Key Highlights
- Revenues: €46.0 million for the six months ended
June 30, 2026 (Q1: €18.2 million; Q2: €27.7 million) compared to €16.9 million for the same period last year; more than half of our revenues were fromChina which continues to perform stronger than expected while demand for machines manufactured in our German plant only recently accelerated - Gross Profit: €9.8 million (gross margin: 21.2%) for the six months ended
June 30, 2026 compared to €-1.6 million for the same period last year. Gross margin was lower than anticipated at this revenue level given the product mix shift towards our lower gross margin business inChina - Operating Result: €-8.0 million for the six months ended
June 30, 2026 compared to €-7.8 million for the same period last year. The operating result was impacted by increased general administrative expenses due to share-based compensation (€1.4 million), “Sprint” restructuring costs (€0.4 million) and costs associated with the various recapitalization projects (€1.4 million). Foreign exchange losses of €1.7 million were also incurred - Adjusted EBITDA (non-IFRS): €-0.6 million for the six months ended
June 30, 2026 compared to €-11.6 million for the same period last year - Net income: €-47.8 million for the six months ended
June 30, 2026 compared to €-10.2 million for the same period last year. Net income was impacted mostly by non-cash effects related primarily to the accounting treatment of the XJ Harbour liability converted into shares onJanuary 16, 2026 and to a lesser extent to the fair-value movements of the Company’s warrants - Order Intake and Backlog: Order intake of €96.6 million year-to-date as of
August 21, 2026 (H1 2026: €44.3 million) and order backlog of €95.0 million as ofAugust 21, 2026 (June 30, 2026 : €54.8 million). The Company experienced a significant increase in order activity in the last few months - Deleveraging: Close to €30 million of reduction in financial debt between
December 31, 2025 andJune 30, 2026 , including €30.75 million of debt converted into equity or set off sinceDecember 31, 2025 , enabling the Company to invest into its growth plan - Cash Position: €14.3 million of cash and cash equivalents as of
July 31, 2026 , following the closing of the$20.0 million 2029 Convertible Notes onJuly 14, 2026 - Full-Year 2026 Guidance: Revenue guidance of more than €100 million confirmed and Adjusted EBITDA margin guidance lowered to 6 to 9% (previously more than 12%), based on Adjusted EBITDA as defined in this release and order intake guidance of €125–150 million maintained, with the Company now expecting to be in upper half of that range
Order Intake and Order Backlog
Order intake in Q1 was €13.6 million, reached €30.7 million in Q2 and orders received thus far in Q3 through
Order backlog stood at €95.0 million as of
Order intake and order backlog figures relate exclusively to orders for equipment and do not include orders associated with services or spare parts.
Revenue and Operating Results for H1 2026
Revenues increased significantly compared to a weak first half of 2025 as revenues for the segment Technical Equipment & Processes increased from €10.7 million to €39.4 million. Spare parts & services revenues were €6.4 million, increasing from the €5.9 million achieved in H1 2025. Licensing and other revenues amounted to €0.2 million in H1 2026.
General administrative expenses increased from €5.5 million in the first half of 2025 to €8.5 million in the first half of 2026 driven by the various reorganization programs which resulted in high expenses described in the Adjusted EBITDA reconciliation.
Other income and other expenses of €1.3 million and €-2.7 million respectively were impacted by a net foreign exchange loss of €1.7 million, while other income and other expenses in H1 2025 had benefited from €6.3 million foreign exchange gain for the six months ended
Adjusted EBITDA amounted to €-0.6 million and excludes expenses for ”Sprint“ related restructuring costs of €0.4 million, share-based compensation of €1.4 million with front-loaded expense recognition relative to the two-year service period, advisory expenses of €1.4 million related to the financings, debt-to equity swap, two Form-20-F filings within three months and various registration filings as well as €1.7 million of foreign exchange losses incurred in the first six months of this year. In the prior-year period for the six-months ended
Cash Flow, Indebtedness and Financing
Cash provided by operating activities was €-29.3 million, mainly driven by spending on working capital of €26.1 million, from an unusually low negative working capital as of
Cash used in investing activities was €2.5 million, of which €0.8 million related to investments in property, plant and equipment.
Cash provided by financing activities was €32.6 million of which €33.1 million was generated from the 2028 Convertible Note and the SEPA financing.
On
As of
Cash and cash equivalents were €2.3 million as of
The Company does not currently anticipate material further drawdowns under the standby equity purchase agreement in 2026 and does not plan to incur additional indebtedness at the level of
Potential Dilution
The table below sets out the Company’s outstanding financing instruments in consolidated form for the convenience of investors; the terms of each instrument are set out in full in the agreements filed with the U.S. Securities and Exchange Commission. As of
| Instrument | Outstanding | Maturity / expiry | Conversion / exercise |
| 2028 Convertible Notes | Formula incl. 95% of volume weighted average price (VWAP) with a floor of | ||
| 2029 Convertible Notes | Lower of | ||
| 2026 Warrants | 3,744,150 | ||
| Public Warrants (SHMD.W) | 11,250,000 | ||
| Private Placement Warrants | 9,750,000 | ||
| 2025 Convertible Loan (related party) | €2.5m plus 15% p.a. accrued at maturity | ||
| 2025 Black Forest Options | 1,250,000 | $4.1956 | |
| Standby Equity Purchase Agreement | up to | 99% of VWAP or 97% of lowest 3-day VWAP |
Potential dilution at illustrative share prices. The table below shows the Ordinary Shares issuable upon conversion or exercise in full of the instruments above at four illustrative share prices. Conversion prices of the 2028 and 2029 Convertible Notes are approximated at 95% and 97% of the illustrative price, respectively, subject to the floors and caps shown; actual conversion prices are determined under the relevant indentures. Figures are based on principal amounts and exclude accrued PIK interest and shares issuable at the Company’s discretion under the standby equity purchase agreement and the share incentive plan.
| million shares | ||||
| 2028 Convertible Notes – | 2.3 | 1.7 | 1.3 | 1.1(a) |
| 2029 Convertible Notes – | 4.1 | 2.9 | 2.3 | 1.9(a) |
| 2025 Convertible Loan – €2.5m at | 1.6 | 1.6 | 1.6 | 1.6(b) |
| 2025 Options – 1,250,000 at $4.1956 | 1.25 | 1.25 | 1.25 | 1.25 |
| 2026 Warrants – 3,744,150 at | – | – | 3.7 | 3.7 |
| Public / Private Warrants – 21,000,000 at | – | – | – | 5.25(c) |
| New shares | 9.3 | 7.5 | 10.2 | 14.9 |
| Dilution (current share count without earn-out shares: 60,958,903)(d) | +13% | +11% | +14% | +20% |
| Cash proceeds to the Company in case the 2025 Options and the 2026 Warrants are exercised on a cash basis |
(a) At
(b) The 2025 Convertible Loan accrues interest at 15% interest to conversion and assumes a 1.16 €/$exchange rate.
(c) The 11,250,000 public warrants are exercisable for cash at
(d) At each of the illustrative prices, the share price thresholds of
(e) The 2026 Warrants can also be exercised on a cashless basis at the Company's election, which would reduce dilution but also reduce the cash proceeds to the Company.
Operational Developments
On
On
The Malaysian subsidiary, serving as spare-parts and service hub for
Outlook for the Second Half of 2026 and Amended Full-Year Guidance
The Company confirms its full-year 2026 revenue guidance of more than €100 million. Based on the weaker than expected first-half financial results and on orders and current visibility on second-half performance the Company now expects a full-year 2026 Adjusted EBITDA margin of 6 to 9% (the previous communicated full-year 2026 Adjusted EBITDA margin guidance was that such margin would be more than 12%). Our full-year 2026 guidance for order intake remains at €125–150 million, however the Company now expects to be in the upper half of that range.
As anticipated Q1 order intake was seasonally weak and the Company has seen a significant pick-up in particular in
Having successfully executed “Sprint”, the Company is now entering the next phase “Sprint II”, a purchasing cost reduction program, targeting savings of approximately 5% of material expenses. The majority of the savings are expected to be realized by year-end and the remaining savings are expected to be captured as design to cost improvements are implemented.
Upcoming Financial Updates and Investor Call
The Company intends to publish its business updates by
SCHMID will host an investor call today,
About The SCHMID Group
The SCHMID Group is a global leader in providing advanced equipment and process solutions for the high-tech industry, with a strong focus on electronics and semiconductor-related applications. Headquartered in Freudenstadt, Germany, and founded in 1864, SCHMID employs more than 800 people worldwide and operates technology centers and manufacturing facilities in Germany and China, as well as sales and service locations globally.
SCHMID develops customized systems and process solutions for the production of substrates, printed circuit boards and other electronic components. Its portfolio addresses a range of high-growth applications, including advanced packaging, semiconductor-related technologies, AI-driven electronics, printed circuit boards, substrates and glass-based technologies.
SCHMID’s solutions enable customers to achieve high technology levels, high yields, low production costs, maximum efficiency, quality, and sustainability in advanced manufacturing processes.
For more information about the SCHMID Group, please visit www.schmid-group.com or contact investor-relations@schmid-group.com.
Contact
Press@schmid-group.com
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include statements regarding our full-year 2026 revenue, Adjusted EBITDA margin and order-intake guidance and the expectation that order intake will fall into the guidance range; the statement that available liquidity, together with cash flows from operations, is expected to be sufficient for at least the next twelve months; the drivers of the expected second-half margin improvement and the treatment of special items in Adjusted EBITDA; statements regarding the expected financial performance in 2027; expectations regarding the standby equity purchase agreement, additional indebtedness and the financing, cost, capacity and timing of the new Chinese manufacturing campus; the illustrative dilution presentation; the expected savings from the “Sprint” and purchasing cost reduction programs; and the financial calendar. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: the impact of the COVID-19 pandemic, geopolitical events including the Russian invasion of Ukraine, macroeconomic trends including changes in inflation or interest rates, or other events beyond our control on the overall economy, our business and those of our customers and suppliers, including due to supply chain disruptions and expense increases; our limited operating history as a public company; our current dependence on sales to a limited number of customers for most of our revenues; supply chain interruptions and expense increases; unexpected delays in new product introductions; our ability to expand our operations and market share in Europe and the U.S.; the effects of competition; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under “Item 3. Key Information – 3.D. Risk Factors” in our annual report on Form 20-F filed with the SEC on May 15, 2026, which is available on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
Appendix:
Consolidated Statements of Profit or Loss (unaudited)
| in € thousand | 2026 | 2025 | ||
| Revenue | 45,999 | 16,892 | ||
| Cost of sales | -36,227 | -18,539 | ||
| Gross Profit | 9,772 | -1,647 | ||
| Selling | -5,411 | -5,762 | ||
| General administration | -8,532 | -5,472 | ||
| Research and development | -2,357 | -1,563 | ||
| Other income | 1,304 | 6,914 | ||
| Other expenses | -2,735 | -275 | ||
| Operating profit (loss) | -7,959 | -7,804 | ||
| Financial result | -38,834 | -2,285 | ||
| Income (loss) before income tax | -46,793 | -10,090 | ||
| Income tax benefit (expense) | -1,015 | -76 | ||
| Net income (loss) for the period | -47,809 | -10,165 | ||
Consolidated Statements of Financial Position (unaudited)
| Assets | ||||
| in € thousand | ||||
| Intangible assets | 17,914 | 17,262 | ||
| Property, plant and equipment, net | 11,669 | 12,234 | ||
| Financial assets | 14,253 | 16,203 | ||
| Investments in joint ventures | 935 | 1,043 | ||
| Deferred tax assets | 2,466 | 2,317 | ||
| Non-current assets | 47,237 | 49,058 | ||
| Inventories | 23,448 | 18,112 | ||
| Trade receivables and other receivables | 49,551 | 33,653 | ||
| Other current assets | 4,680 | 3,918 | ||
| Cash and cash equivalents | 2,292 | 1,574 | ||
| Current assets | 79,970 | 57,257 | ||
| Total assets | 127,207 | 106,315 | ||
| Equity and Liabilities | ||||
| in € thousand | ||||
| Subscribed capital and capital reserves | 263,264 | 115,411 | ||
| Other reserves | -294,674 | -248,155 | ||
| Equity attributable to owners of the group | -31,410 | -132,744 | ||
| Non-controlling interest | 617 | 579 | ||
| Equity | -30,793 | -132,165 | ||
| Non-current financial liabilities | 54,474 | 71,518 | ||
| Provisions for pensions | 969 | 969 | ||
| Non-current provisions | 254 | 254 | ||
| Deferred tax liabilities | 1,965 | 1,965 | ||
| Non-current lease liabilities | 6,961 | 7,153 | ||
| Non-current liabilities | 64,623 | 81,859 | ||
| Current financial liabilities | 28,184 | 87,148 | ||
| Current contract liabilities | 11,862 | 13,555 | ||
| Trade payables and other financial liabilities | 37,846 | 38,071 | ||
| Other current liabilities | 13,373 | 15,505 | ||
| Current lease liabilities | 1,360 | 1,397 | ||
| Current provisions | 752 | 415 | ||
| Income tax liabilities | - | 531 | ||
| Current liabilities | 93,377 | 156,622 | ||
| Total equity and liabilities | 127,207 | 106,315 | ||
Consolidated Statement of Cash Flows (unaudited)
| in € thousand | ||
| Net income (loss) from continued operations | -47,809 | |
| Adjustments to reconcile consolidated net income (loss) to net cash | ||
| Income tax expense (benefit) | 1,015 | |
| Financial result | 38,834 | |
| Depreciation and amortization | 2,433 | |
| Non-cash effects | 2,267 | |
| Working capital adjustments: | ||
| Changes in trade and other receivables | -16,660 | |
| Changes in inventories | -5,336 | |
| Change in trade and related party payables | -3,482 | |
| Change in provisions | 1,105 | |
| Taxes received (paid), net | -1,695 | |
| Cash provided by (used in) operating activities | -29,328 | |
| Purchases of intangible assets and property, plant and equipment | -2,520 | |
| Cash provided by (used in) investing activities | -2,520 | |
| Proceeds from debt financing | 1,306 | |
| Payments for debt financing | -889 | |
| Proceeds from Capital Market Transactions | 33,116 | |
| Payment of lease liabilities | -494 | |
| Interest paid | -473 | |
| Cash provided (used in) provided by financing activities | 32,566 | |
| Net increase (decrease) in cash and cash equivalents | 718 | |
| Effect of foreign exchange rate changes on cash and cash equivalents | - | |
| Cash and cash equivalents at the beginning of the period | 1,574 | |
| Cash and cash equivalents at the end of the period | 2,292 | |
Non-IFRS Financial Measures
In addition to our results determined in accordance with International Financial Reporting Standards (“IFRS”), as issued by the
Our non-IFRS financial measures include Adjusted EBITDA defined as Net income (loss) for the period before income taxes, net finance result, depreciation, and amortization (including impairments), and special items. Our management team ordinarily excludes special items from its review of the results of the ongoing operations. Special items may comprise significant asset impairments and write-offs, special accounting charges and other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. In the periods presented, special items comprise restructuring costs, share-based compensation, capital structure restructuring costs and foreign exchange gains and losses, as itemized in the reconciliation below. Adjusted EBITDA for the first half of 2025 has been recalculated under the definition applied in this release (as previously published in Form F-1 Registration Statement filed
Reconciliation of Net Income (Loss) to Adjusted EBITDA (non-IFRS, unaudited)
| in € thousand | 2026 | 2025 | |||
| Net income (loss) for the period | -47,809 | -10,165 | |||
| Income tax (benefit) expense | 1,015 | 76 | |||
| Financial result1 | 38,834 | 2,285 | |||
| Amortization and depreciation | 2,433 | 2,547 | |||
| “Sprint” restructuring costs | 418 | - | |||
| Share-based compensation2 | 1,422 | - | |||
| Capital structure restructuring costs3 | 1,401 | - | |||
| Foreign exchange (gains)/losses4 | 1,724 | -6,326 | |||
| Adjusted EBITDA | -563 | -11,584 | |||
_________________________________
1 Financial result includes non-cash effects related primarily to the accounting treatment of the XJ Harbour liability converted into shares on
2 Share-based compensation relates to C-level share and option awards covering the 2026 and 2027 service periods. Due to the terms and timing of the awards, a significant portion of the related expense is recognized in H1 2026, resulting in a front-loaded expense recognition relative to the two-year service period. As these non-cash charges are concentrated in H1 2026 and do not reflect the underlying operating performance of the period, management excludes them from Adjusted EBITDA.
3 Capital structure restructuring costs primarily relate to the exceptional volume of financing and regulatory filing activity during H1 2026, including multiple Form F-1 registration statements and Form 20-F filings undertaken as part of the Company’s Nasdaq compliance process, together with associated legal, advisory, consulting and printing costs. The adjustment also includes costs related to debt-to-equity conversions undertaken as part of the Company’s capital structure restructuring. Financing costs that are capitalized and amortized over the respective financing terms are excluded from this adjustment.
4 Foreign exchange gains and losses primarily reflect the impact of currency movements and currency conversion transactions during the period. These items are excluded from Adjusted EBITDA as they are primarily driven by exchange rate movements and the timing of currency conversions rather than the underlying operating performance of the Company.
