Zortrax reports very poor financial results for Q2 2023

Zortrax SA – one of the two Polish companies listed on the NewConnect stock exchange, published financial results for the second quarter of 2023. In terms of generated revenue, the company achieved one of the lowest results in recent years, reporting PLN 3.5 million – by -6 million PLN less than in the same period last year. In the entire first half of this year, Zortrax generated revenue of PLN 8.1 million compared to PLN 27.2 million in the first half of 2022. The quarterly loss was PLN -3.78 million, and the cumulative half-year loss was PLN -7.49 million.

The company explains the -70% decrease in revenues year-on-year with the fact of last year’s sale of a large number of 3D printers to schools as part of the Laboratories of the Future program, which accounted for as much as 36% of the entire annual order basket. This year, Laboratories of the Future did not happen again and Zortrax (and the second Polish listed company – Sygnis SA) has to struggle with the realization of sales results in the eyes of shareholders. However, the company says that it is “examining the possibility of supplying 3D printers as part of educational programs in other European countries.”

Unfortunately, the low level of revenue translates into a low level of financial liquidity. At the end of the first half of the year, Zortrax reported slightly over PLN 200,000 in bank accounts, which, given the scale of operations, significantly limits operating activities. In the report, the company states that “weaker financial liquidity slows down production processes, and thus extends the waiting period for devices. As a result, there is a decrease in orders placed by resellers.” Zortrax expects that this situation will start to improve from September this year.

In fact, the only relatively positive news is that the loss achieved is not as high as reported. In the income statement for two quarters of 2023, a significant item – PLN 2.8 million – are accounting costs resulting from the amortization of positive goodwill, which is the result of the settlement of the Zortrax merger with Corelens in June 2021.


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