The Polish deeptech hardware manufacturer – SYGNIS SA – generated over PLN 4.8 million in net sales revenue in the first half of this year. The company, listed on the NewConnect market, recorded further revenue from the sale of lenses and preforms made from SYGLASS technology and expects further commercialization of this technology. Moreover, in the coming months SYGNIS plans to increase sales and development of devices from its flagship DIW line, industrialize SYGPAST, and develop DEPO technology into the first commercial product. The Board indicates that obtaining additional capital will have a decisive impact on the level of results in the second half of the year.
In the second quarter of 2024, SYGNIS S.A. achieved revenue of over PLN 2 million net compared to PLN 4.3 million from the same period last year. The company reduced its net loss by almost PLN 140,000, which in the second quarter amounted to PLN 1 million. In cumulative terms, net sales revenue amounted to over PLN 4.8 million. Between January and June, the loss amounted to PLN 1.8 million net, which means that it decreased by PLN 735,000, where compared to the previous year, this item was over PLN 2.5 million. There is also an increase in margins on sold products, mainly due to the shift from distributed to own products.
“Operating in the second quarter of 2024, with capital constraints resulting from a decline in deliveries to customers, we achieved revenue results of over PLN 2 million, which, combined with further limitation of the company’s monthly costs, resulted in a loss of about PLN 1 million. We look optimistically at the next six months. The decisive impact on the level of results will be the acquisition of additional capital for the company,” says Andrzej Burgs, President of the Board of SYGNIS S.A.
SYGNIS is consistently implementing the company’s development plan for 2024. Since the beginning of this year, SYGNIS has established a distribution network covering eight markets, i.e. the USA, the UK, India, Spain, the Czech Republic, Italy, Israel and Singapore. In addition to increasing the sales of F-NIS devices, SYGNIS plans to develop DEPO technology – the company’s proprietary glassy carbon print technology. In the past few months, the company obtained the Korean Certification (KC certificate), confirming product compliance with Korean quality standards – K Standards and also started selling its own products from the flagship DIW (Direct Ink Writing) line in Singapore, delivering the first F-NIS device to this market.
“In the past quarter was marked by macroeconomic factors. The deepening stagnation in the European market and decreasing funding for innovation and modernisation in Poland had a significant impact on reducing SYGNIS’s revenue in the second quarter. The consistent implementation of the global expansion strategy with products, including from the DIW line, will allow the company to minimise susceptibility to the regional market behaviour. Close cooperation with distributors resulted in, among other things, a new KC certification for FNIS in Korea and sales in subsequent countries. The completion of documentation for the National Centre for Research and Development is expected to result in a contract for project funding under the Eurostars grant, which will start as soon as September. We are also pleased with the increase in the export structure in the company’s revenue. We estimate that it currently accounts for almost 70% of our sales,” concludes Andrzej Burgs.
In June, the company announced that it plans to raise up to PLN 6 million by issuing E series shares through a private subscription, which was decided by the shareholders at the General Meeting of Shareholders. Currently, the company’s management is contacting selected investors, and the acquired capital is to allow for an increase in the company’s operating income through investments in line with the emission objectives.
Source: https://managerplus.pl/sygnis-notuje-w-pierwszym-polroczu-2024-r-48-mln-zl-ze-sprzedazy-netto-53939
