Doxee (DOX) H1 2025 earnings summary

Executive summary

• Achieved 21% year-over-year revenue growth in H1 2025 to €15.1 million, driven by strong performance in Italy (+9%) and the DACH region (+73%), with strategic client wins.

• Returned to profitability with net income of €0.04 million, compared to a loss of €2.4 million in H1 2024.

• EBITDA rose sharply to €2.9 million from €0.5 million in H1 2024, reflecting efficiency gains and cost containment.

• Net financial debt reduced to €15.5 million from €19.3 million at FY 2024, supported by positive cash flow.

• Organizational integration and technology improvements under the ONE Company and ONE Platform initiatives enhanced efficiency and value proposition.

Financial highlights

• Revenues reached €15.1 million (+21% YoY); gross margin rose to €10.3 million (+37% YoY).

• Value of production increased 16% to €16.2 million compared to H1 2024.

• Recurring subscription revenues were €10.9 million, up 17.1% and representing over 73% of turnover.

• Professional services revenue grew 17.2% to €4.2 million.

• Cash flow from operations was €5.0 million, up from €1.5 million in H1 2024.

Outlook and guidance

• Focus on sustainable revenue growth, operational leverage, and high ROI per unit investment.

• Management expects continued growth and profitability in H2 2025, focusing on organic growth, platform integration, and AI development.

• Investments planned in sales through partners, AI agents, and proprietary LLM foundation.

• Ongoing reduction of net financial debt is targeted without renegotiation with banks.

• Continued expansion in DACH and CEE regions, with a strong commercial pipeline and low churn rate.