(Alliance News) - TrenDevice Spa reported Friday that it reported a decline in revenues in the first half of the year but a marked improvement in its net loss.

The company's revenues fell to EUR8.2 million from EUR9.6 million in the same period last year. As the company explains, this decrease was due to the abandonment of the sales channel related to foreign marketplaces, which was characterized by too low a margin compared to management's expectations.

Ebitda increased significantly to EUR647,000 from EUR5,000. The company also made it known that it expects Ebitda of EUR1.9 million to EUR2.1 million for 2024.

Instead, the net loss was reduced to EUR516,000 from the EUR920,000 liability in the first half of 2022.

Net financial position as of June 30, 2023 was EUR5.9 million compared to EUR5.6 million as of December 31, 2022. The change is mainly due to the increase in both short-term and long-term borrowings.

Shareholders' equity as of June 30, 2023 was EUR2.5 million compared to EUR3.1 million as of December 31, 2022, mainly due to the loss recorded in the first six months of the year, only slightly offset by the exercise of warrants in the third exercise period in June.

TrenDevice's stock closed Friday at a par at EUR0.26 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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