VIA optronics AG Provides Strategic Update on Business Transformation
NUREMBERG, Germany--(BUSINESS WIRE)-- VIA optronics AG (OTC: VIAOY) ('VIA' or the 'Company'), a leading supplier of interactive display solutions, today announced several updates related to its business transformation initiatives, 2024 and 2025 outlook, as well as a search for a new strategic investor. This update follows the release of audited financials for fiscal 2023 and the Company plans to file its fiscal 2024 financial results shortly.
Key Highlights:
VIA has made significant progress executing against its proactive transformation and cost initiatives to stabilize and realign the business over the last several quarters.
This includes further optimization of its efficiency and productivity programs, further reducing overhead costs, as well as developing and expanding partnerships with new customers and across new markets.
The Company's global manufacturing footprint in Germany, Japan, and China provides competitive advantages to navigate the dynamic tariff situation and win new business as smaller competitors have exited numerous markets.
VIA retains a strong position and reputation in the automotive market, and has significantly broadened its near-term focus on the less cyclical industrial display market, which is expected to grow at a 6.7% CAGR* through 2030 (Source: Industrial Display Market Size, Trends | Industry Report, 2030).
The Company's product strengths, such as optical bonding, metal mesh touch sensors, cameras and ruggedized displays, align well with these industrial sector trends.
VIA maintained a disciplined approach to cash management over the last several years and has secured credit lines in Germany, China, and Japan, ensuring financial flexibility as it advances its operational turnaround.
As a result of the completion of many of the Company's transformation and cost initiatives, it expects significantly enhanced gross margin and EBITDA in fiscal 2024, with further improvement in fiscal 2025.
The Company is targeting a strategic investment partner to aid in the acceleration of its growth trajectory and capitalize on emerging market opportunities.
Roland Chochoiek, Chief Executive Officer of VIA Optronics, commented 'Over the last year and a half, we have made significant progress stabilizing the business by optimizing our platform through numerous efficiency and productivity programs, as well as disciplined cost controls. We have also redirected our focus on diversifying the end markets we support, through strategic investments in areas of the business that support the industrial display market. We continue to see significant growth opportunities globally across these markets, and believe they offer long-term opportunities that will make our overall revenues more stable and profitable over the long term.'
Chochoiek added, 'Our competitive position has improved in many of our markets, and our strong manufacturing footprint in Germany, Japan, and China, allows us to service dynamic growth areas where display, camera, and touch technology is critical to our customer's success. I want to thank all of our employees, partners and customers for their support through our turnaround and believe we remain well positioned to drive long-term, sustainable growth as the economic climate improves.'
2024/2025 Outlook
As stated in the Annual Report for FY 2023 (published on the Company´s website), VIA expects sales in 2024 to range between € 100.0 million and € 110.0 million, compared to € 133.3 million in 2023. Gross margin is expected to improve by over 8.4 percent, driven by improved product and margin mix. As a result of the restructuring measures and cost saving initiatives, 2024 EBITDA is expected to improve considerably compared to 2023.
2025 sales are expected to be in the range of € 75.0 million to € 90.0 million following the switch to a consignment stock business model with a major customer that leads to revenue decrease but margin increase. The Company also expects both gross margins and EBITDA to improve in 2025 compared to fiscal 2024.
'We have right sized our business to align with our revenue opportunities, and the majority of our transformation initiatives have been completed which will support meaningful improvement in our margin profile,' said Chochoiek. 'Looking ahead to 2025, we will leverage a more resilient operating model with improved working capital flexibility.'
Strategic Investor
The Company is actively seeking a new strategic investor following the decision by Integrated Micro-Electronics, a major shareholder, to divest its position as part of a broader portfolio realignment.
Chochoiek concluded, 'We have initiated a formal search for a new long-term strategic investor and partner to help accelerate VIA's growth trajectory and innovation while reinforcing our competitive global position. This presents an opportunity to partner with an investor who shares our long-term growth strategy and commitment to innovation and can help the Company accelerate its business development efforts and pivot to growth in the future.'
Forvis Mazars Advisors Germany has been appointed as Financial Advisor to support VIA in its search for a new strategic investor.
About VIA:
VIA is a leading provider of interactive display solutions for multiple end markets in which superior functionality or durability is a critical differentiating factor. Its customizable technology is well-suited for high-end markets with unique specifications and demanding environments that pose technical and optical challenges for displays, such as bright ambient light, vibration and shock, extreme temperatures, and condensation. VIA's interactive display solutions combine customized design, interactive displays, touch functionality, cameras, and other hardware components. VIA's intellectual property portfolio, process know-how, optical bonding, metal mesh touch sensor and camera module technologies provide enhanced display solutions built to meet the specific needs of its customers.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute 'forward-looking statements.' These statements include, but are not limited to, statements relating to: the Company's expectations as to the timing of its delisting and deregistration process; the anticipated benefits and cost savings of such actions; and other statements that are not historical facts. The words, without limitation, 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will,' 'would' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statement. Other factors include the risks described under Item 3. 'Opportunity and Risk Report — 5.3 Risk,' in our audited Annual Report for FY 2023 published on the Company´s website (VIA optronics - Investors - Financials & Filings - Annual Reports). Moreover, new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. Any forward-looking statements contained in this press release are based on the current expectations of VIA's management team and speak only as of the date hereof, and VIA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
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