(Alliance News) - Esautomotion Spa reported Tuesday that in the first quarter, revenues of EUR7.9 million were down 19 percent from EUR9.7 million as of March 31, 2023.

The figure confirms the trend that began in the second half of 2023, "mainly due to the uncertainties related to the current geopolitical situation that has curbed investment, the end of the component shortage that has pushed customers to reduce their inventories as much as possible, and the cessation of investment incentive policies," the company specified in a note.

Consolidated net financial position remains cash positive at EUR4.7 million, an improvement from EUR3.6 million as of Dec. 31, 2023.

Esautomotion's stock closed Tuesday up 1.8 percent to EUR4.01 per share.

By Chiara Bruschi, Alliance News reporter

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