Q.beyond Q1 Net Loss Narrows, Posts EBITDA, Confirms FY21 View; Sees Growth In FY22

German IT service provider q.beyond AG (QSCGF.PK), formerly known as QSC AG, reported Monday that its first-quarter consolidated net loss narrowed to 3.5 million euros from last year's loss of 5.5 million euros.

EBIT was negative 3.4 million euros, narrower than last year's loss of 5.3 million euros.

The company recorded EBITDA of 0.7 million euros, compared to prior year's loss of 1.1 million euros.

Revenues for the quarter improved 10 percent to 37.5 million euros from prior year's 34.1 million euros. The double-digit revenue growth, generated against the backdrop of the pandemic, was driven by ongoing consistent implementation of the "2020plus" growth strategy.

New orders grew to 96 million euros by early May 2021.

q.beyond's CEO, Jürgen Hermann, said, "Our company has posted a strong start to 2021. The high volume of new orders shows that this strong growth is set to continue in the quarters ahead."

Looking ahead, q.beyond confirmed its full-year outlook for 2021. The company expects double-digit percentage revenue growth to between 160 million euros and 170 million euros, and a significant improvement in EBITDA to between 5 million euros and 10 million euros.

For the coming quarters, Jürgen Hermann said, "We expect a strong performance, particularly in the second half of 2021. Our pipeline is well filled and our innovative solutions are meeting with great acceptance in the market."

For 2022, the company has budgeted revenues of 200 million euros, an EBITDA margin of more than 10 percent and a sustainably positive free cash flow.

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