Ayfie International (AIX) H1 2025 earnings summary

Executive summary

• Completed a major business model transformation, shifting to a partner-first, scalable go-to-market strategy with a focus on secure, AI-driven data solutions and deep search functionality.

• Leadership team expanded with experienced executives, including new CCO and COO appointments, to drive partner and operational growth.

• Technology positioned as a Retrieval Augmented Generation (RAG) leader, enabling secure, private AI integration with enterprise data.

• Expanded client base across public, private, and NGO sectors, emphasizing secure data handling.

Financial highlights

• H1 2025 revenue was NOK 6.6 million, down from NOK 8.7 million in H1 2024, reflecting a shift in customer mix and business model; all revenue was recurring.

• EBITDA for H1 2025 was -12.7 MNOK, compared to -11.1 MNOK in H1 2024.

• Net loss for H1 2025 was 12.7 MNOK, versus 12.0 MNOK in H1 2024.

• Cash and cash equivalents at period end were 17.6 MNOK, up from 12.9 MNOK in H1 2024.

• Equity increased to 9.4 MNOK (50% equity ratio), up from 3.8 MNOK (16.5%) in H1 2024.

Outlook and guidance

• Expectation of revenue growth in the second half of 2025 as partner-driven sales ramp up, with systems and incentives in place.

• Market for Retrieval Augmented Generation (RAG) expected to grow at a 49.9% CAGR, reaching $74.5Bn by 2034.

• No guidance provided on future capital raises, but management is focused on increasing revenue to avoid further dilution.