Facephi Biometria (FACE) H2 2024 earnings summary

Executive summary

• Achieved record turnover of €28.9M in 2024, up 14.8% year-over-year, with significant investments in R&D, infrastructure, and a major shift to SaaS and cloud-based models.

• Workforce expanded to 273, supporting international expansion and technical capabilities, with stabilization for future growth.

• Product portfolio diversified beyond financial sector into new verticals such as airports, airlines, hospitality, gaming, crypto, and travel.

• Major agreements and partnerships, including HANCOM for APAC, drove global expansion and new product launches in digital identity.

• Celebrated ten years on BME Growth, reinforcing investor and partner confidence.

Financial highlights

• Turnover reached €28.9M in 2024, up 15% year-over-year; ARR grew 28% to €28.0M; TCV increased 50% to €57.8M.

• Normalized EBITDA exceeded €1M, up 10% from 2023, though impacted by one-off expenses; pre-tax loss of €7.3M, adjusted to €5.7M excluding non-recurring items.

• Free cash flow improved by €4.4M year-over-year, with cash balance rising to €5.7M.

• Net financial debt reduced to €4.5M (15–16% of turnover/ARR), down from €10M in 2023 and 60% in 2021.

• Working capital improved to +€2.1M from -€3.3M in 2023.

Outlook and guidance

• Management expects double-digit revenue and EBITDA growth in 2025, with positive cash flow generation continuing.

• Expansion in APAC through HANCOM and entry into NORAM, especially Canada, set for 2025.

• SaaS contracts expected to comprise 70–80% of new business in 2025, up from 50% in 2024.

• No additional short-term funding needs anticipated if credit lines are renewed; main shareholder committed to support if needed.

• EMEA region expected to contribute 7–10% of total revenue in 2025.