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Ekinops H1 2024 results: EBITDA margin of 14.3%

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PARIS, July 29, 2024 /PRNewswire/ — EKINOPS (Euronext Paris – FR0011466069 – EKI), a leading supplier of telecommunications solutions for telecom operators and enterprises, reports its H1 2024 financial statements (for the period ended 30 June 2024) as approved by the Board of Directors on 29 July 2024. The statutory auditors conducted an interim review of these half-year financial statements.

m€ – IFRS

H1 2023

(6 months)

H2 2023

(6 months)

H1 2024

(6 months)

2023

(12 months)

Revenue

71.0

58.1

57.5

129.1

Gross margin

37.7

29.6

32.2

67.3

As a %

53.1 %

50.9 %

56.1 %

52.1 %

Operating expenses

31.0

31.3

29.3

62.3

EBITDA1

14.3

4.3

8.2

18.6

As a %

20.2 %

7.4 %

14.3 %

14.4 %

Current operating income (EBIT)

6.7

-1.6

3.0

5.1

Operating income

6.6

-3.0

2.6

3.6

Consolidated net income

6.0

-2.4

1.5

3.6

As a %

8.4 %

n.a.

2.6 %

2.8 %

1 EBITDA (Earnings before interest, taxes, depreciation and amortization) corresponds to current operating income restated for (i) amortization, depreciation and provisions, and (ii) income and expenses relating to share-based payments.

H1 2024 revenue: 57.5m€
Ekinops recorded H1 2024 consolidated revenue of 57.5m€, down -19% from the same period last year (identical at constant exchange rates).

Propelled by the sales rebound in France (+16% in H1 2024), the Access business line grew +1% over the period, after a decline over 2023. The Group’s main operator-customers are gradually rebuilding their Access equipment inventory, without reaching normative levels.

Conversely, sales of Optical Transport solutions were down -41% in H1 2024, after an all-time high performance in 2023 (+41% in H1 2023 and +27% on a full-year basis). This business line was mainly impacted by (i) reluctance from operators with substantial inventory to initiate CAPEX (capital expenditure), (ii) slower growth for 2023 internet traffic in a context of overcapacity and (iii) a wait-and-see attitude triggered by the delayed launch of Ekinops’ new 800G optical solution.  

Software & Services accounted for 17% of Group revenue, with an increasing share of recurring revenue, particularly for the SD-WAN solution.

Geographically, H1 2024 revenue increased by +5% in France while international business declined by -31%. International sales for this first half came out to 56% (vs. 66% a year earlier), of which 22% in North America (down -31%), 32% in EMEA (Europe, Middle East and Africa, down -32%) and 2% in Asia-Pacific (decline of -15%).

H1 2024 gross margin: 56.1% 
At mid-year, gross margin stood at 32.2m€, versus 37.7m€ Y-o-Y.

Gross margin thus reached a record level of 56.1% in H1 2024, vs. 53.1% a year earlier and 52.1% end-2023.

This record gross margin performance results from a favorable business mix (growth in the Access business line), a solid “selling price/manufacturing costs” ratio for Ekinops’ solutions, and the increasing share of Software & Services’ in Group’s revenue.

H1 2024 EBITDA margin[1]: 14.3%
At mid-year, EBITDA came to 8.2m€ vs. 14.3m€ Y-o-Y, with a -6% decline in operating expenses, driven by carefully managed costs (-11% in general costs, -6% in R&D costs and -3% in marketing and sales costs).

As such, H1 2024 EBITDA margin was 14.3%, compared to an exceptional 20.2% a year earlier and 14.4% in FY 2023.

After accounting for net depreciation, amortization and provisions (4.1m€, including 1.1m€
of amortization relating to post purchase price allocation technologies), declining due to the discontinued amortization of OneAccess technology, and non-cash expenses relating to share-based payments (0.6m€), current operating income came to 3.0m€ in H1 2024 vs. 6.7m€ a year earlier.

Current operating margin therefore stood at 5.1% of half-year revenue, vs. 9.4% the same period last year and 3.9% in FY 2023.

H1 2024 adjusted EBIT: 7.0%
Excluding amortization of intangible assets identified post purchase price allocation, adjusted current operating margin (adjusted EBIT[2]) came to 7.0%, vs. 14.0% a year earlier and 8.0% at end-2023.

Other operating expenses totaled 0.4m€, resulting in operating income of 2.6m€ for H1 2024 vs. 6.6m€ Y-o-Y and 3.6m€ for FY 2023.

After taking into account financial expenses of 0.7m€, comprising a net interest expense and foreign exchange gains on currency hedging, and a tax expense of 0.4m€, H1 2024 net income stood at 1.5m€, vs. 6.0m€ a year earlier and 3.6m€ in FY 2023

H1 2024 operating cash flow: 5.1m€
Despite the economic challenges impacting its business, Ekinops showed once again resilience with an ability to generate cash through its operations.

At mid-year, operating cash flow totaled 5.1m€, up significantly compared with H1 2023 (+0.9m€). Change in working capital requirements was limited to €2.1m, down considerably from the previous year (13.1m€ in H1 2023, boosted by the sharp increase in accounts receivable). H1 2024 decrease in accounts receivable (-3.4m€) notably offset rising inventory (3.3m€) as a result of slower business activity.

Cash flow from investments (non-current assets and R&D) amounted to -5.7m€ (vs. -4.5m€ a year earlier), with 1.1m€ in equipment investments and 4.5m€ for capitalized R&D and the acquisition of the 5View software suite.

Cash flow from financing activities totaled -4.7m€, including -2.5m€ in repayments under bank loans. No new loans were taken out during the semester.

At the end of H1 2024, change in cash flow was -€5.4m.

Comfortable net cash[3] position of €22.3m as of June 30, 2024

ASSETS – €m
IFRS

12/31

2023

6/30

2024

LIABILITIES – €m
IFRS

12/31

2023

6/30

2024

Non-current assets

78.8

85.4

Shareholders’ equity

119.4

120.4

o/w goodwill

28.5

28.4

Financial borrowings

21.4

19.5

o/w intangible assets

17.1

18.5

o/w bank loans

18.3

16.7

o/w right-of-use assets

6.7

12.4

o/w factoring

2.8

2.5

Current assets

66.6

68.9

French research tax credit pre-financing

5.1

4.3

o/w inventories

25.9

29.2

Trade payables

18.2

17.1

o/w trade receivables

30.0

26.6

Lease liabilities

7.0

12.9

Cash

47.2

41.8

Other liabilities

21.5

21.8

TOTAL

192.6

196.0

TOTAL

192.6

196.0

During the first half of 2024, Ekinops signed the lease for its new headquarters in Lannion (Brittany) as well as renewing its Belgian subsidiary’s commercial lease. This increased the Group’s right-of-use assets to 12.4m€.

Cash and cash equivalents totaled 41.8m€ as of 30 June 2024, for financial borrowings[4] of 19.5m€.

As such, Ekinops benefited from a healthy financial position at the end of H1 2024, with net cash at 22.3m€ (vs. 20.3m€ a year earlier and 25.8m€ at end-2023) with shareholders’ equity of 120.4m€ (vs. 119.4m€ as of 31 December 2023).

Subsequent to the semester, Ekinops secured a 1.8m€ subsidy, granted by the French government and Bpifrance as part of the “ORANGE MECT PART” major project of common European interest (PIIEC) initiative. The latter was developed in collaboration with Orange and its partners, to provide innovative connectivity solutions for specific configurations or digital deserts, as an alternative to current transmission solutions.

Outlook
Against a sluggish economic backdrop, Ekinops proved resilient thanks to a strong gross margin, sound management of operating expenses and a further demonstrated ability to generate cash flow despite the slowdown in business.

In Access, the gradual normalization of operator inventories in France led Ekinops to report modest growth for this segment over the semester. Looking ahead to H2 2024, the Group aims to accelerate this trend, both in France and EMEA, conditional on a favorable economic recovery. In Optical Transport, the launch of the 800G solution with its innovative features and the cost-optimized 100G product should spark fresh momentum in this business line over the coming semesters.

In this context, Ekinops expects Q3 2024 revenue to follow the same trend as previous quarters, with a more marked improvement in business targeted for Q4 2024.

In terms of external growth, Ekinops still aims to carry out operations to consolidate the Group, strengthen its offering and expand its customer base, favoring a non-dilutive source of financing.

See 2024 financial calendar here.

All press releases are published after Euronext Paris market close.

EKINOPS Contact
Didier Brédy, Chairman and CEO
contact@ekinops.com

Investors
Mathieu Omnes, Investor relation
Tel.: +33 (0)1 53 67 36 92
momnes@actus.fr

Press
Amaury Dugast, Press relation
Tel.: +33 (0)1 53 67 36 74
adugast@actus.fr

[1] EBITDA (Earnings before interest, taxes, depreciation and amortization) corresponds to current operating income restated for (i) amortization, depreciation and provisions, and (ii) income and expenses relating to share-based payments.

[2] Adjusted EBIT corresponds to current operating income adjusted for amortization of intangible assets identified after allocation of goodwill, Technologies developed and Customer relations.

[3] Net cash = cash and cash equivalents – borrowings (excluding bank debt relating to French research tax credit (CIR) pre-financing and IFRS 16 lease liabilities)

[4] excluding bank debt relating to French research tax credit (CIR) pre-financing and IFRS 16 lease liabilities

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SOURCE Ekinops

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Manufacturing Category at 139th Canton Fair Presents Smarter, Lighter and More Connected Solutions

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GUANGZHOU, China, April 24, 2026 /PRNewswire/ — At the 139th Canton Fair, Manufacturing category presented a clear view of how industrial equipment is evolving to address efficiency, labor shortages, and sustainability goals. Across power equipment, machinery, automation systems, and industrial robots, exhibitors pointed to a common direction: smarter operation, stronger engineering performance, and deeper integration with digital manufacturing systems.

Industrial equipment is advancing towards intelligence with products emphasizing built-in sensing and automatic adjustment to enhance reliability and efficiency. Silent inverter generators, for example, can detect operating conditions and ambient temperature to regulate cooling for better fuel use and stability. Pumps and cleaning equipment with variable-frequency drives and integrated protection systems follow the same approach, prioritizing smooth operation, longer service life, and consistent output.

Lightweight, high-performance design has also become a priority across categories. Advances in materials and structural engineering are enabling major weight reductions without compromising power or durability. Aluminum-extrusion housings in three-phase asynchronous motors cut weight by up to 40% while improving heat dissipation and installation efficiency. Lightweight permanent-magnet submersible pumps delivered stronger flow stability despite smaller size and reduced weight.

AI-based visual inspection and quality control are also becoming essential. AI-powered optical inspection stations demonstrated full-process, high-speed inspection without relying on manual sampling. By turning experience-based judgment into standardized, repeatable rules, these systems help manufacturers improve scalability and consistency.

Industrial robots are taking on more active roles as well. Security patrol robot dogs and inspection robots are moving beyond monitoring to direct intervention, such as carrying fire-suppression modules for emergency response. This shift marks a broader move from passive observation to active execution in high-risk or labor-intensive environments.

Finally, more industrial devices are being designed as system nodes rather than standalone machines. Intelligent industrial gateways that combine data collection, protocol conversion, edge computing, and secure transmission show how equipment value increasingly depends on its ability to connect with enterprise-level digital systems.

The 139th Canton Fair vividly showcased the accelerated shift of industrial equipment toward intelligent and system-level development.

For pre-registration, please click: https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

 

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SOURCE Canton Fair

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Zhejiang unicorn ranks grow to 58 as Hangzhou tightens lead, top ranking shows

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Province adds three unicorns, expands high-growth pipeline
Hangzhou accounts for 83% as new entrants and startups scale up

HANGZHOU, China, April 24, 2026 /PRNewswire/ — Zhejiang’s roster of unicorn companies has expanded to 58 as of April 2026, highlighting the province’s growing role as a hub for emerging technologies and industrial upgrading.

The latest rankings, released at the 10th All Blossom Conference in Hangzhou on April 23, show companies spread across seven cities, including Hangzhou, Ningbo, Jiaxing, Jinhua, Shaoxing, Taizhou and Wenzhou.

While Hangzhou, Ningbo and Jiaxing remain the top three hubs, the broader distribution points to a more geographically balanced innovation landscape. The province’s unicorn count rose by three from a year earlier.

Hangzhou continues to dominate the landscape, home to 48 of Zhejiang’s unicorns, up from 44 last year—when it already accounted for roughly four out of every five such startups.

The annual rankings also include tiered lists of “future unicorns,” valued between $100 million and $1 billion, and early-stage “seed unicorns” worth $10 million to $100 million.

Together, they map a full pipeline of high-growth companies across sectors such as artificial intelligence, embodied intelligence, life sciences, new energy, semiconductors, advanced manufacturing and aerospace, and have become a key barometer of Zhejiang’s startup ecosystem.

Among the top 100 future unicorns, integrated circuits lead with 22 companies, followed by artificial intelligence and life sciences with 19 each. Advanced manufacturing accounts for 16 firms, new energy and materials 15, and next-generation information technology nine.

In the seed unicorn category, new energy and life sciences each count 22 companies, ahead of advanced manufacturing with 19, while AI, next-generation IT and semiconductors each have 11 firms, and aerospace-related companies total four.

Against that provincial backdrop, Hangzhou remains the clear center of gravity—continuing to generate both the largest share of unicorns and the deepest pipeline of emerging startups.

The city added eight companies to its unicorn ranks on April 23, bringing the total to 48, according to the same conference ranking.

The new entrants—Hailiang Technology Services, Geener Microelectronics, Spirit AI, Geespace, Sunrise, Seepin, DEEP Robotics and Simplexity Robotics—span sectors from semiconductors and robotics to commercial aerospace.

As of April, Hangzhou accounted for 83% of Zhejiang’s unicorns, up from 80% a year earlier, underscoring its outsized role in the province’s innovation economy.

The conference also released a list of 413 quasi-unicorns—companies typically valued between $100 million and $1 billion—including 50 new additions.

Several firms, such as Diagens Biotechnology, Manycore Tech, Mirxes, Promisemed, Saint Bella, Tide Pharmaceutical, Tongshifu and ISV, exited the list after scaling into unicorn status or completing initial public offerings.

Quasi-unicorns are concentrated in sectors aligned with Hangzhou’s broader “296X” industrial strategy. Life sciences lead with 118 firms, followed by next-generation information technology with 78 and AI and embodied intelligence with 50—together accounting for about 60% of the total.

The “296X” is an industrial cluster blueprint the city introduced in October 2025 in an effort to speed up the integration of technological and industrial innovation.

More than half of both unicorns and quasi-unicorns—255 companies—are classified as nationally recognized “specialized and refined” enterprises, including 20 unicorns and 235 quasi-unicorns, reflecting a structured pipeline of high-growth firms.

Since 2018, Hangzhou’s unicorn count has risen from 26 to 48, while quasi-unicorns have expanded from 105 to 413, underscoring sustained growth in its innovation-driven economy.

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SOURCE All Blossom Conference

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KUN Unveils AI Intelligent Strategy at Money20/20 Asia: Reconstructing Global Commercial Efficiency with “1-1-4-6” Layout

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BANGKOK, April 24, 2026 /PRNewswire/ — At the prestigious Money20/20 Asia held at QSNCC, KUN showcased its upgraded brand identity and launched the “1-1-4-6” Intelligent Strategic Blueprint. This milestone marks KUN’s comprehensive transition toward a globalized, full-stack, and intelligent ecosystem.

Dr. Louis Liu, Founder & Group CEO of KUN, stated at the launch: “While the convergence of Web2 and Web3 defines the current era, we believe the embedded ecosystem synergy of AI and Web3 is the inevitable future of commerce. Our evolution is an intelligent reconstruction of commercial efficiency. By leveraging decades of vertical payment expertise, we provide enterprise clients with full-stack, end-to-end payment and financial solutions. Through digital orchestration and operations, we deliver secure, compliant, and high-velocity transaction safeguards to empower global business growth.”

Money20/20 Roundtable: Compliance as the “Scaling Layer” for Institutional Adoption

At the “Bridging TradFi and DeFi” roundtable, Dr. Liu shared three key insights on the future of cross-border finance:

Asia as the Hub for Real-World Stablecoin Settlement: Asia has emerged as a critical hub for cross-border trade flows and stablecoin settlement, connecting high-growth emerging markets. Currently, 60% of the world’s on-chain stablecoin trade volume is centered in Asia, making it a primary corridor for capital flows between Asia, LATAM, Africa, and the Middle East.

Compliance as the “Scaling Layer”: The bottleneck for scaling digital payments is not technology or licensing, but the ability to embed jurisdictional compliance frameworks into business logic. Integrating AML and risk controls directly into the payment flow is the prerequisite for the explosion of global institutional applications.

Accelerating AI and Web3 Ecosystem Convergence: As AI agents increasingly enter commercial decision-making, payments are shifting from human-controlled to autonomous. Blockchain and stablecoins will serve as the default infrastructure for Agent-to-Agent (A2A) transactions.

Exhibition Interaction: From Platform Governance to Vertical Efficiency

At the main exhibition area, KUN demonstrated its dual-brand synergy through a new visual identity:

KUN: Positioned as the Trusted Vertical Digital Payments Platform for Real Economy, providing one-stop digital payments and scenario-based on-chain financial solutions.

YeeZ: A KUN Group brand specializing in 2B2C Global Corporate Card Issuance for global enterprises.

The “1-1-4-6” Strategic Blueprint: Driving Global Growth

KUN decoded its “1-1-4-6” strategy—an AI-powered blueprint designed for seamless asset mobility. The ecosystem integrates KUN Space™ (the digital payments & financial services platform) with KUN Nexus™ (the AI-orchestrated liquidity network). Driven by four core engines—KUN | Pay, KUN | Cards, KUN | Money, and KUN | Agent—the strategy empowers liquidity for six vertical sectors: Bulk Commodity, General Trade, B2B Cross-border E-Commerce, Service Trade, Web3 Ecosystems, and AI Applications.

Future Vision: The Era of “Driverless” Intelligent Payments

The launch highlighted KUN | Agent as the pioneer of the “driverless” era of intelligent global payments.

KUNClaw.AI: Orchestrates autonomous financial workflows to drive intelligent cost reduction and efficiency.

AI Agent Wallet: Features programmable KYC and authorization fences to ensure secure, compliant execution where “decision is payment”.

Seamless Network, Borderless Payments.

KUN remains dedicated to serving as the engine for the real economy, providing secure, compliant, and efficient one-stop cross-border payment solutions in an uncertain global environment.

About KUN

KUN is an innovative financial infrastructure company centered on digital payments and embedded finance. Built on a globally distributed licensing framework and a robust compliance and risk-management system, KUN connects Asia with high-growth emerging markets across Africa, Latin America, and the Middle East.

Positioned as a trusted vertical digital payments platform for real economies, the company operates across four core pillars—Cross-Border Digital Payments, On-Chain Finance, Card Issuing, and AI Agentic Payments. By integrating artificial intelligence and blockchain technologies, KUN delivers secure, compliant, and efficient one-stop payment and transaction services for enterprise clients across industries including commodity trade, B2B cross-border e-commerce, service trade, Web3 ecosystems, and AI applications.

Through this integrated infrastructure, KUN serves as a growth engine enabling enterprises to expand globally with speed, trust, and financial connectivity.

Learn more about KUN → www.kun.global

Contact: KUN: brandmkt@kun.global  

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SOURCE KUN

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