Staige One AG

Latest Results (02.02.2026):

Staige One AG — preliminary FY24 results (full‑year 2024 / Q4 2024): the company reported FY24 revenues of EUR 2.1m (vs EUR 2.0m in FY23) and a material EBITDA improvement to EUR -3.4m (from EUR -5.5m), but results missed internal targets and were affected by delayed client orders and the phasing‑out of ~EUR 0.6m sale‑and‑lease‑back revenues.

Revenue snapshot

FY24 sales: EUR 2.1m, up slightly year‑on‑year from EUR 2.0m, with comparability distorted by the removal of ~EUR 0.6m in sale‑and‑lease‑back revenue that had supported the prior year.

Profitability progress

EBITDA improved to EUR -3.4m (FY23: -5.5m), reflecting cost and operational progress, but missed internal targets by ~EUR 1.0m — the shortfall was attributed to slower order conversion and operational inefficiencies.

FY25 outlook

Management guides to >90% revenue growth in FY25 to ~EUR 4.3m (mwb estimate EUR 4.6m) and an EBITDA improvement of up to ~EUR 2.0m to roughly EUR -2.3m, with operational break‑even anticipated by FY26 — growth to be driven by international contracts and R&D in advanced camera systems.

Capital increase / liquidity

Staige plans a capital raise of up to 1.09m new shares at EUR 2.00 (6:1 subscription ratio) to generate gross proceeds up to EUR 2.18m; major shareholders (adesso SE and Matthias Loh) have committed to backstop unsubscribed shares, limiting placement risk but diluting existing shareholders by ~16.7%.

Key balance‑sheet note

FY24 net debt is sizeable (reported around EUR 4.2–4.4m), and the capital increase is intended to shore up liquidity for product development and market expansion.

Risks & execution

Upside depends on order conversion and new contracts; the FY25 guidance relies on non‑guaranteed future contracts and faster execution — these factors create visibility and execution risk despite the positive outlook.

Market view & valuation

mwb research maintains a Speculative BUY and an unchanged target price of EUR 3.70 (current share price EUR 1.16 as of the report), implying significant upside (~219% per the report), though alternative valuation approaches in the report show wide ranges and high model sensitivity.