Compodium International (COMPDM) Q2 2024 earnings summary

Executive summary

• Q2 2024 net revenue rose to 8.6 MSEK from 6.8 MSEK, with SaaS revenue at 7.7 MSEK (6.0 MSEK).

• Annual recurring revenue (ARR) for SaaS reached 31.0 MSEK, up 56% year-over-year, with 15% organic growth.

• EBITDA improved to 1.9 MSEK from -2.9 MSEK in Q2 2023; net result after tax was -1.0 MSEK versus -5.4 MSEK.

• Net revenue retention (NRR) increased to 113% (102%), indicating strong expansion from existing customers.

• Announced plans to acquire SecureAppbox to strengthen the Nordic and European market position.

Financial highlights

• H1 2024 net revenue totaled 16.2 MSEK (14.6 MSEK), with SaaS revenue at 14.5 MSEK (11.7 MSEK).

• H1 2024 EBITDA was 3.4 MSEK, up from -6.0 MSEK; net result after tax was -2.3 MSEK (H1 2023: -11.1 MSEK).

• Gross margin for SaaS was 90% in Q2 2024, slightly down from 93% in Q2 2023.

• Cash flow for H1 2024 was -5.7 MSEK (3.1 MSEK), with cash at period end of 3.2 MSEK (14.3 MSEK).

• Equity at period end was 32.3 MSEK (44.1 MSEK), with a solidity of 61.1% (74.9%).

Outlook and guidance

• Management expects continued positive impact from cost optimization initiatives on gross margin.

• Focus remains on organic growth and integration of SecureAppbox, pending transaction approval.

• Anticipates a busy autumn with product development and integration activities.