MotorK (MTRK) H1 2024 earnings summary

Executive summary

• Achieved significant cost reductions and operational efficiencies, leading to a positive adjusted EBITDA of €1.6 million in H1 2024, up from -€1.4 million year-over-year.

• On track for monthly positive Cash EBITDA from end of Q3 2024, with a robust pipeline supporting growth targets.

• Confirmed full-year CARR guidance of €50 million, with H1 2024 CARR at €39.6 million, up 14% year-over-year.

• Cost base for 2024 is lower than 2023 despite ongoing growth initiatives, reflecting successful streamlining.

Financial highlights

• H1 2024 revenues were €21.5 million, down 2% year-over-year; recurring billings rose 19% to €17 million, now 79% of total revenues.

• Adjusted EBITDA improved to €1.6 million from -€1.4 million in H1 2023; cash EBITDA at -€3.3 million, up from -€9.3 million.

• Net loss for H1 2024 was €6.5 million, compared to €7.8 million loss in H1 2023.

• Net borrowing position improved to -€16.7 million from -€21.3 million at December 2023, aided by a €14 million reserved capital increase.

• Cash and cash equivalents increased to €7.1 million at June 2024 from €3.5 million at year-end 2023.

Outlook and guidance

• Full-year CARR guidance of €50 million reaffirmed, with strong pipeline visibility in both Retail (€10m) and Enterprise (€12.6m) segments.

• Confident in achieving positive monthly Cash EBITDA from end of Q3 2024, despite some delayed large contracts.

• Strategic focus on profitability and efficiency expected to drive long-term growth and value creation.