Spineway (ALSPW) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €5.6 million, a 15% decrease year-over-year due to postponed export orders and a high comparison base in H1 2024.

• Net loss for H1 2025 was €1.4 million, narrowed by €2 million from H1 2024, reflecting improved cost control and reduced financial expenses.

• Strategic milestones included the launch of a new production line for ESP prostheses and continued regulatory efforts for product approvals in major export markets.

• Full-year 2025 revenue growth target remains confirmed, supported by deferred major account orders.

Financial highlights

• Net sales: €5.6 million in H1 2025, down from €6.5 million in H1 2024.

• EBITDA: -€1.2 million in H1 2025, compared to -€0.8 million in H1 2024.

• Gross margin improved to 69% in H1 2025 from 68% in H1 2024.

• Cash and cash equivalents at June 30, 2025: €4.0 million.

• Operating cash flow improved to -€0.6 million from -€2.7 million year-over-year.

Outlook and guidance

• The group continues to pursue commercial and regulatory expansion, particularly for Spine Innovations and Distimp products in export markets.

• Full-year 2025 revenue growth target is confirmed, with expectations of deferred orders materializing in H2 2025.

• Commercial momentum is supported by global training initiatives and new product launches in international markets.

• The new ESP prosthesis production line is expected to enhance capacity and support growth in less invasive spinal treatments.