- NanoFilm reported a 29.6% y-o-y increase in revenue to S$107.2mil in 1H25, marking a return to profitability.
Broad-based revenue growth and cost discipline drive return to profitability in 1H25, broadly in line.
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- Industrial Equipment Business Unit (IEBU) revenue surged 117% on project completions and milestone-based revenue recognition.
- Nanofabrication Business Unit (NFBU) posted a 9.5% increase, while Sydrogen doubled its sales, though it remained EBITDA-negative.
- Gross margin eased slightly to 32.6% (1H24: 33.5%) due to higher NPI-related costs, but EBITDA margin improved to 22.8% (1H24: 20.2%) on higher volumes and structural cost efficiencies.
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Seasonality less pronounced this year.
- Historically, 3Q and 4Q have been NanoFilm’s peak seasons. However, this year, the production ramp up began earlier in 2Q, with orders more evenly distributed across the year. As a result, 1H25 results have already captured part of the seasonal uplift.
- While 2H25 is still expected to be stronger than 1H25, the difference between the two halves is narrower compared to previous years.
Order momentum more subdued.
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