• Dynamic growth of +74%
  • Strong improvement in adjusted EBITDA, operating profit
    and net income as of 1er semester 2022
  • Available cash of €7.5 million as of June 30, 2022
  • Large-scale launch of EKKO planned for 2n/a semester 2022
  • Sustained commercial momentum, 2022 outlook confirmed

MUNIC (Euronext Growth® Paris – FR0013462231 – ALMUN)a specialist in embedded technologies and artificial intelligence for the valuation of automotive data, is publishing its 2022 half-year results as of June 30, 2022, approved by the Board of Directors at its meeting of September 27, 2022. The 2022 half-year report will be published soon available to the public, on the investor space of the MUNIC website.

As a reminder, the sales made during the 2n/a semester are traditionally much higher than those of the 1er semester. As in previous years, the results of the 1er semester are therefore not representative of those that will be carried out over the whole of 2022.

In K€ – French standards – Unaudited data H1 2021
(6 months)
H1 2022
(6 months)
Variation 2021
(12 months)
TURNOVER 5,214 9,059 +74% 19,264
ADJUSTED EBITDA1 -1,390 328 +€1.7m 3,568
Net depreciation and provisions 200 251 -819
ADJUSTED OPERATING INCOME2 -1,590 18 +€1.6m 427
Operating result -2,184 -415 -819
bottom line 147 -107 – 392
exceptional result -74 -59 -1,433
NET PROFIT -1,516 -89 +€1.4m – 23

1 Adjusted EBITDA = Adjusted operating income2 + Net depreciation and provisions

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


After a year 2021 marked by the sharp rebound in its post-pandemic activity, MUNIC’s sustained sales growth trajectory continued in the 1er half of 2022. The company’s consolidated revenue thus amounted to €9.1 million, up by 74% compared to the same period last year. This good half-year performance testifies to MUNIC’s resilience after an unprecedented period of crisis and is the result of increased commercial efforts carried out for several months, major partnerships signed by the company and the successful launch of the V8+ range of Smart Dongles in early 2022.

This very good momentum of MUNIC’s activity also highlights its ability to adapt and its agility in terms of sourcing and inventory management, making it possible to honor all customer orders despite the persistent component crisis in 2022.

Geographically, half-year sales came 71% from North America (vs. 75% a year earlier), 26% from Europe (vs. 23%) and 3% from the rest of the world ( vs. 2%).


This dynamic half-year growth is accompanied by a strong increase in the gross margin, which stood at €2.0 million compared to €0.9 million a year earlier, representing growth of +113%. The gross margin rate thus stands at 21.5% for this 1er semester, compared to 18.4% a year earlier and 18.5% for the whole of the 2021 financial year.

In a context still marked by shortages and rising component costs, the improvement in gross margin is the result of:

  1. the development of variants of existing products, the integration of new components and suppliers being synonymous with better prices in a context of competition between them, and;
  2. the renegotiation of sales prices with the company’s main customers.

EBITDA OF €0.3 M, an improvement of +€1.7 M over the half-year

Purchases and external charges experienced a slight increase of +17% (+€0.2 million) compared to the 1er half of 2021, due in particular to the resumption of post-pandemic travel and travel.

Staff costs fell by -18% (-€0.5 million) compared to the same period last year, a variation linked to staff turnover and the renewal of teams. However, MUNIC’s workforce has changed little from one semester to the next, with 57 employees as of June 30, 2022 compared to 58 a year earlier (average data). The decline in payroll costs will be less over the year as a whole.

Driven by the dynamic activity, the improvement in the gross margin rate and controlled expenses, adjusted EBITDA was positive over the half-year at €0.3 million compared to -€1.4 million in 1er half of 2021, i.e. an improvement of +€1.7 million.

Adjusted operating income is brought back to equilibrium, an improvement of +€1.6 million compared to last year. This adjusted operating income includes net depreciation allowances of €0.3 million and the CIR (research tax credit) of €0.5 million (compared to €0.6 million last year) .

The financial result amounted to -€0.1 million, compared to €0.1 million on 1er half of 2021, and includes interest related to convertible bonds issued in December 2019.

At mid-year, net income group share was close to breakeven (-€0.1 million), compared to a net loss of -€1.5 million a year earlier.


The stock level of components continued to grow at the end of the half-year, as a result of heightened tensions on the component markets and the company’s proactive policy aimed at securing its supplies of critical components.

Trade receivables were reduced to €2.2 million as of June 30, 2022, despite the strong growth in activity.

As of June 30, 2022, MUNIC’s equity stood at €14.2 million. As a reminder, the company carried out a capital increase of €3.5 million in February 2022 in order to support the sustained development of its activity and to support its R&D efforts around its technology.

At mid-year, the company’s financial debts amounted to €7.0 million, consisting mainly of two PGE (State-guaranteed loan) for an amount of €2.9 million granted to the company in 2020 and 2021 as well as a €2 million innovation loan granted by Bpifrance.

MUNIC’s available cash amounted to €7.5 million at June 30, 2022, compared to €3.2 million at the end of 2021.

At the end of June 2022, MUNIC posted net cash of €0.6 million, compared to net financial debt of €3.8 million at the end of 2021.

In K€ – French standards
Data 30/06/2021 unaudited
31/12 2021 06/30
In K€ – French standards
Data 30/06/2021 unaudited
FIXED ASSETS 10,684 11,852 EQUITY 10,974 14,195
of which intangible assets 10,311 11,360 PROVISIONS 1,126 938
CURRENT ASSETS 12,814 8,089 FINANCIAL DEBTS 6,972 6,955
of which inventory 2,341 4,532 of which Bonds 1,900 1,900
of which Trade receivables 8,106 2,186 of which Loans from credit institutions 2,940 2,940
of which Other receivables 2,368 2,747 of which various financial debts 2,132 2,115
TREASURY 3,151 7,514 OTHER DEBTS 7,546 6,841
TOTAL ASSETS 26,634 28,888 TOTAL LIABILITIES 26,635 28,888


At the end of 2021, MUNIC signed a contract with a European leader in motorist services for the deployment of EKKO, a vehicle data access platform in DaaS mode (Data as a Service) via a subscription model. The EKKO solution has thus been rolled out by this new customer to several thousand vehicles in its fleet.

After several months of using this innovative offer, this major customer validated the EKKO pilot in July 2022, thus illustrating its confidence in the EKKO economic model, and authorizing a larger-scale launch scheduled for 2n/a semester 2022.

This recognition will make it possible to attract the widest spectrum of partners within the framework of the large-scale commercial deployment of the EKKO solution, initially in Europe.


Continuing from 1er half of 2022, MUNIC’s commercial visibility remains good, with activity remaining dynamic.

MUNIC therefore reaffirms its ability to deliver sustained sales growth in 2022, despite strong supply tensions.

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.


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 20 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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