Feedback from their webinar. 2 main elements : - margins, - M&A.
Regarding margin, they indicated that the gross margin for H1 25 (9.1 %, flat) was better than expected. In particular as delays (affecting margins positively) are now ongoing. The company's tone regarding margin has clearly changed : unlike before, they now indicate that they expect to have higher margin in the future. Main drivers : modular business (gross margin of 15 %) and expected M&A. Like other companies, Shape also indicates that there is now less pressure from material prices.
Regarding M&A, the company indicated that they have been looking at different opportunities during the last 18 months. "M&A will be part of their growth strategy going forward". Obviously, M&A should be a way to use their large pile of cash (118.9 m$ including marketable securities).
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(20min delay)