SCHMID Group N.V. reports H1 2026 Financial Results and Updates Full-Year 2026 Guidance
Rhea-AI Summary
SCHMID Group (NASDAQ: SHMD) reported H1 2026 revenues of €46.0 million (vs. €16.9 million H1 2025), with gross profit of €9.8 million (21.2% margin) and an operating loss of €8.0 million. Adjusted EBITDA improved to €-0.6 million from €-11.6 million, while reported net loss widened to €47.8 million due mainly to non‑cash effects from a liability-to-equity conversion and warrant fair-value movements.
Order intake reached €96.6 million year‑to‑date as of August 21, 2026, with backlog at €95.0 million. SCHMID reduced financial debt by about €30 million since year‑end 2025 and converted €30.75 million of shareholder debt into equity. Following a new $20 million 2029 convertible note, cash was approximately €14.3 million on July 31, 2026, with about $21 million still available under a standby equity purchase agreement. The company reaffirmed 2026 revenue guidance of >€100 million but cut its Adjusted EBITDA margin outlook to 6–9% from >12%, and maintained order intake guidance of €125–150 million, expecting to land in the upper half.
Positive
- Revenue €46.0m H1 2026 vs. €16.9m H1 2025
- Adjusted EBITDA improved to €-0.6m from €-11.6m year-on-year
- Order intake €96.6m year-to-date as of August 21, 2026
- Debt reduction ~€30m between Dec 31, 2025 and Jun 30, 2026
- Cash €14.3m as of July 31, 2026 after $20m 2029 notes; ~$21m SEPA capacity
Negative
- Net loss €47.8m H1 2026 vs. €10.2m H1 2025
- Adjusted EBITDA margin guidance cut to 6–9% from >12% for 2026
- Operating loss €8.0m in H1 2026, little changed from €7.8m
- Operating cash outflow €29.3m mainly from €26.1m working capital build
- Illustrative dilution 11–20% from convertibles and warrants at $7–12 share price
News Explained
Illustrative full conversion or exercise could increase the ordinary-share count, reducing existing holders’ percentage ownership if it occurs.
SCHMID Group has reported unaudited first-half results and updated guidance; the release also lays out outstanding financing instruments that could increase the ordinary-share count if converted or exercised, reducing existing holders’ percentage ownership.
Additional shares reduce an existing holder’s percentage ownership absent offsetting changes, but SCHMID presents the schedule as illustrative: it is based on principal amounts and excludes accrued PIK interest, discretionary SEPA shares and the share incentive plan.
The instruments include
Cash exercise of the 2025 options and 2026 warrants would provide the company
The
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Dec 17 | Earnings results | Negative | -8.3% | H1 results showed lower revenue, negative gross profit, and updated 2026 guidance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
The tag-specific earnings record showed a negative 24-hour reaction, aligning with the current margin-guidance reduction.
Key Terms
adjusted ebitda financial
gross margin financial
convertible notes financial
standby equity purchase agreement financial
PIK financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FREUDENSTADT, Germany, Aug. 25, 2026 (GLOBE NEWSWIRE) -- SCHMID Group N.V. (NASDAQ: SHMD) (the “Company” or “SCHMID”), a global leader in advanced manufacturing solutions for the electronics and semiconductor industries, reports its unaudited financial results for the first half of 2026, covering the period ended June 30, 2026, and adjusts its full-year 2026 guidance.
Arthur Schuetz, Chief Financial Officer: “In the first six months of this year we have converted liabilities into equity, raised significant financing, brought our leverage to a more sustainable level, rebuilt working capital and invested into growth. We have seen significant pickup in orders in Q2, first in China and now increasingly across our global markets. Focus is now on execution, margins and cashflow, we have reduced overhead costs in Germany and are now implementing a purchasing cost reduction program. While 2026 will remain a transition year in terms of overall financial performance, we believe that our restructuring and operational groundwork in the last six months is progressing well. Together with the order momentum this will put us in a strong position for a good second half of this year and a very promising 2027 financial performance in terms of growth and margins.”
Key Highlights
- Revenues:
€46.0 million for the six months ended June 30, 2026 (Q1:€18.2 million ; Q2:€27.7 million ) compared to€16.9 million for the same period last year; more than half of our revenues were from China which continues to perform stronger than expected while demand for machines manufactured in our German plant only recently accelerated - Gross Profit:
€9.8 million (gross margin:21.2% ) for the six months ended June 30, 2026 compared to€-1.6 million for the same period last year. Gross margin was lower than anticipated at this revenue level given the product mix shift towards our lower gross margin business in China - Operating Result:
€-8.0 million for the six months ended June 30, 2026 compared to€-7.8 million for the same period last year. The operating result was impacted by increased general administrative expenses due to share-based compensation (€1.4 million ), “Sprint” restructuring costs (€0.4 million ) and costs associated with the various recapitalization projects (€1.4 million ). Foreign exchange losses of€1.7 million were also incurred - Adjusted EBITDA (non-IFRS):
€-0.6 million for the six months ended June 30, 2026 compared to€-11.6 million for the same period last year - Net income:
€-47.8 million for the six months ended June 30, 2026 compared to€-10.2 million for the same period last year. Net income was impacted mostly by non-cash effects related primarily to the accounting treatment of the XJ Harbour liability converted into shares on January 16, 2026 and to a lesser extent to the fair-value movements of the Company’s warrants - Order Intake and Backlog: Order intake of
€96.6 million year-to-date as of August 21, 2026 (H1 2026:€44.3 million ) and order backlog of€95.0 million as of August 21, 2026 (June 30, 2026:€54.8 million ). The Company experienced a significant increase in order activity in the last few months - Deleveraging: Close to
€30 million of reduction in financial debt between December 31, 2025 and June 30, 2026, including€30.75 million of debt converted into equity or set off since December 31, 2025, enabling the Company to invest into its growth plan - Cash Position:
€14.3 million of cash and cash equivalents as of July 31, 2026, following the closing of the$20.0 million 2029 Convertible Notes on July 14, 2026 - Full-Year 2026 Guidance: Revenue guidance of more than
€100 million confirmed and Adjusted EBITDA margin guidance lowered to 6 to9% (previously more than12% ), based on Adjusted EBITDA as defined in this release and order intake guidance of€125 –150 million maintained, with the Company now expecting to be in upper half of that range
Order Intake and Order Backlog
Order intake in Q1 was
Order backlog stood at
Order intake and order backlog figures relate exclusively to orders for equipment and do not include orders associated with services or spare parts.
Revenue and Operating Results for H1 2026
Revenues increased significantly compared to a weak first half of 2025 as revenues for the segment Technical Equipment & Processes increased from
General administrative expenses increased from
Other income and other expenses of
Adjusted EBITDA amounted to
Cash Flow, Indebtedness and Financing
Cash provided by operating activities was
Cash used in investing activities was
Cash provided by financing activities was
On May 23, the Company converted into equity
As of June 30, 2026 the Company had a total of
Cash and cash equivalents were
The Company does not currently anticipate material further drawdowns under the standby equity purchase agreement in 2026 and does not plan to incur additional indebtedness at the level of SCHMID Group N.V. or its German subsidiary. The new Chinese manufacturing campus is expected to require around
Potential Dilution
The table below sets out the Company’s outstanding financing instruments in consolidated form for the convenience of investors; the terms of each instrument are set out in full in the agreements filed with the U.S. Securities and Exchange Commission. As of August 21, 2026, the Company had 60,958,903 Ordinary Shares outstanding, excluding 5,000,000 earn-out shares which have been issued but have not vested and are subject to forfeiture on April 30, 2027 if the share price does not reach
| Instrument | Outstanding | Maturity / expiry | Conversion / exercise |
| 2028 Convertible Notes | Jan 21, 2028 | Formula incl. | |
| 2029 Convertible Notes | Jan 14, 2029 | Lower of | |
| 2026 Warrants | 3,744,150 | Dec 15, 2028 | |
| Public Warrants (SHMD.W) | 11,250,000 | Apr 30, 2029 | |
| Private Placement Warrants | 9,750,000 | Apr 30, 2029 | |
| 2025 Convertible Loan (related party) | Mar 16, 2027 | ||
| 2025 Black Forest Options | 1,250,000 | Dec 16, 2030 | |
| Standby Equity Purchase Agreement | up to | May 2028 |
Potential dilution at illustrative share prices. The table below shows the Ordinary Shares issuable upon conversion or exercise in full of the instruments above at four illustrative share prices. Conversion prices of the 2028 and 2029 Convertible Notes are approximated at
| million shares | ||||
| 2028 Convertible Notes – | 2.3 | 1.7 | 1.3 | 1.1(a) |
| 2029 Convertible Notes – | 4.1 | 2.9 | 2.3 | 1.9(a) |
| 2025 Convertible Loan – | 1.6 | 1.6 | 1.6 | 1.6(b) |
| 2025 Options – 1,250,000 at | 1.25 | 1.25 | 1.25 | 1.25 |
| 2026 Warrants – 3,744,150 at | – | – | 3.7 | 3.7 |
| Public / Private Warrants – 21,000,000 at | – | – | – | 5.25(c) |
| New shares | 9.3 | 7.5 | 10.2 | 14.9 |
| Dilution (current share count without earn-out shares: 60,958,903)(d) | + | + | + | + |
| Cash proceeds to the Company in case the 2025 Options and the 2026 Warrants are exercised on a cash basis |
(a) At
(b) The 2025 Convertible Loan accrues interest at
(c) The 11,250,000 public warrants are exercisable for cash at
(d) At each of the illustrative prices, the share price thresholds of
(e) The 2026 Warrants can also be exercised on a cashless basis at the Company's election, which would reduce dilution but also reduce the cash proceeds to the Company.
Operational Developments
On March 4, 2026, SCHMID delivered its first specialized InfinityLine H+ for panel level packaging with formats up to 700×700mm to a leading U.S. technology company.
On June 9, 2026, the Company signed a preliminary manufacturing project letter of intent and investment framework agreement with the local authorities of the Banfu Industrial Zone, Zhongshan, Guangdong Province, for a new company-owned manufacturing campus consolidating the two currently leased Chinese facilities. The campus is expected to provide nearly double the effective manufacturing capacity compared its currently leased two facilities in China, with a total investment of approximately
The Malaysian subsidiary, serving as spare-parts and service hub for Asia outside China and Taiwan, expanded on the first significant revenues generated in 2025.
Outlook for the Second Half of 2026 and Amended Full-Year Guidance
The Company confirms its full-year 2026 revenue guidance of more than
As anticipated Q1 order intake was seasonally weak and the Company has seen a significant pick-up in particular in China since Q2. Given order visibility we expect a significant pick-up of revenues for our German plant in H2, leading to roughly an equal split between our two plants in H2 and leading to higher margin product mix. We have identified more than 40 full-time-equivalents across German overhead functions for reduction during H1 with most departures taking place in Q3 and expect
Having successfully executed “Sprint”, the Company is now entering the next phase “Sprint II”, a purchasing cost reduction program, targeting savings of approximately
Upcoming Financial Updates and Investor Call
The Company intends to publish its business updates by mid-October 2026 – for the third quarter of 2026, by mid-January 2027 for the fourth quarter of 2026. On or before April 30, 2027, the annual report on Form 20-F for the financial year 2026 will be published.
SCHMID will host an investor call today, August 25, 2026, at 9:00 a.m. Eastern time (3:00 p.m. CET). Details are published on SCHMID’s investor relations website.
About The SCHMID Group
The SCHMID Group is a global leader in providing advanced equipment and process solutions for the high-tech industry, with a strong focus on electronics and semiconductor-related applications. Headquartered in Freudenstadt, Germany, and founded in 1864, SCHMID employs more than 800 people worldwide and operates technology centers and manufacturing facilities in Germany and China, as well as sales and service locations globally.
SCHMID develops customized systems and process solutions for the production of substrates, printed circuit boards and other electronic components. Its portfolio addresses a range of high-growth applications, including advanced packaging, semiconductor-related technologies, AI-driven electronics, printed circuit boards, substrates and glass-based technologies.
SCHMID’s solutions enable customers to achieve high technology levels, high yields, low production costs, maximum efficiency, quality, and sustainability in advanced manufacturing processes.
For more information about the SCHMID Group, please visit www.schmid-group.com or contact investor-relations@schmid-group.com.
Contact
Press@schmid-group.com
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include statements regarding our full-year 2026 revenue, Adjusted EBITDA margin and order-intake guidance and the expectation that order intake will fall into the guidance range; the statement that available liquidity, together with cash flows from operations, is expected to be sufficient for at least the next twelve months; the drivers of the expected second-half margin improvement and the treatment of special items in Adjusted EBITDA; statements regarding the expected financial performance in 2027; expectations regarding the standby equity purchase agreement, additional indebtedness and the financing, cost, capacity and timing of the new Chinese manufacturing campus; the illustrative dilution presentation; the expected savings from the “Sprint” and purchasing cost reduction programs; and the financial calendar. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: the impact of the COVID-19 pandemic, geopolitical events including the Russian invasion of Ukraine, macroeconomic trends including changes in inflation or interest rates, or other events beyond our control on the overall economy, our business and those of our customers and suppliers, including due to supply chain disruptions and expense increases; our limited operating history as a public company; our current dependence on sales to a limited number of customers for most of our revenues; supply chain interruptions and expense increases; unexpected delays in new product introductions; our ability to expand our operations and market share in Europe and the U.S.; the effects of competition; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under “Item 3. Key Information – 3.D. Risk Factors” in our annual report on Form 20-F filed with the SEC on May 15, 2026, which is available on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
Appendix:
Consolidated Statements of Profit or Loss (unaudited)
| Jan 1 - Jun, 30 | Jan 1 - Jun, 30 | |||
| in € thousand | 2026 | 2025 | ||
| Revenue | 45,999 | 16,892 | ||
| Cost of sales | -36,227 | -18,539 | ||
| Gross Profit | 9,772 | -1,647 | ||
| Selling | -5,411 | -5,762 | ||
| General administration | -8,532 | -5,472 | ||
| Research and development | -2,357 | -1,563 | ||
| Other income | 1,304 | 6,914 | ||
| Other expenses | -2,735 | -275 | ||
| Operating profit (loss) | -7,959 | -7,804 | ||
| Financial result | -38,834 | -2,285 | ||
| Income (loss) before income tax | -46,793 | -10,090 | ||
| Income tax benefit (expense) | -1,015 | -76 | ||
| Net income (loss) for the period | -47,809 | -10,165 | ||
Consolidated Statements of Financial Position (unaudited)
| Assets | ||||
| in € thousand | Jun 30, 2026 | Dec 31, 2025 | ||
| Intangible assets | 17,914 | 17,262 | ||
| Property, plant and equipment, net | 11,669 | 12,234 | ||
| Financial assets | 14,253 | 16,203 | ||
| Investments in joint ventures | 935 | 1,043 | ||
| Deferred tax assets | 2,466 | 2,317 | ||
| Non-current assets | 47,237 | 49,058 | ||
| Inventories | 23,448 | 18,112 | ||
| Trade receivables and other receivables | 49,551 | 33,653 | ||
| Other current assets | 4,680 | 3,918 | ||
| Cash and cash equivalents | 2,292 | 1,574 | ||
| Current assets | 79,970 | 57,257 | ||
| Total assets | 127,207 | 106,315 | ||
| Equity and Liabilities | ||||
| in € thousand | Jun 30, 2026 | Dec 31, 2025 | ||
| Subscribed capital and capital reserves | 263,264 | 115,411 | ||
| Other reserves | -294,674 | -248,155 | ||
| Equity attributable to owners of the group | -31,410 | -132,744 | ||
| Non-controlling interest | 617 | 579 | ||
| Equity | -30,793 | -132,165 | ||
| Non-current financial liabilities | 54,474 | 71,518 | ||
| Provisions for pensions | 969 | 969 | ||
| Non-current provisions | 254 | 254 | ||
| Deferred tax liabilities | 1,965 | 1,965 | ||
| Non-current lease liabilities | 6,961 | 7,153 | ||
| Non-current liabilities | 64,623 | 81,859 | ||
| Current financial liabilities | 28,184 | 87,148 | ||
| Current contract liabilities | 11,862 | 13,555 | ||
| Trade payables and other financial liabilities | 37,846 | 38,071 | ||
| Other current liabilities | 13,373 | 15,505 | ||
| Current lease liabilities | 1,360 | 1,397 | ||
| Current provisions | 752 | 415 | ||
| Income tax liabilities | - | 531 | ||
| Current liabilities | 93,377 | 156,622 | ||
| Total equity and liabilities | 127,207 | 106,315 | ||
Consolidated Statement of Cash Flows (unaudited)
| in € thousand | Jun 30, 2026 | |
| Net income (loss) from continued operations | -47,809 | |
| Adjustments to reconcile consolidated net income (loss) to net cash | ||
| Income tax expense (benefit) | 1,015 | |
| Financial result | 38,834 | |
| Depreciation and amortization | 2,433 | |
| Non-cash effects | 2,267 | |
| Working capital adjustments: | ||
| Changes in trade and other receivables | -16,660 | |
| Changes in inventories | -5,336 | |
| Change in trade and related party payables | -3,482 | |
| Change in provisions | 1,105 | |
| Taxes received (paid), net | -1,695 | |
| Cash provided by (used in) operating activities | -29,328 | |
| Purchases of intangible assets and property, plant and equipment | -2,520 | |
| Cash provided by (used in) investing activities | -2,520 | |
| Proceeds from debt financing | 1,306 | |
| Payments for debt financing | -889 | |
| Proceeds from Capital Market Transactions | 33,116 | |
| Payment of lease liabilities | -494 | |
| Interest paid | -473 | |
| Cash provided (used in) provided by financing activities | 32,566 | |
| Net increase (decrease) in cash and cash equivalents | 718 | |
| Effect of foreign exchange rate changes on cash and cash equivalents | - | |
| Cash and cash equivalents at the beginning of the period | 1,574 | |
| Cash and cash equivalents at the end of the period | 2,292 | |
Non-IFRS Financial Measures
In addition to our results determined in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (IASB), we review financial measures that are not calculated and presented in accordance with IFRS (“non-IFRS financial measures”). We believe our non-IFRS financial measures are useful in evaluating our operating performance. We use the following non-IFRS financial information collectively to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-IFRS financial information, when taken collectively, may be helpful to investors, because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their IFRS or US-GAAP results. The non-IFRS financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with IFRS, and may be different from similarly titled non-IFRS measures used by other companies. A reconciliation of each historical non-IFRS financial measure to the most directly comparable financial measure stated in accordance with IFRS is provided below. Reconciliations of forward- looking non-IFRS financial measures are not provided because we are unable to provide such reconciliations without unreasonable effort due to the uncertainty regarding, and potential variability of, certain items, such as share-based compensation expense and other costs and expenses that may be incurred in the future. Investors are encouraged to review the related IFRS financial measures and the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures.
Our non-IFRS financial measures include Adjusted EBITDA defined as Net income (loss) for the period before income taxes, net finance result, depreciation, and amortization (including impairments), and special items. Our management team ordinarily excludes special items from its review of the results of the ongoing operations. Special items may comprise significant asset impairments and write-offs, special accounting charges and other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. In the periods presented, special items comprise restructuring costs, share-based compensation, capital structure restructuring costs and foreign exchange gains and losses, as itemized in the reconciliation below. Adjusted EBITDA for the first half of 2025 has been recalculated under the definition applied in this release (as previously published in Form F-1 Registration Statement filed February 17, 2026, without adjustment for foreign exchange effects, Adjusted EBITDA for the first half of 2025 was
Reconciliation of Net Income (Loss) to Adjusted EBITDA (non-IFRS, unaudited)
| Jan 1 - Jun, 30 | Jan 1 - Jun, 30 | ||||
| in € thousand | 2026 | 2025 | |||
| Net income (loss) for the period | -47,809 | -10,165 | |||
| Income tax (benefit) expense | 1,015 | 76 | |||
| Financial result1 | 38,834 | 2,285 | |||
| Amortization and depreciation | 2,433 | 2,547 | |||
| “Sprint” restructuring costs | 418 | - | |||
| Share-based compensation2 | 1,422 | - | |||
| Capital structure restructuring costs3 | 1,401 | - | |||
| Foreign exchange (gains)/losses4 | 1,724 | -6,326 | |||
| Adjusted EBITDA | -563 | -11,584 | |||
_________________________________
1 Financial result includes non-cash effects related primarily to the accounting treatment of the XJ Harbour liability converted into shares on January 16, 2026 and, to a lesser extent to the fair-value movements of the Company’s warrants
2 Share-based compensation relates to C-level share and option awards covering the 2026 and 2027 service periods. Due to the terms and timing of the awards, a significant portion of the related expense is recognized in H1 2026, resulting in a front-loaded expense recognition relative to the two-year service period. As these non-cash charges are concentrated in H1 2026 and do not reflect the underlying operating performance of the period, management excludes them from Adjusted EBITDA.
3 Capital structure restructuring costs primarily relate to the exceptional volume of financing and regulatory filing activity during H1 2026, including multiple Form F-1 registration statements and Form 20-F filings undertaken as part of the Company’s Nasdaq compliance process, together with associated legal, advisory, consulting and printing costs. The adjustment also includes costs related to debt-to-equity conversions undertaken as part of the Company’s capital structure restructuring. Financing costs that are capitalized and amortized over the respective financing terms are excluded from this adjustment.
4 Foreign exchange gains and losses primarily reflect the impact of currency movements and currency conversion transactions during the period. These items are excluded from Adjusted EBITDA as they are primarily driven by exchange rate movements and the timing of currency conversions rather than the underlying operating performance of the Company.
