Mastrad: Net Loss of €1.8M, Negative Equity, Capital Increase Under Consideration
Mastrad announced its half-year results on July 6, 2026, in a critical context. The group reported a net loss of €1.8M (compared to a loss of €644K a year earlier), a net cash position reduced to €148K, and equity turned negative at -€622K. These figures reflect the accumulation of three shocks: the delayed launch of Temp°it to at least the end of 2026, the premature cessation of FoodCycler in France, and massive impairments of technological assets deemed irrecoverable by auditors. Mastrad is engaged in advanced discussions for a significant capital increase, without which the company's continuity would be jeopardized in the short term.
Declining Revenue, Deepening Operational Losses
In the first half of the 2025-2026 fiscal year ending December 31, 2025, consolidated revenue amounted to €344K, down 10% from €383K recorded a year earlier. This decline is primarily due to the delayed commercial launch of Temp°it, a key product in the group's technological refocus. The reduction in revenue resulted in an EBITDA of -€1,007K, more than double the deterioration from -€479K a year ago. After depreciation and provisions of €150K, the operating result reached -€1,157K compared to -€725K. This includes €511K of exceptional expenses, notably the recovery of advances and payments on account for ongoing capital expenditures related to abandoned projects. The net result stands at -€1,799K. License revenue remains one of the few sources of relative stability, with €115K representing a third of the semester's billing, although down 34% from €174K a year earlier. The sub-licensing program with Intermarché generated about €150K in revenue for the spring-summer 2026 period.
Blocked Technological Products, Worthless Fixed Assets
Temp°it, the four-in-one cooking thermometer combining instant measurement, wired probe, wireless probe, and infrared, was supposed to embody Mastrad's transformation towards connected utensils. However, the project has crossed several important milestones while accumulating technical difficulties that push its launch to at least the end of 2026, a substantial delay from the initial schedule. Concurrently, FoodCycler, a food waste reduction solution launched in France to access a new segment driven by environmental concerns, recorded insufficient commercial reception. Promotion costs exceeded the margin generated, leading to the outright cessation of commercial development. The group also continues trials with two industrial partners, but more complex than expected technical validations have delayed potential market launches. These setbacks are reflected in the balance sheet: €410K in advances and payments on account for intangible and tangible fixed assets remain recorded, related to technological development projects some of which have been discontinued. The Auditors have issued a reservation, judging that these assets no longer present any recoverable economic value and that an additional impairment should have been recorded.
Critical Cash Position and Dependence on External Financing
As of December 31, 2025, consolidated equity stands at -€622K, turning negative from a positive €480K six months earlier. Available cash only reaches €161K (from €240K a year earlier), reduced to €148K net after accounting for current bank borrowings of €13K. This critical level includes €800K raised during the semester from investment funds (Hexagon Capital Fund and Beluga SCI) in the form of convertible bonds. Total financial debts amount to €1,615K. Trade payables and related accounts amount to €802K, tax and social liabilities to €161K, all due within one year. Faced with this situation, Mastrad is engaged in advanced discussions with several financial partners to set up a significant capital increase intended to strengthen equity and ensure operational continuity. The Auditors have noted a significant uncertainty regarding the continuation of the activity given the balance sheet structure. If the current negotiations do not succeed, the company's continuity would be questioned in the short term.
