The sharp guidance cut on EBITDA margins is a near-term negative, but the order backlog surge to €95M and strong H1 revenue growth suggest the underlying demand story is intact. Traders should watch the Q3 2026 business update (expected mid-October) for evidence of margin improvement from the Sprint II cost program and higher-margin German plant revenue mix in H2. The potential dilution overhang (11-20% at current prices) from convertible notes and warrants remains a headwind.
Price Chart
Executive Summary
SCHMID Group reported H1 2026 revenue of €46.0M (up 172% YoY from €16.9M) but a net loss of €47.8M (vs. €10.2M loss in H1 2025), driven by €38.8M in finance costs from debt-to-equity accounting. The company lowered its full-year 2026 Adjusted EBITDA margin guidance to 6-9% from >12%, though revenue guidance of >€100M and order intake guidance of €125-150M were maintained. Order backlog surged to €95.0M as of August 21, 2026, up from €54.8M at June 30, 2026, signaling strong demand momentum that partially offsets the margin disappointment.
Key Facts
- H1 2026 revenue of €46.0M vs €16.9M YoY (+172%)
- Net loss of €47.8M vs €10.2M loss YoY, driven by €38.8M finance costs
- Adjusted EBITDA (non-IFRS) improved to -€0.6M from -€11.6M YoY
- Full-year 2026 Adjusted EBITDA margin guidance lowered to 6-9% from >12%
- Revenue guidance of >€100M and order intake guidance of €125-150M maintained
- Order backlog of €95.0M as of Aug 21, 2026 (June 30, 2026: €54.8M)
- Cash and equivalents of €14.3M as of July 31, 2026 after $20M convertible note closing
- Financial debt reduced by ~€30M between Dec 31, 2025 and June 30, 2026
- 60,958,903 ordinary shares outstanding as of Aug 21, 2026; potential dilution of 11-20% at illustrative prices
Financial Impact
H1 2026 revenue €46.0M (+172% YoY); net loss €47.8M; Adjusted EBITDA -€0.6M vs -€11.6M YoY; FY2026 EBITDA margin guidance cut to 6-9% from >12%
Risk Factors
- Lowered EBITDA margin guidance signals weaker-than-expected H1 profitability and product mix challenges
- Significant net loss of €47.8M driven by non-cash finance costs from debt restructuring
- Potential dilution of 11-20% from convertible notes, warrants, and options
- Negative equity position of €30.8M as of June 30, 2026
- Dependence on Chinese market for >50% of revenue; geopolitical and regulatory risks
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-100518 |
| Document: 0001104659-26-100518-index.html | 0001104659-26-100518 |
| Document: 0001104659-26-100518.txt | 0001104659-26-100518 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | 6-K | $3.11 | awaiting T+5 | — | $3.03 (−2.57%) |
Oct 1, 2026 26d ago | EFFECT | $4.45 $3.97 | ▼ −10.69% | ▼ −11.99% | $3.03 (−31.83%) |
Oct 1, 2026 26d ago | EFFECT | $4.45 $3.97 | ▲ +10.69% | ▲ +11.99% | $3.03 (+31.83%) |
Oct 1, 2026 26d ago | EFFECT | $4.45 $3.97 | ▼ −10.69% | ▼ −11.99% | $3.03 (−31.83%) |
Oct 1, 2026 26d ago | EFFECT | $4.45 $3.97 | ▼ −10.69% | ▼ −11.99% | $3.03 (−31.83%) |
Sep 8, 2026 7w ago | Insider Cluster | $3.35 $3.20 | ▼ −4.48% | ▼ −3.36% | $3.03 (−9.55%) |
Aug 25, 2026 9w ago | 6-K | $3.42 $3.11 | ▼ −9.06% | ▼ −8.53% | $3.03 (−11.40%) |
Aug 25, 2026 9w ago | Press Release | $3.42 $3.11 | ▲ +9.06% | ▲ +8.53% | $3.03 (+11.40%) |
Jul 24, 2026 13w ago | EFFECT | $4.12 $4.04 | ▲ +1.82% | ▲ +2.20% | $3.03 (+26.37%) |
Jul 14, 2026 14w ago | 6-K | $4.34 $4.38 | ▲ +0.92% | ▲ +1.90% | $3.03 (−30.18%) |
US Market Status
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