OrderYOYO (YOYO) H1 2024 earnings summary

Executive summary

• Market leader in Europe for white label software in the takeaway industry, with strongholds in the UK, Germany, Ireland, Austria, and Denmark.

• Net revenue for H1 2024 reached DKK 148 million, up 28% year-over-year, driven by organic growth and recent acquisitions in the UK, Ireland, and Germany.

• Annual recurring revenue (ARR) grew 23% year-over-year to DKK 302 million in June 2024, with a healthy mix of 61% usage-based and 39% fixed subscription fees.

• EBITDA before non-recurring items rose 153% year-over-year to DKK 22.8 million, reflecting improved cost efficiency and scale.

• Cash EBITDA for H1 2024 was DKK 10 million, a DKK 15 million improvement, marking continued positive cash generation.

Financial highlights

• Gross profit increased 32% to DKK 123 million, with gross margin improving to 83% from 81% year-over-year.

• June 2024 GMV rose 26% to DKK 2.9 billion.

• Staff costs rose 5% to DKK 43 million, but as a percentage of revenue fell to 29% from 35% year-over-year.

• Depreciation and amortization totaled DKK 29 million, mainly from goodwill and R&D capitalization.

• Cash position at June 30, 2024 was DKK 57.5 million, up from DKK 55.3 million at year-end 2023.

Outlook and guidance

• 2024 guidance raised: ARR DKK 325–335 million, net revenue DKK 290–300 million, EBITDA DKK 45–50 million, cash EBITDA DKK 17–22 million.

• EBITDA margin guidance increased from 9–11% to 16–17% for 2024.

• Long-term EBITDA margin goal of 25%+ appears more attainable than previously anticipated.

• GMV guidance for December 2024 is DKK 3.1–3.3 billion.

• Continued investment in product, technology, and market leadership, with focus on organic growth and M&A.