Witted Megacorp (WITTED) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue declined 16.4% year-over-year to €11.4 million, but profitability improved with adjusted EBITA at €0.2 million (2.1% margin), the best sales quarter in two years, and signs of pent-up market demand and post-summer recovery, especially in August and September.

• Profitability gains were driven by cost-saving measures and reduced personnel and operating costs, with the number of experts at period-end dropping 21.1% year-over-year to 329.5 FTE.

Financial highlights

• Revenue for Q3 2024 was €11.4 million, down 16.4% year-over-year, with organic revenue decline at 16.5% and NOK depreciation reducing revenue by €0.1–0.2 million.

• Adjusted EBITA/EBITDA was €0.2 million (2.1% of revenue), up from -€0.3 million (-2.0%) a year ago, and net result improved to -€0.1 million from -€0.8 million.

• Personnel expenses fell to €3.1 million in Q3 and €11.3 million for nine months, down 25.3–31.9% year-over-year.

Outlook and guidance

• Management targets over 8% adjusted EBITA in Finland and positive adjusted EBITA internationally, with ongoing focus on sales and operational efficiency; no full-year guidance, but regular business reviews and updates are provided.

• Market recovery is noted in all Nordics, with further stabilization and improvement expected in Q4.