MEMSCAP – Q1 2024

Double-Digit Growth in Aerospace and Medical Sales - Seite 2

The optical communications segment continued to exhibit significant volatility due to the Asian context and investments dedicated to optical fiber. Sales for the first quarter of 2024 amounted to EUR 341 thousand compared to EUR 558 thousand for the first quarter of 2023. Thanks to its fabless organization, this business remains a profitability support factor for the Group, regardless of the activity levels in this market.

Analysis of consolidated income statement

MEMSCAP’s consolidated earnings (non-audited) for the first quarter of 2024 are given within the following table:

In thousands of euros – Non-audited	Q1 2023 (3 months)	Q1 2024 (3 months)
Revenue from continuing operations	3,668	3,832
Cost of revenue	(2,146)	(2,298)
Gross margin	1,522	1,534
% of revenue	41.5%	40.0%
Operating expenses*	(1,017)	(1,026)
Operating profit / (loss)	505	508
Financial profit / (loss)	(1)	109
Income tax expense	(34)	(9)
Net profit / (loss)	470	608
* Net of research & development grants. (Any apparent discrepancies in totals are due to rounding.)

The gross margin rate stood at 40.0% of consolidated revenue compared to 41.5% in the first quarter of 2023. This rate is notably impacted for the quarter by the integration and training of new hires in the production department. The gross margin thus amounted to EUR 1,534 thousand compared to EUR 1,522 thousand for the first quarter of 2023.