Staige One AG

Latest Results (21.12.2025):

Staige One AG — Preliminary FY24 (full year / Q4 2024): The company reported preliminary FY24 revenue of EUR 2.1m (vs EUR 2.0m FY23), with EBITDA improving to EUR -3.4m (from EUR -5.5m) but missing internal targets by about EUR 1.0m. Management flags delayed client orders and the phasing out of EUR 0.6m sale-&-lease-back revenue as drivers of comparability. For FY25 the company guides to >90% sales growth to ~EUR 4.3m and an EBITDA improvement of up to EUR 2.0m (towards ~EUR -2.3m). A planned capital increase (up to EUR 2.18m) is intended to fund R&D and international expansion; mwb research maintains a Speculative BUY and unchanged PT EUR 3.70. Current price cited: EUR 1.16.

Revenue & comparability

FY24 sales: EUR 2.1m, a small increase vs EUR 2.0m in FY23. FY23 benefited from EUR 0.6m of sale-and-lease-back revenue that was phased out in FY24, reducing year-over-year comparability. Management cites delayed orders from key customers as the main reason sales missed earlier expectations.

Profitability trend

EBITDA improved substantially to EUR -3.4m (FY23: -5.5m), reflecting operational progress, but remained ~EUR 1.0m below internal targets, pointing to execution and order-conversion inefficiencies as key issues.

FY25 guidance

Management projects >90% revenue growth to ~EUR 4.3m for FY25 (mwb est. EUR 4.6m) driven by international contracts and R&D in advanced camera systems; EBITDA is expected to improve by up to EUR 2.0m year‑on‑year to roughly EUR -2.3m, with operational break-even targeted by FY26 (per mwb timeline).

Capital increase & shareholder support

Staige announced a placement of up to 1.09m new shares at EUR 2.00 each (6:1 subscription ratio) to raise up to EUR 2.18m. Major shareholders (adesso SE and Matthias Loh) agreed to backstop unsubscribed shares, limiting placement risk but diluting existing equity (~16.7% increase in share count).

Balance sheet / liquidity

FY24 net debt reported around mid‑single millions (company cites ~EUR 4.2–4.4m). The planned capital raise is intended to address liquidity needs, accelerate product development and support market expansion.

Analyst view, valuation & risks

mwb research retains a Speculative BUY and target price of EUR 3.70 (implying significant upside vs the cited EUR 1.16 market price). Primary risks highlighted in the report: execution/order conversion delays, reliance on future (not-guaranteed) contracts for growth, and capital intensity of scaling the camera systems business.