Deep-tech robotics startup Solinas Integrity reported a revenue decline of 8.3% in FY24, reaching Rs 4.52 crore, down from Rs 4.93 crore in FY23. Despite this, the company moved from a profit of Rs 18.71 lakh in FY23 to a net loss of Rs 2.83 crore in FY24 due to a sharp rise in expenses. Total expenses surged by 56.7% to Rs 7.35 crore in FY24, up from Rs 4.69 crore in the previous fiscal.
Nearly 66% of its revenue was derived from operations in FY24, up from over 45% in FY23. Over 84% of its operating revenue came from service income, while the rest came from sales in FY24.
Founded in 2018 and headquartered in Chennai, Solinas Integrity develops indigenous robotic solutions for pipeline inspection, sanitation, and underground asset management. Its flagship products, Endobot and Swasth AI, are designed to detect water contamination, wastage, and sewer overflows, tackling critical infrastructure challenges in India.
Solinas’ shareholding structure includes co-founder Divanshu Kumar holding 32.64% of the company’s equity, an ESOP pool accounting for 8.74%, and IIT Madras Incubation Cell with a 3.64% stake. The company has secured Rs 5.65 crore in funding across four rounds, with its latest Seed round closing on May 28, 2024.
Employee costs remained the largest component of Solinas’ expenses in FY24, accounting for 39.72% of total expenses, up from 25.58% in FY23. The cost of materials also saw a sharp rise to 30.20% in FY24, compared to 12.57% in FY23, reflecting increased R&D and production costs. Advertisement costs stood at 0.81%, depreciation at 1.76%, and finance costs at 0.175% of total expenses.
Profitability metrics saw a significant downturn, with the EBITDA margin plummeting to -59.34% in FY24 from 5.78% in FY23. ROCE also fell sharply to -123.94%, highlighting capital efficiency challenges.