Mashup Ireland (MASHUP) Q2 2024 earnings summary

Executive summary

• Achieved record revenues and first positive EBITDA of EUR 50k for H1 2024, with revenue up 21% year-over-year to EUR 4.4m.

• Strategic pivot to focus on Irish SMEs, supported by expanded investment strategy and new CEO appointment.

• Completed acquisition of Mashup PLC, adding significant property assets and development potential.

• Share price increased 122% from the Mashup PLC acquisition to period end.

Financial highlights

• H1 2024 revenue: EUR 4.4m (+21% YoY); Q2 revenue: EUR 2.5m (+26% YoY).

• H1 2024 EBITDA: EUR 50k (vs. -EUR 181k in H1 2023); Q2 EBITDA: EUR 90k (vs. -EUR 73k in Q2 2023).

• Gross profit for H1 2024: EUR 1.3m (+26% YoY); gross margin improved to 30% (from 29%).

• Recurring revenue for H1 2024: EUR 2.8m (+37% YoY); Q2 recurring revenue up 51% YoY.

• Net loss after tax for H1 2024: -EUR 152k (improved from -EUR 365k in H1 2023).

Outlook and guidance

• Trading in Q3 2024 remains strong, with year-on-year growth and robust gross margins.

• Expanded strategy expected to drive further growth in Irish SME investments and portfolio synergies.

• Pipeline of deals anticipated for H2 2024, with continued focus on profitability and capital efficiency.