Ayfie International (AIX) H1 2024 earnings summary

Executive summary

• Raised NOK 20 million in H1 2024 to support technology investment and commercial expansion.

• Revenue for H1 2024 was 8.7 MNOK, with an operating loss (EBITDA) of 11.1 MNOK as the company invests in AI and ramps up sales.

• Adjusted EBITDA, excluding a one-time workforce adjustment expense of 2.5 MNOK, was -8.6 MNOK.

• Phasing out a low-profitability product to reduce fixed costs and focus on scalable offerings.

• Serving prominent clients in both national and international markets, including Government Pension Fund Norway, DNB Markets, and Statkraft.

Financial highlights

• H1 2024 revenue: 8.7 MNOK (down from 10.9 MNOK year-over-year); recurring revenue: 8.3 MNOK; non-recurring: 0.4 MNOK.

• H1 2024 EBITDA: -11.1 MNOK (vs. -11.8 MNOK year-over-year); adjusted EBITDA: -8.6 MNOK.

• Net loss for H1 2024: 11.9 MNOK (vs. 11.8 MNOK year-over-year).

• Gross margin remained high at 98% in H1 2024.

• Personnel expenses decreased to 13.6 MNOK (from 14.2 MNOK year-over-year); other operating expenses at 5.8 MNOK.

Outlook and guidance

• Expects significant revenue growth in H2 2024 and through 2025, with profitability targeted for 2025.

• Partner agreements and international distribution expected to drive scalable, low-risk growth.

• Organic growth initiatives and potential for growth via acquisitions or mergers.