Sensirion Holding AG

Sensirion ends activities in condition monitoring; focusing on methane emission monitoring as a data-based service business

Sensirion Holding AG / Key word(s): Strategic Company Decision Sensirion Holding AG: Sensirion ends activities in condition monitoring; focusing on methane emission monitoring as a data-based service business 09-Apr-2024 / 06:25 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Media release

April 9, 2024, Sensirion Holding AG, 8712 Stäfa, Switzerland

Ad hoc announcement pursuant to Art. 53 LR

 

Sensirion ends activities in condition monitoring; focusing on methane emission monitoring as a data-based service business

 

• Sensirion is ending activities in condition monitoring (formerly StartUp AiSight, Berlin) after a thorough review
• Sensirion is focusing on the further development of methane emission monitoring as a data-based service business
• Impairments (non-cash) of around CHF 25 million, restructuring costs and provisions for the closure of the site of CHF 3–5 million in 2024
• The decision will lead to a slight improvement in operating cash flow from 2025 onwards

 

As part of a critical review of all innovation projects and to increase the strategic focus of the business, the board of directors of Sensirion Holding has decided, at the request of the management, to give up the activities in condition monitoring of the previously acquired startup AiSight. This will lead to the closure of Sensirion’s Berlin site.

 

Sensirion acquired the Berlin-based start-up AiSight in September 2021 with the aim of becoming a leading provider of complete solutions in the field of condition monitoring. In the meantime, however, it has become clear that the market for condition monitoring is developing much more slowly and is more fragmented than originally assumed. There are a large number of competitors from whom it will be difficult to differentiate technically. This market structure does not strategically fit Sensirion’s goal of becoming the leading provider in its respective area through innovations. This reassessment, after a thorough examination of various options, has now led to the decision to abandon this area of development. The strategic goal of building a data-based service business alongside the important OEM business remains unchanged. Sensirion will continue to focus on detecting climate-damaging methane leaks in the oil and gas industry. This internal, data-based innovation project is developing very promisingly and is also being positively supported by new environmental regulations in the USA and Europe.