The post-merger capital structure remains opaque, with significant warrant liabilities creating potential dilution risks and artificial volatility that complicates the assessment of the firm's underlying equity quality.
| Metric | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 74.17M | 147.01M | 70.41M |
| Cash & Short-Term Investments | 5.71M | 8.33M | 18.38M |
| Cash Only | 5.71M | 8.33M | 18.38M |
| Short-Term Investments | 0 | 0 | 0 |
| Accounts Receivable | 47.03M | 109.24M | 28.59M |
| Days Sales Outstanding | 190.22 | 419.45 | 264.34 |
| Inventory | 16.35M | 25.03M | 19.21M |
| Days Inventory Outstanding | 93.48 | 148.02 | 229.82 |
| Other Current Assets | 88K | 1.05M | 136K |
| Total Non-Current Assets | 32.42M | 33.23M | 90.28M |
| Property, Plant & Equipment | 14.77M | 14.7M | 15.41M |
| Fixed Asset Turnover | 6.11x | 6.47x | 2.56x |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 14.97M | 15.83M | 15.97M |
| Long-Term Investments | 140K | 115K | 147K |
| Other Non-Current Assets | 0 | 0 | 56.08M |
| Total Assets | 106.58M | 180.25M | 160.69M |
| Asset Turnover | 0.85x | 0.53x | 0.25x |
| Asset Growth % | -40.87% | 12.17% | - |
| Total Current Liabilities | 87.34M | 195.59M | 168.68M |
| Accounts Payable | 25.9M | 25.4M | 24.18M |
| Days Payables Outstanding | 148.05 | 150.21 | 289.33 |
| Short-Term Debt | 26.05M | 128.46M | 107.48M |
| Deferred Revenue (Current) | 17.93M | 30.57M | 25.68M |
| Other Current Liabilities | 8.27M | 4.6M | 7.04M |
| Current Ratio | 0.85x | 0.75x | 0.42x |
| Quick Ratio | 0.66x | 0.62x | 0.30x |
| Cash Conversion Cycle | 135.64 | 417.26 | 204.83 |
| Total Non-Current Liabilities | 37.08M | 38.97M | 51.03M |
| Long-Term Debt | 22.19M | 34.41M | 41.78M |
| Capital Lease Obligations | 9.37M | 841K | 990K |
| Deferred Tax Liabilities | 4.39M | 2.5M | 6.71M |
| Other Non-Current Liabilities | 1.13M | 1.22M | 1K |
| Total Liabilities | 124.42M | 234.56M | 219.71M |
| Total Debt | 59.13M | 164.19M | 150.79M |
| Net Debt | 53.42M | 155.86M | 132.41M |
| Debt / Equity | - | - | - |
| Debt / EBITDA | 1.51x | 8.24x | - |
| Net Debt / EBITDA | 1.37x | 7.82x | - |
| Interest Coverage | 3.19x | 0.77x | -0.41x |
| Total Equity | -17.84M | -54.31M | -59.02M |
| Equity Growth % | 67.15% | 7.96% | - |
| Book Value per Share | - | - | - |
| Total Shareholders' Equity | -25.2M | -61M | -63.85M |
| Common Stock | 70.61M | 70.48M | 69.08M |
| Retained Earnings | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | -95.81M | -131.47M | -132.93M |
| Minority Interest | 7.36M | 6.68M | 4.84M |
SPAC-related accounting volatility
Following the recent business combination with Pegasus Digital Mobility Acquisition Corp, the company's financial position remains in a state of transition, as evidenced by the lack of historical balance sheet data available to assess long-term capital accumulation trends or the underlying stability of the firm's asset base.
The transition to a public entity introduces significant reporting requirements that currently lack a multi-period baseline for comparative analysis. Investors should monitor how the company manages its capital structure as it navigates the integration of its legacy German engineering operations with the new public market reporting framework.
As indicated by recent corporate filings, the presence of significant warrant liabilities following the de-SPAC transaction creates a non-obvious risk, as the revaluation of these instruments may introduce artificial volatility into the balance sheet that does not reflect the operational health of the machinery business.
The discrepancy between reported net income and operational cash flow suggests that these financial instruments are currently masking the true underlying performance of the core business. Analysts should focus on excluding these non-cash accounting adjustments to determine the actual solvency and liquidity position of the company.
Based on the absence of detailed quarterly balance sheet disclosures, the company's current liquidity position and its ability to maintain a sufficient cash runway for ongoing R&D and project-based capital expenditures remain unclear to external observers, warranting further investigation into the firm's immediate working capital requirements.
Given the high fixed-cost nature of the business and its reliance on long-lead-time turnkey projects, the adequacy of the current cash position is critical for operational continuity. Without transparent data on current and quick ratios, it is difficult to determine if the company possesses the necessary buffer to withstand cyclical downturns in the electronics and PV sectors.
As reported in recent corporate documentation, the company's equity structure is currently influenced by the recent public listing, which introduces potential dilution risks for existing shareholders as warrant holders exercise their rights, potentially impacting the long-term composition of the firm's capital base and shareholder value.
The impact of stock-based compensation and potential warrant conversion on equity quality remains a key area for monitoring. Investors should evaluate whether the current equity base is being utilized to fund sustainable growth initiatives or if it is being eroded by the financial complexities inherent in the recent SPAC merger.
Quick answers to the most common questions about buying SHMDW stock.
As of 2023, SCHMID Group N.V. Warrants (SHMDW) had total assets of $106.6M including $74.2M in current assets.
SCHMID Group N.V. Warrants (SHMDW) carries total debt of $59.1M, offset by $5.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SCHMID Group N.V. Warrants (SHMDW) has total shareholders' equity (book value) of $-25.2M. Book value represents the net worth of the company belonging to common stock holders.
SCHMID Group N.V. Warrants (SHMDW) reported a current ratio of 0.85x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.