Cyber_Folks (CBF) Q2 2024 earnings summary

Executive summary

• Achieved record financial results in Q2 and H1 2024, with revenues and EBITDA at all-time highs, driven by dynamic organic growth, global expansion, and successful new product launches.

• Net profit for Q2 2024 reached nearly PLN 28 million, up 42% year-over-year; consolidated net revenue exceeded PLN 154 million, up 32% yoy.

• Over 360,000 clients served in more than 100 countries, with significant growth in e-commerce and AI-powered solutions.

• Strategic sale of Profitroom shares delivered a nearly threefold return, boosting cash reserves for debt reduction and investment.

• Promoted to the mWIG40 index on the Warsaw Stock Exchange, reflecting increased market capitalization.

Financial highlights

• Q2 2024 revenue rose 32% year-over-year to PLN 154.4m; H1 2024 revenue reached PLN 298.5m (+31% yoy).

• Q2 2024 net profit reached PLN 27.2m (+38% yoy); H1 2024 net profit was PLN 51.4m (+52% yoy).

• Adjusted EBITDA for Q2 2024 was PLN 42.3m (+21% yoy); H1 2024 adjusted EBITDA was PLN 82.1m.

• Operating cash flow for Q2 2024 reached PLN 37.8m, up 67% yoy; H1 2024 operating cash flow was PLN 80.2m (+37% yoy).

• Cash position at end of June 2024 was PLN 42.4m.

Outlook and guidance

• Plans to maintain high dividend growth rate and continue dynamic business expansion.

• Preparing for global expansion of the AI-powered web creator product, targeting the U.S. market in Q3 2024.

• Stores 2.0 launch in November 2024 aims to expand target market to larger enterprises.

• Net debt expected to drop to zero by year-end, increasing acquisition and investment capacity.

• Continued investment in proprietary product development, especially in e-commerce and AI.