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Volue (VOLUE) investor relations material
Volue Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2024 operating revenues reached NOK 409 million, up 9% year-over-year, with recurring revenues at 71% of total and SaaS revenues up 38% to NOK 135 million, representing 33% of total revenues.
Adjusted EBITDA margin improved to 22% from 17% in Q2 2023, driven by scalability and a shift to recurring revenue streams.
The company is transforming its business model to focus on recurring revenues, resulting in improved margins and resilience.
A voluntary cash offer for all shares at NOK 42 per share, representing a 51% premium, was announced and is expected to launch in August 2024.
Launch of a new AI-based wind model improved forecast accuracy by 20% for the Insight platform.
Financial highlights
Recurring revenues for Q2 2024 were NOK 292 million, with annualized ARR exceeding NOK 1.2 billion, up 30% from Q2 2023.
Adjusted EBITDA was NOK 88 million, up from NOK 63 million in Q2 2023; gross margin stable at 86%.
Net profit for Q2 2024 was NOK 21.9 million; cash flow from operations for H1 2024 was NOK 370 million.
CapEx and R&D investments increased slightly, expected to decrease in the short-to-medium term.
Cash and cash equivalents at quarter-end were NOK 193 million.
Outlook and guidance
Long-term guidance maintained: 15% annual organic growth, 1-2 M&A deals per year, and year-on-year increases in adjusted EBITDA margin, cash conversion, and share of ARR and SaaS revenues.
Management expects continued ARR growth into 2024, supported by strong sales and market outlook.
Continued strategic investments in SaaS platform and international expansion are planned.
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