2022 full-year earnings
2023 first-quarter revenues
IFRS (€’000) | 2022 | 2021 | Change | ||
Revenues | 4,285 | 6,572 | -34.8% | ||
Adjusted gross margin1 % of revenues | 2,640 62% | 4,072 62% | -35.2% +0 pts | ||
Staff costs | (10,159) | (9,707) | -4.7% | ||
Adjusted EBITDA2 | (9,045) | (6,093) | -48.4% | ||
Income from ordinary operations | (12,370) | (9,511) | -30.1% | ||
Non-recurring income and expenses | (8,395) | ||||
EBIT | (20,765) | (9,511) | -118.3% | ||
Financial income (expense) | (62) | (284) | +78.1% | ||
Pre-tax income | (20,827) | (9,795) | -112.6% | ||
Consolidated net income | (21,387) | (9,878) | -116.5% |
2022 earnings
AMA recorded revenues of €4.3m in 2022, compared with €6.6m in 2021, down 34.8% at current exchange rates. This trend continues to reflect the wait-and-see approach adopted by clients faced with an unfavorable economic environment.
The percentage of revenues generated by Software, AMA’s core business with its XpertEye platform, increased by +5% (at current exchange rates) compared with 2021, climbing to 63% of revenues for the year (versus 37% in 2021), for a total of €2.6m. However, the percentage of Hardware revenues contracted by 63% to represent 27% of 2022 revenues, compared with 46% the previous year, for a total of €1.1m. Hardware comprises a range of equipment (connected glasses, external video sources, etc.) supplied by third parties that complement the use of XpertEye.
In 2022, AMA further strengthened its client base, with 497 clients, up from 490 in 2021. AMA consolidated its positions with its existing clients, primarily major groups (e.g. Merck, Alstom, Air Liquide, Boehringer,
Adjusted EBITDA shows a loss of €9.0m, compared with a €6.1m loss in 2021. The global cost reduction plan launched in
The following profit and loss items were impacted by non-recurring expenses and impairments. In accordance with IAS 36 and IAS 38, faced with the slowdown in the assisted reality market, which was confirmed in 2022, intangible assets were depreciated by €7.4m. Non-current expenses also include €1m linked to the reduction in the workforce (PSE employment protection plan). Factoring in these elements, AMA recorded an operating loss of -€20.8m for 2022. From the second half of 2022, AMA recognized all of its R&D expenditure as expenses. Following this pivotal year, AMA is positioned to set off again with new foundations in place for 2023.
Financial structure at end-2022
AMA had €8.6m of cash at end-2022. In view of the cost reduction measures rolled out, AMA is in a position to cover its cash requirements in 2023. AMA also has €16m of unused credit lines.
2023 first-quarter revenues and launch of the new commercial offering
For the first quarter of 2023, AMA is reporting unaudited consolidated revenues of €0.8m at constant exchange rates (-24% versus Q1 2022). The majority of the new commercial offers were rolled out in March and therefore did not impact the first quarter. However, the amounts of software orders are still trending up, reflecting the positive response to the new Enterprise Model commercial offer, designed to facilitate the XpertEye solution’s larger-scale deployment in major groups.
Outlook for 2023
AMA aims to continue moving forward with its commercial development strategy, while maintaining a streamlined cost structure.
To contribute to the emergence of assisted reality solutions for frontline workers and provide businesses, major groups and institutions with solutions to meet the challenges linked to productivity, savings and managing climate impacts, AMA:
- is further strengthening its key partnerships with organizations such as Orange Business, which are increasingly contributing to the distribution and use of XpertEye solutions, as well as Soti, Akila, Thalos, inUSe and Rofim for software integration, and Cellnex, HubOne, Dust or Inmarsat for network connectivity aspects.
- is offering new commercial initiatives at the start of 2023, including free trial offers and the Enterprise Model, with a view to accelerating XpertEye’s distribution and use through packages of licenses and volume-based offers.
- Accentuates specific actions and concrete data information enabling its customers to use XpertEye as a real accelerator of their digital and ecological transition. For example, AMA provides its customers with personalized assessments and reports on the CO2 emissions avoided by using XpertEye, for instance by reducing their travel.
- is incorporating AI to increase its solution’s impacts by enabling its clients for instance to expands the skills available in the field by facilitating, thanks to AI, access to the company’s knowledge bases.
In view of these developments, combined with the continued improvement in the quality and price of the hardware associated with XpertEye solutions, orders are expected to pick up again in 2023.
Next financial press release
2023 second-quarter revenues:
About AMA
Since 2015, AMA, a software developer and integrator, is helping industry and service providers of all sizes, as well as medical establishments, to accelerate their digital transformation. AMA’s XpertEye suite of applications addresses a wide range of use cases, from remote diagnostics to inspection, planning, and workflow management. These unequaled remote interactive collaboration solutions empower customers to improve productivity, speed up resolution time, and maximize uptime while reducing their carbon footprint.
With offices in
Disclaimer: This press release contains statements that are not factual, including, but not limited to, certain statements regarding future results and other future events. These statements are based on the current views and assumptions of
Contacts
Investor Relations & Financial Media | Corporate Media: +33 689 182 343 esther.duval@ama.bzh |
1 The adjusted gross margin corresponds to the margin on purchases consumed excluding the depreciation of inventory.
2 Adjusted EBITDA corresponds to EBIT + depreciation of property, plant and equipment and intangible assets + share-based payments in accordance with IFRS 2+ income from ordinary operations
Attachment
- AMA_CP_Resultats-2002-T1-2023_EN_vfinale
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