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SCHMID Group N.V. Form 6-K: Board Changes & Sales Forecast Update December 2024

$SHMD
Form 6-K
Filed on: 2024-12-27
Source
SCHMID Group N.V. Form 6-K: Board Changes & Sales Forecast Update December 2024

Here are the key insights extracted from the financial report (Form 6-K) of SCHMID Group N.V.:

Company and Filing Information

  • Company Name: SCHMID Group N.V.
  • Filing Type: Form 6-K
  • Commission File Number: 001-42040
  • Date of Filing: December 27, 2024

Board Member Changes

  • Resignation: Mr. Christian Brodersen resigned from the Board and as Chairman of the Audit Committee, effective December 23, 2024, due to personal reasons. His resignation did not stem from any disagreements regarding the company's operations or policies.
  • Appointment: Dr. Annedore Streyl has been appointed as a member of the Board and will take over as Chair of the Audit Committee, Nomination Committee, and Compensation Committee.

Financial Performance and Guidance

  • Recent Results: The company announced its unaudited results for the six months ended June 30, 2024.
  • Sales Forecast: Previously estimated sales for the financial year ended December 31, 2024, were expected to reach €130 million. However, the company now anticipates sales will be significantly lower than in 2023.
  • Adjusted EBITDA Forecast: Adjusted EBITDA was initially estimated to be up to €35 million but is now expected to be correspondingly lower.
  • Market Conditions: The decline in sales is attributed to lower-than-expected order volumes in the standard PCB segment due to uncertainties in markets such as China, Taiwan, and Europe. Conversely, there is increased interest in the Packaging segment, although it is experiencing longer lead times, shifting sales realization to the next year.

Outlook for 2025

  • Sales Projection: For the financial year 2025, the company expects sales revenue of up to €110 million.
  • EBITDA Margin: An Adjusted EBITDA margin of approximately 15% on sales is anticipated.
  • Market Focus: The company plans to focus on advanced packaging activities, particularly in chiplet applications for AI and other advanced packaging applications, indicating a strategic shift away from standard PCBs.

Exhibits Included

  1. Exhibit 99.1: Unaudited Condensed Consolidated Interim Financial Statements for the Six Months Ended June 30, 2024.
  2. Exhibit 99.2: Press Release dated December 27, 2024.

This report indicates significant organizational changes and challenges in sales forecasts, reflecting the company’s need to adapt to shifting market conditions and focus on advanced packaging technologies for future growth.