Q1 2025 Results

Exosens delivers strong revenue growth in Q1 2025 in a dynamic defense market environment fully on track to 2025 guidance

PRESS RELEASE
MÉRIGNAC, FRANCE – 28 APRIL 2025

HIGHLIGHTS

Sustained revenue growth of +21.1% to €104.9m in Q1 2025, reflecting strong like-for-like performance (+18.0%)
- Continued strong growth in Amplification revenue (+29.1% vs. Q1 2024), driven by a growing demand of image intensifier tubes for Defense night vision applications from NATO and Tier-1 allies forces
- Detection & Imaging revenue slightly down (-1.0% vs. Q1 2024), affected by temporary headwinds mostly related to Telops, the Group’s imaging systems business in Canada (+16% growth vs. Q1 2024 excluding Telops). Growth is expected to resume and accelerate throughout the remainder of the year supported by solid underlying end-market trends
Adjusted gross margin up +28.1% to €52.6m in Q1 2025 (margin rate of 50.1%, +270bps vs. Q1 2024), mainly driven by strong Amplification growth (+39.5%)
Closing of Noxant acquisition, reinforcing Exosens’ position in high-performance cooled infrared imaging, particularly in fast growing Defense and Surveillance markets

OUTLOOK

Fully on track to deliver on 2025 guidance: continued strong performance expected, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties

Mérignac (France), 28 April 2025 – Exosens (EXENS; FR001400Q9V2), a high-tech company focused on providing mission and performance-critical amplification, detection and imaging technologies, today publishes its revenue and adjusted gross margin for the first quarter of 2025.

“After a very successful 2024, which marked a turning point in our trajectory and saw us exceed our IPO guidance, we are proud to start 2025 with a strong Q1 performance, confirming the positive momentum across our core markets. Regarding our Defense-related activities, demand remains high amid increasing geopolitical tensions and sustained investment from NATO countries and Tier-1 allies. This solid start of the year demonstrates the strength of our positioning and our ability to execute. Amplification continues to be a key growth engine, supported by accelerating demand and increased capacity, while our Detection & Imaging segment is on track to deliver solid like-for-like growth, progressively improving over the course of the year.
Supported by strong fundamentals , and solid operational performance, we are fully confident in our ability to deliver our 2025 objectives and continue creating long-term value for all stakeholders.” commented Jérôme Cerisier, CEO of Exosens.

Strong revenue performance in Q1 2025 in a dynamic defense market environment

	Q1 2024	Q1 2025	Change		Like-for-like
	In €m	In €m	In €m	In %	In %
Amplification	63.3	81.7	+18.4	+29.1%	+29.3%
Detection & Imaging	24.2	24.0	(0.2)	(1.0)%	(13.0)%
Eliminations & Other	(0.8)	(0.7)	+0.1	n/a	n/a
Total revenue	86.7	104.9	+18.3	+21.1%	+18.0%

Exosens delivered strong revenue performance in Q1 2025, demonstrating its ability to continue its sustained growth trajectory. Consolidated revenue amounted to €104.9 million, which represented a growth of +21.1% (+€18.3 million) compared to Q1 2024. On a like-for-like basis, revenue grew by +18.0% year-over-year, driven by continued strong momentum in Defense end-markets.

Amplification revenue amounted to €81.7 million in Q1 2025, marking a significant growth of +29.1% (+€18.4 million) compared to Q1 2024, reflecting higher sales volumes due to increased production capacity and growing demand of image intensifier tubes for Defense night vision applications.

Reflecting this dynamic market environment, Exosens has continued benefiting from its position as the strategic supplier of NATO and Tier-1 allies, which have continued to ramp up their procurement of night vision systems on the back of the need for armies to enhance their night fighting capabilities. This positive trend was particularly noticeable in Europe with a number of major business wins, notably in Eastern and Northern Europe.

Detection and Imaging revenue amounted to €24.0 million in Q1 2025, representing a small decline of 1.0% compared to Q1 2024. The first semester revenue contribution for Detection & Imaging is typically lower due to seasonality. On a like-for-like basis, D&I revenue was down 13.0% ( €3.1 million), mainly due to Telops, the Group’s Canadian-based imaging system business. Telops was temporarily impacted by US tariff uncertainties and reductions in federal science funding, which resulted in softer demand from US customers, as well as by delays in securing certain export licenses. Excluding Telops, D&I revenue grew by around +16% year-over-year and was broadly stable on a like-for-like basis.

Exosens continued to see robust demand across its key high-growth markets, particularly in Nuclear and Defense & Surveillance.

The Group expects D&I like-for-like growth to resume and accelerate throughout the remainder of the 2025 fiscal year, supported by solid underlying end-market trends.

On the M&A front, Exosens closed on 13th March 2025 the acquisition of Noxant, a specialist in high-performance cooled infrared cameras. Noxant’s range of high-performance MWIR cooled camera cores provides complementary capabilities that meet the increasing demand for advanced infrared solutions, particularly for drone-based Defense and Surveillance applications where camera integration is required. Meaningful synergies are expected with Exosens’ imaging business leveraging its technologies portfolio and worldwide commercial reach.

The Group has started Noxant’s integration process, which is expected to be finalized by end-June. Q1 2025 revenue and adjusted gross margin do not include any contribution from this acquisition.

Otherwise, the closing of the acquisition of NVLS, a specialist in man-portable night vision and thermal devices, is expected to occur during Q2 2025, pending customary clearances and approvals.

Adjusted gross margin up +28.1% in Q1 2025

	Q1 2024		Q1 2025		Change
	In €m	% of sales	In €m	% of sales	In €m	In %
Amplification	29.2	46.2%	40.8	49.9%	+11.6	+39.5%
Detection & Imaging	11.8	48.9%	11.8	49.3%	(0.0)	(0.1)%
Eliminations & Other	0.0	n/a	0.0	n/a	n/a	n/a
Adjusted gross margin	41.1	47.4%	52.6	50.1%	+11.5	+28.1%

Exosens recorded a strong increase in adjusted gross margin at Group level, mainly driven by higher sales volumes, improved yields and favorable product mix. The Group’s adjusted gross margin stood at €52.6 million in Q1 2025, reflecting a growth of +28.1% (+€11.5 million) compared to Q1 2024. As a percentage of consolidated revenue, adjusted gross margin was 50.1% in Q1 2025, representing an improvement of 270 basis points year-on-year.

Adjusted gross margin for the Amplification segment reached €40.8 million in Q1 2025, recording a growth of +39.5% (+€11.6 million) compared to Q1 2024. Margin rate increased by 370 basis points to 49.9% in Q1 2025, driven by the strong growth in sales volume with increased production capacity, improved yields and favorable product mix.

Adjusted gross margin for the Detection and Imaging segment amounted to €11.8 million in Q1 2025, stable compared to Q1 2024. Margin rate improved by 50 basis points to 49.3% in Q1 2025, despite lower revenue, driven by better yields, effective cost control, and supply chain synergies.

Evolution of corporate governance

The Board of Directors of Exosens, at its meeting on 25 April 25, proposed to the upcoming annual combined General Meeting on 23 May to appoint Bpifrance Investissement as a director.

This nomination of Bpifrance Investissement, represented by Ms. Dorianne Bonfils as permanent representative, for a seat on the Board of Directors is aligned with Bpifrance Participations’ increased investment in Exosens’ share capital.

Following the exercise of the call option on Exosens shares granted by HLD as part of Exosens' IPO, Bpifrance Participations acquired an additional 2.7% stake in the share capital and voting rights on 25 April 2025 and now ranks as Exosens’ second-largest shareholder, holding 7.2% of the share capital and voting rights, behind the HLD Group.

At its meeting on 25 April 2025, the Board of Directors, following the recommendation of Exosens’ Nominations and Compensation Committee, and after evaluating its independence according to the AFEP-MEDEF code criteria, confirmed Bpifrance Investissement’s status as an independent director, should it be appointed by the Company’s General Meeting.

Outlook for 2025 and the 2024-2026 period confirmed

Exosens expects a continued strong performance in 2025, with revenue growth in the high-teens and adjusted EBITDA growth in the low twenties compared to 2024.

The Group expects a high-teens 2024-2026 adjusted EBITDA CAGR and a cash conversion¹ ratio in the range of 70%-75% over the period, taking into account capacity investment in Europe and in the US.

Furthermore, the Group intends to pursue its growth strategy, at a pace consistent with historical trend, while maintaining a leverage ratio² of around 2x.

¹Cash conversion is defined as (adjusted EBITDA – capitalized R&D – capex) / (adjusted EBITDA – capitalized R&D).
²Leverage ratio is defined as net financial debt / adjusted EBITDA.

Download the full press release - EN

Financial calendar

29/04/2025: Publication of 2024 universal registration document;
23/05/2025: Annual general meeting;
31/07/2025: H1 2025 results (publication before market opening);
27/10/2025: Q3 2025 revenue & adj. gross margin (publication before market opening).

Investor Relations

Laurent Sfaxi, l.sfaxi@exosens.com

Media Relations

Brunswick, exosens@brunswickgroup.com

Laetitia Quignon, + 33 6 83 17 89 13

Nicolas Buffenoir, + 33 6 31 89 36 78