Big Technologies (BIG) Trading Update summary

Financial performance and trading update

• Revenue for 2024 expected at £50.3 million, down from £55.2 million in 2023, aligning with market expectations.

• Adjusted EBITDA projected at £27.0 million for 2024, compared to £33.0 million in 2023, reflecting ongoing US business development investments.

• Loss of a Colombian customer in May 2024 led to lower H2 revenue, but monthly recurring revenue (MRR) at year-end was £4.0 million, up from £3.9 million in H1.

• 2025 sales and profitability are expected to remain similar to 2024, with strong visibility on base-level business and anticipated MRR growth.

Strategic outlook and market positioning

• Financial flexibility supports investment in new technologies and business development in under-represented markets.

• The electronic monitoring market benefits from favorable trends, supporting future growth.

• Board remains confident in a near-term return to growth, leveraging market-leading products and a clear strategy.

Product and business highlights

• Big Technologies, through its Buddi brand, offers integrated hardware and software solutions for remote personal monitoring, mainly in the criminal justice sector.

• The Buddi Smart Tag and Buddi Eagle software provide real-time, accurate tracking with reduced false alerts and cost savings for customers.

• Devices are leased on a subscription basis, with product design advantages including lighter weight, longer battery life, and easier installation.