The 20-F confirms liquidity issues have been addressed through significant post-period financing (convertible notes + SEPA). Monitor Q1/Q2 2026 order intake and revenue conversion of the €50.9M backlog to gauge whether FY2026 guidance is achievable. The large warrant liability (€26.1M) and convertible note dilution remain overhangs.
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Executive Summary
SCHMID Group N.V. filed its 20-F for FY2025, reporting revenue of €66.9M (+10% YoY) and a net loss of €71.1M, primarily driven by €72.2M in finance expenses including fair value changes on warrants and modification losses. The company secured significant post-period financing: $30M in convertible notes and a $30M SEPA facility, alleviating near-term liquidity concerns. Management guided for FY2026 revenue >€100M and Adjusted EBITDA margin >12%, supported by a €50.9M order backlog. However, the company's negative equity position and high leverage remain risks.
Key Facts
- FY2025 revenue: €66.9M (up 10% from €60.8M in FY2024)
- FY2025 net loss: €71.1M (vs. €84.1M loss in FY2024)
- FY2025 Adjusted EBITDA: €6.3M (including €5M non-cash loan waiver gain; underlying €1.3M)
- Order backlog of €50.9M as of Dec 31, 2025 (machine sales only)
- Post-period: $30M senior convertible notes (Jan/Mar 2026) and $30M SEPA with Yorkville (May 2026)
- Shareholder set-off agreements for €30.75M debt-to-equity pending approval
- Management FY2026 guidance: revenue >€100M, Adj. EBITDA margin >12%, order intake ~€114M
- As of Dec 31, 2025, the company had a working capital deficiency and negative equity of €132.2M
Financial Impact
Revenue growth of €6.1M YoY; net loss driven by €72.2M finance expense; $60M in new financing secured post-period
Risk Factors
- Negative equity of €132M and high leverage
- Significant dilution from convertible notes, warrants, and SEPA facility
- FY2026 guidance dependent on order conversion and market conditions
- Controlled by Schmid family (50.78% voting power)
- Past material weaknesses in internal controls
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001104659-26-062643 |
| Document: shmd-20251231xex4d46.htm | 0001104659-26-062643 |
| Document: shmd-20251231xex4d27.htm | 0001104659-26-062643 |
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Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 10, 2026 19w ago | 144 | $1.59 $0.7970 | ▼ −49.87% | ▼ −56.04% | — |
Jun 9, 2026 19w ago | 6-K | $1.60 $0.8052 | ▼ −49.67% | ▼ −53.49% | — |
May 26, 2026 21w ago | 6-K | $2.01 $1.36 | ▲ +32.34% | ▲ +35.06% | — |
May 26, 2026 22w ago | EFFECT | $2.01 $1.36 | ▼ −32.34% | ▼ −35.06% | — |
May 20, 2026 22w ago | 144 | $2.01 $1.67 | ▼ −16.92% | ▼ −21.92% | — |
May 15, 2026 23w ago | 20-F | $2.01 $1.57 | ▼ −21.89% | ▼ −26.74% | — |
Apr 27, 2026 26w ago | 6-K | $2.01 $1.18 | ▼ −41.29% | ▼ −46.07% | — |
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