to 43.5% and was higher by over +7% in compared to the first quarter of 2022. The amount of fixed costs in the first quarter of this year was about -7.5% lower, with the company reporting that this effect would be more visible if it were not for the continued global price increase.

In the profit and loss account for the first three months of 2023, a significant item is other operating costs, i.e. PLN 1.4 million, which relate to the amortization of positive goodwill resulting from the settlement of the merger with Corelens, which enabled Zortrax to enter the NewConnect stock exchange. The balance sheet as at June 30, 2021 showed positive goodwill in the amount of PLN 111 million, which from July 2021 is reduced by depreciation charges recognized in other operating costs at the level of PLN 0.46 million.

An important event resulting from the loan agreements concluded by the legal predecessor of the merged Zortrax and Corelens – Zortrax SA (KRS No. 0000564079) is the conclusion of the agreement on April 28, 2023 and the transfer of ownership of a share in real estate to the company, which is an additional security for the receivables due to it from the third. The total nominal value of receivables under loan agreements is PLN 6,672,822.66.

For Zortrax S.A. a share in a plot of land developed with a complex of residential and farm buildings was transferred. If the debt is repaid by the third party being the debtor or by the third party’s guarantor by September 30, 2023, Zortrax will be obliged to return the ownership of the share in this real estate to the third party’s guarantor, and if the debt is not repaid by September 30, 2023 , Zortrax will be entitled to sell the share in the property against its claim. Repayment of debts or direct sale by the company of a share in real estate will have a positive impact on the economic, financial and property situation.


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