Kalray has dropped 10% following the announcement of annual sales of €25.8 million for its 2023 financial year, up by a strong 57%, but still well below Oddo BHF's expectations (€30.2 million).

"This difference is explained by a lower-than-expected contribution from the Dell contract and by the postponement of a €3 million contract in the media sector", points out the research firm.

Due to this landing of sales below guidance, EBITDA margin should end up in negative territory, albeit an improvement on 2022', it continues, noting however Kalray's confidence in 2024 sales growth similar to that of 2023.

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