VIA Optronics Stock Drops After Q1 Earnings - VIA optronics (NYSE:VIAO)

VIA Optronics AG VIAO reported first-quarter FY21 revenue growth of 60.7% year-on-year to €41.3 million.
Display Solutions revenue rose 71.2% Y/Y to €35.6 million, and Sensor Technologies revenue rose 16.3% Y/Y to €5.7 million.
The gross margin contracted 570 basis points to 11.4%, with the Display Solutions margin contracting 940 basis points to 9.8%, and Sensor Technologies’ margin expanding 1,290 basis points to 21.1%.
Operating loss remained flat at €0.5 million.
Net loss was €1.1 million translating to EPS loss of €(0.24).
EBITDA remained flat at €1.3 million.
VIA held €74.4 million in cash and equivalents.
Guidance: VIA sees Q2 revenue guidance of €44 million - €46 million.
VIA overachieved its revenue expectations again despite the ongoing global pandemic and the worldwide semiconductor shortage, CEO Jürgen Eichner said. The 50-70% annual growth of the EV market is one of the key segments targeted and served and will further support VIA’s growth path.
Price action: VIAO shares are down 5.42% at $11.51 on the last check Tuesday.