Pixfam (PIXFAM) Q2 2024 earnings summary

Executive summary

• Achieved significant improvement in EBITDA, nearing break-even for both Q2 and H1 2024, reflecting a turnaround from substantial losses a year ago.

• Sosyopix subsidiary continues to drive growth, with strong sales and profitability, contributing to a 12% increase in rolling 12-month revenue to approximately 48 MSEK.

• Leadership transition with Arian Bahrami as interim CEO, focusing on group strategy while previous CEO Elie leads Turkish operations.

Financial highlights

• Q2 2024 total revenue reached 11.97 MSEK, up from 7.42 MSEK in Q2 2023; H1 2024 revenue was 21.57 MSEK.

• EBITDA for Q2 2024 improved to -0.09 MSEK from -1.5 MSEK in Q2 2023; H1 2024 EBITDA at -0.12 MSEK.

• Net loss after tax for Q2 2024 was -4.07 MSEK, compared to -4.54 MSEK in Q2 2023.

• Cash position at June 30, 2024 was 7.7 MSEK, up from 7.2 MSEK a year earlier.

• Equity decreased to 13.6 MSEK from 29.3 MSEK year-over-year; solidity fell to 17.2% from 35.2%.

Outlook and guidance

• Focus remains on achieving profitability and positive cash flow, with continued emphasis on synergies and geographic expansion.

• Plans to pursue smaller acquisitions and enhance platform features, particularly in the Turkish market.