MotorK (MTRK) Q3 2024 TU earnings summary

Executive summary

• Achieved 11% year-over-year growth in Committed Annual Recurring Revenue (CARR), reaching €39.1 million for the first nine months of 2024.

• Recurring billings increased 17% compared to September 2023, reflecting strong retention and demand.

• Adjusted EBITDA improved from a €2.2 million loss to a €1.8 million profit year-over-year, driven by cost optimization and operational efficiencies.

• Reported revenue was €31.3 million, stable versus the prior year, as revenue recognition depends on contract renewals and go-lives.

Financial highlights

• Cash position strengthened by an additional €5 million tranche from Atempo Growth to support strategic initiatives.

• SaaS platform revenue grew 2% year-over-year to €23.6 million, representing 75% of total revenue.

• Digital marketing revenue rose 18% year-over-year to €6.6 million; other revenue declined 51%.

• Total revenue by geography: Italy €19.8M (+3%), France €5.0M (+36%), Spain €2.6M (-33%), Germany €1.8M (-28%), Benelux €2.1M (+10%).

Outlook and guidance

• Pipeline reached €23 million, with a record number of deals exceeding €1 million in ACV, indicating larger enterprise engagements.

• Shift toward larger enterprise deals extends sales cycles, impacting timing for positive Cash EBITDA, now expected next year.

• Revised CARR target to €45–50 million, contingent on closing major contracts.