MotorK (MTRK) H1 2025 earnings summary

Executive summary

• Achieved €20.3 million in H1 2025 revenue, up 1.4% year-over-year, with strong recurring revenue share at 78%.

• Strategic focus on high-value, scalable customer segments led to churn from non-core clients but improved operational efficiency.

• Cost base reduced by 3% year-over-year to €19.2 million, supporting margin expansion and positive operating free cash flow.

• Cash EBITDA improved by 46% year-over-year, reaching negative €2.6 million, with positive operating free cash flow for the first time.

• Net borrowing position improved to negative €15.6 million at June 30, 2025.

Financial highlights

• Committed Annual Recurring Revenue (CARR) at €35.8 million, with €3.9 million in new additions offset by churn.

• Recurring billings totaled €15.8 million, stable year-over-year.

• Adjusted EBITDA reached €1.0 million, up from €0.1 million in H1 2024.

• Net loss for the period reduced to €5.5 million from €8.0 million year-over-year.

• Free cash flow improved to negative €2.2 million from negative €7.3 million in H1 2024.

Outlook and guidance

• CARR growth guidance revised to low single-digit for full year, down from previous low double-digit expectation.

• Sequential CARR growth expected to resume in Q4 2025, with positive monthly cash EBITDA anticipated by year-end.

• Cost structure expected to further reduce by approximately 10% on a full-year basis.

• Management confident in long-term value creation through disciplined execution and product-led growth.