u-blox Reports First Half 2023 Results with Double-Digit Revenue Growth - Seite 3

• Automotive: H1 2023 revenues grew by 20.4% to CHF 100.6 million from CHF 83.5 million in H1 2022 driven by new products and deliveries of the 2022 order book.
• Industrial: H1 2023 revenues increased to CHF 217.9 million from CHF 179.0 million in H1 2022 (+21.7%) primarily thanks to market share gains, strong demand in tracking and deliveries of the 2022 order book.
• Consumer / Others: H1 2023 revenues amounted to CHF 13.8 million after CHF 31.8 million in H1 2022 (-56.5%) primarily due to the decline in consumer demand since mid-2022.

Gross profit (adjusted) increased by 8.2% to CHF 155.6 million in the first half of 2023 from CHF 143.8 million in the same period in 2022. The respective gross profit margin (adjusted) amounted to 46.8% (H1 2022: 48.9%), mainly due to product mix changes, while pricing deflation did not play a major role.

R&D expenses (adjusted) of CHF 59.9 million in the first six months of 2023 compare to CHF 52.6 million during the same period last year, an increase of 14.0%. As percentage of revenue, they stood at 18.0%, 20 basis points higher than in H1 2022, due to a lower average capitalization rate in the period.

Sales, General and Administration expenses adjusted (SG&A adjusted) of CHF 34.0 million in H1 2023 were flat in absolute terms (CHF 33.8 million in H1 2022). As percentage of revenues, SG&A (adjusted) reduced significantly to 10.2% from 11.5% in the prior year period. The reduction reflects u-blox's operational leverage capabilities following revenue growth in addition to lower personnel expenses related to variable compensation.

Net finance results (adjusted) in the first half of 2023 amounted to CHF -3.9 million after CHF +2.4 million in H1 2022. Excluding FX effects, net finance costs (adjusted) remained practically stable at CHF -0.4 million in H1 2023 vs. CHF -0.7 million. FX results of CHF -3.4 million in the first six months of 2023 (realized: CHF -2.2 million; unrealized: CHF -1.2 million) compared to CHF +3.1 million in the same period last year (realized: CHF +2.0 million; unrealized: CHF +1.1 million).

Net profit (adjusted) increased to CHF 46.1 million as compared to CHF 48.3 million in the prior year period. Diluted EPS (adjusted) in H1 2023 amounted to CHF 6.67 per share compared to CHF 7.00 per share in H1 2022.

Cash Flow

Cash flow from operations came in at CHF 10.5 million in the first half of 2023, compared to CHF 30.4 million in H1 2022. Free cash flow was CHF -12.9 million in H1 2023 compared to CHF 6.6 million in the prior year period. Change in net working capital was CHF -67.0 million in H1 2023 vs. CHF -51.8 million in H1 2022. Income tax paid was CHF -3.6 million in H1 2023, from CHF +4.4 million received in the first half of 2022.