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Hybrid Software Group PLC uploaded a News Release
November 29, 2022

Meteor Inkjet Granted US Patent for Inkjet Nozzle Status Detection

Highlights:

  • Meteor Inkjet Ltd has been granted a US patent for “Inkjet nozzle status detection” by the United States Patent and Trademark Office
  • The patent covers a system and method for determining, in real-time, the operational status of a nozzle in a piezoelectric industrial inkjet printhead
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Hybrid Software Group PLC uploaded a News Release
November 28, 2022

Hybrid Software Group to meet investors at Finance Avenue, Brussels

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Hybrid Software Group PLC uploaded a Video
November 16, 2022

Hybrid Software Group PLC (EBR:HYSG) Investor Video Presentation – Executive Summary

This is a short executive summary on UK-based software company Hybrid Software Group from CEO Mike Rottenborn.

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Hybrid Software Group PLC uploaded a Video
November 16, 2022

Hybrid Software Group PLC (EBR:HYSG) Investor Video Presentation with Slide Deck

This is an executive summary on UK-based software company Hybrid Software Group from CEO Mike Rottenborn, who will run you through Hybrid Software’s slide deck.

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Arrowhead published an Equity Research Report on Hybrid Software Group PLC
November 3, 2022

Hybrid Software Group (EBR: HYSG) Research Update

Highlights:

  • Arrowhead is updating coverage on Hybrid Software Group with a fair value bracket of EUR 7.1 to EUR 7.5 (share price on November 03, 2022: EUR 4.58) based on blended valuation using Discounted Cash Flow (DCF) method (90% weightage) and relative valuation method (10% weightage)
  • Despite the ongoing challenging global macroeconomic scenario, which continues to persist since H1 2022, the company delivered profitable growth in Q3 and 9M 2022
  • Revenue for Q3 2022 stood at EUR 11.3 mn in comparison with EUR 10.1 mn in Q3 2021, a growth of 11.9% year-on-year (YoY). Revenue for 9M 2022 stood at EUR 34.7 mn in comparison with EUR 33.9 mn in 9M 2021, a growth of 2.4% YoY. EBITDA for Q3 2022 was at EUR 4.6 mn in comparison with EUR 1.6 mn in Q3 2021, a growth of 187.5% YoY. The EBITDA Margin for Q3 2022 stood at 40.6% as compared with 16.0% in Q3 2021. The increase in EBITDA was due to better optimization of operational performance and the outperformance of the company’s smaller businesses which focus on color management, 3-D visualization and legacy printing devices. Q3 2022 results were favorably impacted by the sale of an unused asset (c. 69,000 IPv4 internet addresses) for EUR 3.3 mn (non-recurring), while the EBITDA for 9M 2022 was at EUR 9.2 mn in comparison with EUR 7.4 mn in 9M 2021, a growth of 24.3% YoY. The EBITDA Margin for 9M 2022 stood at 26.5% as compared with 21.9% in 9M 2021
  • Strong Q3 2022 results were marked by consistent performance in the Enterprise Software and Printing Software segments, while revenue of the Printhead Solutions segment recovered to levels in line with Q3 2021 after having experienced a severe downturn in H1 2022 due to a global shortage of electronic components
  • Xitron, a subsidiary of Hybrid Software Group and the developer of Harlequin-based Navigator RIP and workflow products for commercial, flexo, screen, digital and high-speed inkjet printing, was selected as Memjet’s exclusive Digital-Front-End Developer for New Print Engine Systems
  • ColorLogic GmbH, a subsidiary of Hybrid Software Group, recently announced the release of its latest profiling solution CoPrA 9, a control center for ICC color profiling in any color space offering many new features and improvements of all modules
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Hybrid Software Group PLC uploaded a News Release
November 1, 2022

Hybrid Software Group highlights wide range of graphics and industrial inkjet solutions at IGAS

Highlights:

  • Hybrid Software Group is showcasing its complete range of solutions at IGAS, the international graphic arts exhibition at the Tokyo Big Sight in Japan
  • Group companies – ColorLogic GmbH, Global Graphics Software, iC3D, HYBRID Software, Meteor Inkjet and Xitron – are exhibiting together on booth 6-21
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Hybrid Software Group PLC uploaded a News Release
October 20, 2022

Hybrid Software Group Releases Q3 Results

Highlights:
For the quarter ended 30 September 2022
• Revenue for the period was €11.29 million (2021: €10.09 million)
• EBITDA for the period was €4.58 million, or 41% of revenue (2021: €1.61 million, 16% of revenue)
For the nine months ended 30 September 2022
• Revenue for the period was €34.73 million (2021: €33.87 million)
• EBITDA for the period was €9.20 million, or 26% of revenue (2021: €7.42 million, 22% of revenue)

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Hybrid Software Group PLC uploaded a News Release
October 18, 2022

Memjet Selects Xitron as Exclusive Digital Front End Developer for New Print Engine Systems

  • Xitron has been selected as Memjet’s sole developer for the Digital Front End (DFE) of two soon-to-be announced digital print engines
  • According to Memjet, the first print engine assemblies will support full color, high-quality output at speeds approaching 500 feet per minute
  • The first shipments of Memjet’s newly integrated print engine technologies are happening now, through the end of the year, and Memjet expects to accelerate deployments to their customers starting in Q1 of 2023
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Hybrid Software Group PLC uploaded a News Release
October 5, 2022

Hybrid Software Group sales boosted by Labelexpo excitement

  • Hybrid Software Group PLC enjoyed brisk business at Labelexpo Americas, the first major industry event where all of the companies in the Group exhibited together
  • Group companies demonstrated new products that they had pre-announced before Labelexpo and these generated a record level of interest on the booth
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Arrowhead published an Equity Research Report on Hybrid Software Group PLC
September 29, 2022

Hybrid Software (EBR:HYSG) Research Update

Highlights:

  • Arrowhead is updating coverage on Hybrid Software Group with a fair value bracket of EUR 6.9 to EUR 7.3 (share price on September 29, 2022: EUR 4.3) based on blended valuation using Discounted Cash Flow (DCF) method (90% weightage) and relative valuation method (10% weightage)
  • Hybrid Software Group reported revenue of EUR 23.4 mn in H1 2022, compared with EUR 23.8 mn in H1 2021, a decrease of 1.4% year-on-year (YoY). The Printing Software and Enterprise Software divisions saw their revenues increase by 64.4% and 9.2%, respectively, on a YoY basis. Revenue from the Printhead Solutions segment declined by 56.1% YoY, mainly due to semiconductor shortages. The company overcame the shortages by redesigning a key circuit board (“PCC2”) using a more powerful chip, which led to a half-year revenue impact of c. EUR 4.1 mn. The company anticipates a quick recovery of this revenue in the second half of the year
  • Gross profit for H1 2022 was EUR 19.9 mn, with a margin of 84.7%, compared with EUR 19.7 mn in H1 2021, with a margin of 82.6%. EBITDA for H1 2022 stood at EUR 4.6 mn as compared with EUR 5.8 mn in H1 2021, a decrease of 20.5% YoY. The EBITDA margin for H1 2022 stood at 19.7%. With the investment in an additional workforce and with the launch of SmartDFE and its adoption by key inkjet original equipment manufacturers (OEMs), the company expects the EBITDA of the software business to improve in the near future. Net Profit for H1 2022 stood at EUR 0.4 mn as compared with EUR 2.5 mn in H1 2021. As of June 30, 2022, cash was at EUR 3.0 mn as compared with EUR 9.2 mn as of December 31, 2021. The cash balance has already improved to c. EUR 8.0 mn due to strong collections, a favorable working capital adjustment for the purchase of iC3D, and the sale of an old, unused asset (c. 69,000 IPv4 internet addresses) in July of c. EUR 3.3 mn.
  • Hybrid Software Group appointed Joachim Van Hemelen as the new CFO and company director with effect from September 01, 2022. Previously, Joachim Van Hemelen was the CFO of HYBRID Software since 2016
  • The company operates through its six subsidiaries – Global Graphics Software, HYBRID Software (HYBRID), Meteor Inkjet (Meteor), Xitron, ColorLogic and iC3D. The company plans to optimize the cost by reorganizing the business around 3-4 reporting segments instead of six individual operating companies, which will simplify the structure of operation, thereby tying up the business, which can provide synergies in the future
  • The company has further reduced the client concentration risk. In H1 2022, revenue contribution from the top 10 customers stood at 30.1%, compared with 39.5% in H1 2021. The five largest customers represented 24.8% (as compared with 33.4% in 2021) of the Group’s revenue, and the single-largest customer represented 8.4% (as compared with 18.0% in 2021) of the Group’s revenue
  • In the long term, Hybrid Software Group expects to reach a revenue of EUR 100.0 mn by FY 2026. Additionally, the company looks to achieve an EBITDA target of EUR 35.0 mn by FY 2026. The plan is to achieve the growth target through a contribution of c. 75% from organic growth and 25% from future acquisitions. The company has completed two acquisitions and is working on other merger & acquisition targets
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  • Software

Contact Information

Through its operating subsidiaries, Hybrid Software Group PLC (Euronext: HYSG) is a leading developer of enterprise software for industrial print manufacturing. Customers include press manufacturers such as HP, Canon, Durst, Roland, Hymmen, and hundreds of packaging printers, trade shops, and converters worldwide. Hybrid Software Group PLC is headquartered in Cambridge UK. Its subsidiary companies are colour technology developer ColorLogic; printing software developers Global Graphics Software; enterprise software developer HYBRID Software; the developers of photorealistic 3D packaging designs iC3D; the industrial printhead driver solutions specialists, Meteor Inkjet; and pre-press workflow developer Xitron.

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