PSI Software (PSAN) Q4 2024 earnings summary

Executive summary

• Returned to profitability in Q4 2024 with positive EBIT of 4.2 million euros after a challenging year impacted by a cyberattack.

• Full-year 2024 sales declined 3.4% to 260.8 million euros compared to 2023.

• Group net result for 2024 was -21.0 million euros, down from 0.3 million euros in 2023.

• Order backlog at year-end was 152 million euros, with new orders in Q4 matching the prior year.

Financial highlights

• Recurring revenues rose to 106.0 million euros, up from 103.5 million euros year-over-year.

• Cash flow from operating activities was -19.7 million euros, compared to 16.8 million euros in 2023.

• Cash and cash equivalents at year-end were 26.5 million euros, down from 50.5 million euros.

• Earnings per share for 2024 was -1.35 euros, compared to 0.02 euros in 2023.

Outlook and guidance

• Management expects 2025 new orders and sales to grow by around 10%.

• Adjusted EBIT margin for 2025 is forecast at around 4%.

• Recurring revenues expected to grow at least 10%, reaching about 42% of total revenue.

• Gross profit margin anticipated at a minimum of 35%, with free cash flow of at least 15 million euros.