Briox (BRIX) Q2 2024 earnings summary

Executive summary

• Focused on achieving positive cash flow through operational transformation and new partner model.

• Launched largest partner contract to date and prepared for new app launch targeting microbusinesses.

• ARR grew 25% year-over-year to 19.6 MSEK; user licenses up 27% to 19,626.

Financial highlights

• Q2 2024 net revenue: 2,921 TSEK (+3% vs Q2 2023); adjusted for one-off, 3,070 TSEK (+8%).

• Q2 operating result: -7,199 TSEK (Q2 2023: -5,961 TSEK); EBITDA: -4,257 TSEK (Q2 2023: -3,503 TSEK).

• H1 2024 net revenue: 6,257 TSEK (+10% vs H1 2023); H1 operating result: -13,282 TSEK.

• Q2 cash flow from operations: -3,238 TSEK; cash at period end: 28,647 TSEK.

• Equity at period end: 51,719 TSEK; soliditet 80%.

Outlook and guidance

• On track with cash flow plan set at year-end; positive cash flow remains a key target.

• New app for microbusinesses to launch in September, with AI features to follow.

• Revised pricing and product packaging expected to drive new revenue streams.