maxon achieves a respectable result with CHF 594.7 million revenue despite challenging conditions

For the second consecutive year, the maxon Group reports a decline in revenue. However, thanks to proactive measures, the company considers the 2024 revenue of CHF 594.7 million a satisfactory result under the circumstances. Investments in research and development declined slightly but remain almost stable at 8 percent in percentage terms. The increasing demand for integrated mechatronic systems is evident in the portfolio. maxon is therefore making significant investments in these product platforms.

The maxon Group looks back on a challenging 2024 fiscal year. Revenue fell to CHF 594.7 million (previous year: CHF 664.4 million, -10.5 percent). Originally, the Group started 2024 optimistically with budgeted revenue of CHF 677 million. However, it became apparent relatively quickly that this goal was not realizable. The economic downturn, particularly in Europe, was reflected in Swiss foreign trade figures and had a corresponding impact on order volumes. The Group Executive Board continuously revised the forecasts downwards and initiated cost-cutting measures at an early stage. This swift response helped stabilize the annual results. Operating cash flow in 2024 amounted to CHF 73.9 million (previous year: CHF 101.2 million, -27 percent). 

Revenue declined across all regions. In Europe, it fell to CHF 294 million (previous year: CHF 327 million), in the Americas to CHF 181.8 million (previous year: CHF 206.9 million) and in the Asia-Pacific region to CHF 118.4 million (previous year: CHF 130.1 million).

As a technology company, investments in research and development are essential for maxon. Development expenditure totaled CHF 47.8 million in 2024 (previous year: CHF 53.6 million, -10.8 per cent), which corresponds to around 8 % of sales (previous year: 8.1 %).

Investments in machinery and equipment amounted to CHF 23.5 million last year (previous year: CHF 33.6 million, -29.9 percent). Due to declining sales, maxon invested cautiously in this area. In contrast to previous years, there were also no major construction projects on the agenda.

The number of employees fell from 3262 to 3150 (-3.4 percent). This is due on the one hand to the decline in sales and on the other hand to changes in the product mix. maxon is increasingly delivering complete systems rather than individual components, which leads to less assembly work. This reduction was achieved without layoffs; it resulted exclusively from natural departures and early retirements.

From a product perspective, there is a clear trend towards complete drive systems: Instead of individual motors, maxon is increasingly supplying ready-to-use plug-in solutions that can be integrated directly into customer applications. Since 2012, maxon has offered an online product configurator for this purpose, which makes it possible to flexibly combine motors, gearboxes, sensors and electronics for complex customer projects. 

In 2024, maxon reached series production readiness in several important system projects, such as logistics shuttles and autonomous logistics vehicles. The SpaceLab team can also look back on a year full of milestones: Revenue in this area increased by 25%, mainly due to projects in the commercial space business. The most important sales markets for maxon remain industrial automation and the medical technology sector.

Karl-Walter Braun, main shareholder and Chairman of the Board of Directors of the maxon Group, comments on the result as follows: "Despite a difficult year, we maintained virtually no bank debt and a solid liquidity reserve in 2024 – a reassuring position in economically and politically uncertain times. 2025 will also be challenging; economic and geopolitical imponderables are currently difficult to assess."

Eugen Elmiger, CEO of the maxon Group, says of the annual result: "We began 2024 with optimism but had to quickly adjust our expectations. After several years of revenue growth, we are now seeing a second consecutive year of decline – a clear reflection of today’s economic challenges. Nevertheless, I remain confident: maxon is an innovative company with strong potential, particularly in robotics and our strategic business areas. Our High Efficiency Joints – compact drive solutions with integrated motor, transmission, and control technology – are tailored to growing markets such as collaborative robotics, exoskeletons, and precision medical systems. This shift from individual components to integrated drive solutions positions maxon well for the future.”

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About maxon: The Swiss specialist for precision drive systems

maxon is a leading supplier of precision electric motors and drive systems, developing solutions tailored to the needs of customers in the medical, industrial automation, aerospace, mobility, and robotics sectors. Founded in 1961, the Swiss company is owned by the Braun family and is headquartered in Sachseln (canton of Obwalden). The maxon Group employs around 3000 people at ten production sites worldwide and is represented in over 40 countries.