Zenvia (ZENV) Q1 2024 earnings summary

Executive summary

• Q1 2024 revenue grew 18.8% year-over-year to BRL 212.6 million, driven by SaaS (+12%) and CPaaS (+23%) expansion, with strong large enterprise participation.

• Normalized EBITDA reached BRL 23.5 million, up 200.2% year-over-year, reflecting higher revenues and strict expense control.

• Gross margin declined to 38.0% from 44.1% year-over-year, impacted by a higher CPaaS mix and lower SaaS margins due to large enterprise growth and integration costs.

• Loss for the period widened to BRL 55.9 million from BRL 16.8 million year-over-year, mainly due to higher financial expenses.

• Zenvia Customer Cloud was soft launched, with full rollout planned for 2024, aiming to unify multichannel CX and drive future growth.

Financial highlights

• Revenues: BRL 212.6 million (+18.8% YoY); SaaS: BRL 76.8 million (+12.0% YoY); CPaaS: BRL 135.8 million (+23.0% YoY).

• Non-GAAP Adjusted Gross Profit: BRL 93.6 million (+1.3% YoY); Non-GAAP Adjusted Gross Margin: 44.0% (-7.6p.p. YoY).

• Adjusted EBITDA: BRL 13.4 million (+71.6% YoY); Normalized EBITDA: BRL 23.5 million (+200.2% YoY).

• Operating loss (EBIT): BRL 9.4 million, improved from BRL 12.3 million year-over-year.

• Cash balance: BRL 71.5 million at quarter-end.

Outlook and guidance

• FY 2024 revenue guidance reaffirmed at BRL 930–970 million (15–20% YoY growth).

• Non-GAAP Adjusted Gross Margin expected at 42–45% for FY 2024.

• Normalized EBITDA guidance for FY 2024: BRL 120–140 million.