SLM Solutions reports record revenue of €42.5 million for H1 2022
With strong order intake of €22.6 million in Q2 2022
While the overall numbers remain those of a niche industry, most public metals AM companies are healthy reporting growth, especially those that make large machines. After Velo3D last week, now SLM Solutions also reported a strong order intake in Q2 2022 of €22.6 million, up 100% YoY (Q2 2021: €11.3 million). Record revenue for Q2 2022 of €26.1 million, up 60% YoY, led to record revenues for H1 2022 of €42.5 million, up 34% YoY (H1 2021: €31.7 m). After a few transitional years, SLM Solutions seems now headed for steady growth however it is also interesting to note that in just a few years Velo3D, also a public company, has rapidly grown to about the same revenue levels, indicating a healthy growth in overall adoption for the entire metal PBF segment.
Sam O’Leary, CEO of SLM Solutions remarked: “We are halfway through the year 2022 and I am very pleased with the dedication and excellence all our teams displayed in this difficult operating environment. Thanks to their efforts, we have posted our best H1 revenue performance, delivered a notable improvement in operational profitability and are going into the second half of 2022 with strong order intake momentum. Although the business continues to experience headwinds, especially in the form of a tough macro environment and supply chain disruptions, we have managed to navigate the business well in the first half of this year, and we will continue to remain focused to continue our course.”
Order intake during the first half of 2022, which amounted to €39.4 million increasing by 59% over the corresponding period in 2021, reflects the robust nature of demand for additive manufacturing solutions from more customers. The successful rollout of the NXG XII 600 continues with two orders for this system in Q2 2022. As of the end of June 2022, the order backlog position amounts to €49.1 million, significantly higher as compared to the end of June 2021 and marginally higher as compared to March 2022.
SLM Solutions posted record revenues for both Q2 and H1 2022, driven by the completion of the initial NXG XII 600 production systems, robust performance from the existing portfolio, and further growth in the after-sales business segment. The team worked hard to successfully minimize the effects of the ongoing supply chain disruption. The company completed the first two NXG XII 600 production systems in Q2 2022 and expects an acceleration in the pace of deliveries towards the second half of 2022.
The strong top-line performance combined with SLM Solutions’ focus on continuously increasing operational efficiency and some target cost reduction measures has supported the Company’s bottom line performance. SLM Solutions’ bottom line has also benefited from positive foreign exchange effects and a positive one-off effect related to the reversal of a provision. Accordingly, the Company posted an EBITDA of €1.3 million for Q2 2022, a significant improvement as compared to the corresponding period in 2021. For the first half of 2022, SLM reported an EBITDA of € -3.0 million, compared to € -6.2 million in H1 2021.