WALLIX GROUP (ALLIX) H1 2024 earnings summary

Executive summary

• Achieved 8.7% year-over-year turnover growth to €15.1 million in H1 2024, driven by a successful shift to a subscription model and strong recurring revenue performance.

• Recurring business now represents 71.6% of turnover, with monthly recurring revenue up 30.2% year-over-year to €1.8 million.

• Operating profit and net earnings remained stable, with continued improvement in the operating expenses/turnover ratio.

• Strategic acceleration in SaaS with the launch of a new zero-trust platform and expanded partnerships in key markets.

Financial highlights

• H1 2024 turnover: €15.1 million, up from €13.9 million in H1 2023.

• Recurring business (subscriptions + maintenance) reached €10.8 million, up 32.2% year-over-year.

• Operating loss: €6.2 million; net loss: €5.6 million, both similar to H1 2023.

• Gross cash and cash equivalents: €12.8 million as of June 30, 2024.

• Gross borrowings: €8.7 million, with 87% due in over three years.

Outlook and guidance

• Targeting a return to operating profit in H2 2024 and tangible profit in 2025.

• Expects to recover deferred licensing sales in France by year-end and maintain hypergrowth in recurring business.

• Anticipates H2 turnover to significantly exceed H1, supported by seasonal sales patterns and new business volume.