Cloud Technologies (CLD) Q2 2024 earnings summary

Executive summary

• Q2 2024 net profit more than doubled year-over-year to 4.2 mln PLN, with H1 2024 net profit up 41.7% to 7.1 mln PLN.

• Data sales accounted for 99% of Q2 2024 revenue, with the US market representing 80% of data sales revenue.

• H1 2024 revenue was 23.0 mln PLN, down 19.3% year-over-year; Q2 revenue fell 17.4% to 12.0 mln PLN.

• Main business is data sales for digital marketing, with most revenue from international markets, especially the US and Western Europe.

• Adjusted EBITDA for H1 2024 was 13.6 mln PLN, up 0.7% year-over-year.

Financial highlights

• Q2 2024 revenue totaled 12.0 mln PLN, with data sales at 11.9 mln PLN and other activities at 0.1 mln PLN.

• EBITDA margin in Q2 2024 was 58%; net profit margin was 35%.

• Operating cash flow in H1 2024 was 12.1 mln PLN; cash and equivalents at period end were 13.6 mln PLN.

• Dividend of 5.6 mln PLN paid in June 2024.

• Total financial liabilities at 30 June 2024 were 6.6 mln PLN, mainly leasing obligations.

Segment performance

• From 2024, only one segment is reported: data sales and technology access, after the sale of Audience Network in 2023.

• Data sales in H1 2024 were stable year-over-year, while other activities declined sharply due to strategic focus shift.

• EBITDA for Q2 2024 decreased 4.4% year-over-year to 6.9 mln PLN.

• H1 2024 data sales grew 1.3% year-over-year to 22.7 mln PLN; EBITDA rose 0.7% to 13.6 mln PLN.