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Volue Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary15 Aug, 2024
Executive summary
Operating revenues reached NOK 409 million in Q2 2024, up 9% year-over-year, with recurring revenues comprising 71% of total revenues and SaaS revenues up 38% to NOK 135 million, representing 33% of total revenues.
Adjusted EBITDA margin improved to 22% from 17% in Q2 2023, driven by scalability, organic improvements, and a shift to recurring revenue streams.
Strategic shift from non-recurring, volatility-driven revenues to recurring models is building a more resilient revenue base.
Launched a new AI-based wind model, enhancing forecasting accuracy by 20% and strengthening the Insight platform.
A voluntary cash offer for all shares at NOK 42 per share, representing a 51% premium to the last traded price, was announced post-quarter and is expected to launch in August 2024.
Financial highlights
Recurring revenues in Q2 2024: NOK 292 million (24% growth year-over-year); SaaS revenues: NOK 135 million (38% growth year-over-year).
Adjusted EBITDA was NOK 88 million (Q2 2024) vs NOK 63 million (Q2 2023); margin 22% vs 17%.
Net profit for Q2 2024 was NOK 21.9 million; gross margin stable at 86%.
Cash flow from operating activities was NOK 370 million for H1 2024; cash balance at quarter-end: NOK 193 million.
Capex increased slightly due to seasonality and business opportunities, expected to decrease in the short-to-medium term.
Outlook and guidance
Maintains long-term guidance: 15% annual organic growth, 1-2 M&A deals per year, and year-on-year improvements in adjusted EBITDA margin, cash conversion, ARR, and SaaS share.
Expects continued ARR growth for the remainder of 2024, supported by strong sales and market outlook, and continued strategic investments in SaaS platform and international expansion.
Energy segment's non-recurring revenue outlook
AI wind model's competitive differentiation
Baltic grid synchronization's ARR growth impact
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Volue provides software and technology solutions for the energy, power grid, and infrastructure markets worldwide. Volue's unique insight into the global electricity distribution network from extreme urban conditions to remote locations enables us to provide innovative solutions to some of the most critical challenges in the energy industry today. The company was founded in 2019 and is headquartered in Oslo, Norway.
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