• Strong sales growth of 156% marking post-pandemic business rebound
  • Strong improvement in adjusted EBITDA1 up +€3.3 million
  • Net income up +€5.4m and close to breakeven
  • Available cash of €3.2 million as of December 31, 2021, reinforced
    by the capital increase of €3.5 million in February 2022
  • Excellent commercial visibility: objective of continued sustained growth in 2022

MUNIC (Euronext Growth® Paris – FR0013462231 – ALMUN), a specialist in embedded technologies and artificial intelligence for exploiting automotive data, publishes its 2021 annual results as of December 31, 2021, approved by the Board of Directors at its meeting of March 31, 2022. Audit procedures on the social accounts of the MUNIC company have been carried out. The certification report will be issued after finalization of the procedures required for the purposes of the publication of the annual report. The 2021 annual report will be made available to the public no later than April 30, 2022. on the investor area of ​​the MUNIC website.

In K€ – French standards 2020 2021 Variation
TURNOVER 7,529 19,264 +156%
GROSS MARGIN 790 3,568 +352%
% of sales 10.5% 18.5%
Adjusted EBITDA1 -2,911 427 +€3.3m
Net depreciation and provisions -803 -819
ADJUSTED OPERATING INCOME2 -3,714 – 392 +€3.3m
Operating result -4,395 -1,433
bottom line -1,660 – 23
exceptional result -371 44
NET PROFIT -5,652 – 229 +€5.4m

1 Adjusted EBITDA = Adjusted operating profit2 + Net depreciation and provisions

2 Adjusted operating profit = Operating profit + CIR net of provision

STRONG GROWTH IN SALES: +156% turnover IN 2021

After a year 2020 strongly penalized by the pandemic, MUNIC returned to dynamic growth in 2021, recording a turnover of 19.3 M€, a sustained growth of +156% compared to the previous year. The company’s sales are also up by +12% compared to the level of activity for the year 2019 before the pandemic.

Geographically, annual sales are 73% from North America, 25% from Europe and 2% from the rest of the world.

MUNIC was able to demonstrate its ability to rebound after an unprecedented 2020 which had a heavy impact on players in the automotive industry and many related sectors. The reversal of MUNIC’s growth trajectory in 2021 bears witness to the intense commercial efforts carried out for many months, illustrated by the winning of numerous major contracts and partnerships by the company (ALD, Vjumi – subsidiary of Select AG, Jack – subsidiary of AGC Automotive, etc.).

This significant upturn in activity was accompanied by a strong improvement in the gross margin, which stood at €3.6 million against €0.8 million a year earlier, representing growth of +356%. The gross margin rate thus stands at 18.5% for the 2021 financial year, compared to 10.5% in 2020. In a context of rising costs, the increase in the gross margin rate results (i ) the marketing by MUNIC of the V8 range of Smart Dongles since April 2021, (ii) the company’s good management of the component crisis, both in terms of prices and the availability of parts, and (iii) the first results of the commercialization of services from the artificial intelligence cloud platform


The increase in operating expenses (purchases and external expenses and personnel expenses) was very measured in 2021 (+9%), especially since the company benefited from partial activity schemes during the health crisis in 2020 The company’s workforce has changed little from one year to the next, with 58 employees at December 31, 2021 compared to 54 a year earlier.

As of December 31, 2021, adjusted operating income stood at -€0.4 million, a significant improvement of +€3.3 million compared to the 2020 financial year. This adjusted operating income includes allocations net depreciation for €0.8 million and the CIR (Research Tax Credit) net of provision for €1.0 million. After deduction of these calculated charges, MUNIC now shows a positive adjusted EBITDA of €427k, compared to -€2.9m a year earlier, i.e. a significant improvement of +€3.3m.

The financial result increased to -€23k, compared to -€1.7m in 2020 which included an exceptional financial expense of €1.4m.

The exceptional result for 2021 is not significant, at €44k, compared to -€0.4m in 2020.

For the 2021 financial year, the net income group share thus came out close to balance, at -€0.2 million, a significant improvement of +€5.4 million compared to the 2020 financial year (-5 .7 M€).


In K€ – French standards 2020 2021 In K€ – French standards 2020 2021
FIXED ASSETS 7,291 10,684 EQUITY 11,039 10,974
of which intangible assets 6,957 10,311 PROVISIONS 1,097 1,126
CURRENT ASSETS 6,829 12,814 FINANCIAL DEBTS 3,923 6,972
of which inventory 3,269 2 3 41 of which Bonds 1,900 1,900
of which Trade receivables 1,854 8,106 of which Loans from credit institutions 1,940 2,940
of which Other receivables 1,707 2,368 of which various financial debts 83 2,132
TREASURY 5,247 3,151 OTHER DEBTS 3,529 7,546
TOTAL ASSETS 19,605 26,634 TOTAL LIABILITIES 19,605 26,635

As of December 31, 2021, MUNIC’s equity stood at €11.0 million.

MUNIC’s financial debts amount to €7.0 million in 2021, including €2.9 million in respect of State-guaranteed loans (PGE) from which the company was able to benefit in 2020 and 2021, and €2.0 M€ innovation loan from Bpifrance received in early 2021.

MUNIC’s available cash amounted to €3.2 million at December 31, 2021, compared to €5.3 million at the end of 2020.

After the end of the 2021 financial year, MUNIC successfully carried out a capital increase by private placement for an amount of €3.5 million, in order to finance the continuation of a very sustained growth of its activity and to support the the company’s R&D efforts around its technology (read below).


On the commercial front, the effects of the pandemic were caught up with extremely dynamic order intake, reaching a record level in 2021. Thus, the order book at December 31, 2021 amounted to €17.8 million, 4, 7 times higher than last year, and representing 92% of turnover for the past financial year, compared to a level usually between 15 and 25% at the end of the year.

In 2022, MUNIC has set itself the objective of delivering sustained growth in its sales, based in particular on the launch of Smart Dongles V8+ at the start of the year. In the face of supply tensions, MUNIC has demonstrated in 2021 its ability to face the persistent component and materials crisis by using alternative sources of components to meet the shortage and by entering into strong and long-term partnerships. term with major component manufacturers and distributors. However, these tensions remain strong in 2022.

Thanks to the strengthening of its financial resources, MUNIC will also continue R&D efforts around its technology, combining Smart Dongles with the Edge Computing artificial intelligence platform. Ongoing innovations concern technological services with high added value which are arousing very strong market interest in terms of access to vehicle data, such as complete diagnosis of remote vehicles or estimation of the wear and tear of the batteries of electric vehicles. The expansion of its range of Smart Dongles will continue in 2022 with the development of three new terminals during the year.

As for EKKO, a solution providing access to vehicle data in DaaS mode (Data as a Service) via a shared subscription model, discussions with a European leader in motorist services resulted in the signing of a contract at the end of 2021. The EKKO solution has since begun to be deployed by this new customer to several thousand vehicles in its fleet of motorists. This deployment makes it possible to finalize and validate the solution before the large-scale commercial launch scheduled for mid-2022. MUNIC will thus be able to address a wide range of motorists and continue to expand the circle of companies ” consumer data », thus consolidating its position as a supplier of a solution without equivalent on the market.

In the longer term, MUNIC confirms its ambition to achieve €100 million in revenue by 2025including €25 million generated through the EKKO platform, and a gross margin rate above 40% of sales.


July 26, 2022 2022 half-year revenue
September 27, 2022 2022 half-year results
January 31, 2023 2022 annual turnover
March 29, 2023 2022 annual results

All publications will take place after the closing of the Euronext Paris market.


Founded in 2002, MUNIC designs and develops technological solutions, combining Smart Dongles, capable of collecting and decoding thousands of data from automotive vehicle sensors, and an artificial intelligence Edge Computing platform,, allowing analyze and value them.

The result of 19 years of R&D, MUNIC’s patented technology combines (i) high-level electronic expertise (design and industrialization of on-board equipment with small footprint, high energy and radio performance, high reliability in the automotive environment, at very competitive costs ), (ii) vehicle data decoding capability, and (iii) an artificial intelligence Edge Computing platform ( to process such data.

Based in Villejuif (94), with offices in the United States and China, MUNIC has 60 employees, 77% of whom are engineers. The company achieved €19.3 million in revenue in 2021, up +156%, mainly in the United States and Europe. The company is labeled Innovative Company (Bpifrance).

MUNIC is listed on the Euronext Growth® Paris stock exchange (ISIN Code: FR0013462231 – Ticker: ALMUN).

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