Otello (OTEC) H2 2024 earnings summary

Executive summary

• Otello's main business is financial asset management, with a 38.22% stake in Bemobi Mobile Tech S.A., a Brazilian digital payments company.

• Operational activities remain minimal; focus is on maximizing shareholder value through Bemobi and share buybacks.

Financial highlights

• Total equity at December 2024 was USD 81,834 thousand, or USD 0.90 per share.

• Cash and cash equivalents stood at USD 10,454 thousand at year-end 2024.

• Net income for 2H24 was USD (4,266) thousand, an improvement from USD (8,606) thousand in 2H23.

• Adjusted EBITDA for 2H24 was USD (958) thousand, up 32% from 2H23.

• 3,804,863 shares were repurchased in 2H24 for USD 2,683 thousand.

Outlook and guidance

• Otello remains positive on Bemobi's prospects, especially its pivot to payment solutions.

• The board is exploring strategies to maximize shareholder value, including continued share buybacks and deeper engagement with Bemobi.