BIMobject (BIM) Q2 2024 earnings summary

Executive summary

• Achieved 8% year-over-year ARR growth to MSEK 138.4 and 6% net sales growth to MSEK 41.8 in Q2 2024, despite low building activity in the market.

• Recurring revenue represented 81% of total net sales, with service revenue up 5% sequentially.

• Positive operating cash flow for the second consecutive quarter and a strong cash position of MSEK 223 at quarter-end.

• Positioned to benefit from EU sustainability regulations driving demand for digital product data.

• Noted a significant board rotation, strengthening investor representation.

Financial highlights

• Q2 2024 net sales: MSEK 41.8 (+6% year-over-year, +5% sequentially); recurring revenue: MSEK 33.8 (+9% year-over-year).

• EBITDA: MSEK -5.1 (vs. -4.8 in Q2 2023); EBIT: MSEK -7.2 (vs. -7.5); EPS: SEK -0.04 (vs. -0.02).

• Operating cash flow: MSEK 0.8 (vs. -8.9); available liquid assets: MSEK 223.

• Equity/assets ratio: 63% (vs. 69%); no loans from credit institutions.

• Net sales per employee: MSEK 0.30 (vs. 0.28 in Q2 2023); number of employees: 141.

Outlook and guidance

• Management expects continued growth opportunities as EU regulations increase demand for digital product information.

• Ongoing platform integration and new solutions targeting distributors to address regulatory compliance needs.

• Market activity is expected to remain subdued, impacting client acquisition and churn.