EQS-News: Exasol publishes preliminary figures for the first half of 2024 and confirms outlook
EQS-News: EXASOL AG
/ Key word(s): Preliminary Results/Half Year Results
Exasol publishes preliminary figures for the first half of 2024 and confirms outlook - ARR increases by 11.8% to EUR 39.7 million year-over-year (June 30, 2023: EUR 35.5 million) Nuremberg, August 9, 2024: Exasol AG, a global technology company and provider of a high-performance analytics database, achieved significant earnings growth in the second quarter of 2024, confirming the trend from the first quarter of the year. According to preliminary figures, operating profit (EBITDA) increased to EUR 0.7 million in the first half of the year (H1 2023: EUR -3.4 million*). The main reason for this is a further increase in Group revenue combined with an improved cost structure. Group revenue rose to EUR 19.4 million in the first half of 2024, up 9.3% on the same period of the previous year (H1 2023: EUR 17.8 million). At the same time, annualized recurring revenue (ARR) increased by 11.8% to EUR 39.7 million as at the quarterly reporting date (June 30, 2023: EUR 35.5 million). Gross new business with new and existing customers amounted to EUR 2.3 million in the first half of 2024, a slight increase compared to the same period of the previous year (H1 2023: EUR 2.2 million). The acquisition of new customers also increased to 9 in the first half of 2024 (H1 2023: 6). As expected, however, the increased churn rate, which was already visible at the end of 2023, still had a temporary negative impact in the first half of 2024, resulting in a net decrease in ARR of EUR -1.1 million since the beginning of the year (H1 2023: EUR +1.0 million). This is primarily due to the loss of a major customer in EMEA. ARR is expected to rise again in the second half of 2024 due to a seasonal increase in new business. "Our gross new business developed as expected and we were able to improve slightly compared to the previous year. The further increase in profitability also shows that we are on the right track with our efficiency improvement measures," explains Joerg Tewes, CEO of Exasol. "For the second half of the year, we plan to further expand our business with new customers in particular. As new business with existing customers is traditionally strong in the second half of the year, we have our sights firmly set on our growth target for the full year and will, as announced, close the 2024 financial year profitably." Cash and cash equivalents amounted to EUR 19.7 million at the end of the first half of 2024. Compared to the end of 2023, this corresponds to a cash inflow of EUR 6.4 million (H1 2023: EUR -1.0 million).
Outlook 2024 The outlook for the 2024 financial year remains unchanged: Exasol expects ARR to increase by up to 10% year-on-year in the 2024 financial year. In the second half of 2024, the growth initiatives launched at the end of 2023 are expected to take effect and lead to a return to positive ARR development. Exasol continues to expect consolidated revenue to increase by 10-15% with a positive operating result (EBITDA) for the 2024 financial year. Cash and cash equivalents are expected to remain stable at over EUR 10 million at the end of 2024 compared to the previous year. The full report for the first half of 2024 will be published on August 14, 2024.
* EBITDA is adjusted for costs related to the capital increase in June 2023 in the amount of EUR 0.3 million.
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09.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | EXASOL AG |
Neumeyerstraße 22-26 | |
90411 Nuremberg | |
Germany | |
Internet: | www.exasol.com |
ISIN: | DE000A0LR9G9 |
WKN: | A0LR9G |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1965003 |
End of News | EQS News Service |
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1965003 09.08.2024 CET/CEST
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