BrightBid Group (BRIGHT) Q2 2024 earnings summary

Executive summary

• Recurring SaaS revenue grew 51% year-over-year in Q2 2024, reaching 13,875 tkr, reflecting strong customer value and resilience in a challenging market.

• EBITDA loss more than halved over the past six months, improving from -15.4 mkr in Q4 2023 to -6.2 mkr in Q2 2024, driven by cost synergies and operational efficiency.

• Cash position strengthened to 45,169 tkr at period end, supported by a 55 mkr directed share issue.

• Company rebranded from Speqta AB to BrightBid Group AB, with a new board and strategic focus on AI-driven adtech.

Financial highlights

• Net sales for Q2 2024 were 17,667 tkr, up 31% year-over-year from 13,517 tkr, mainly due to organic growth in Sweden, Norway, UK, and Denmark.

• Annual Recurring Revenue (CARR) increased 20% year-over-year to 66,736 tkr.

• EBITDA for Q2 2024 was -6,241 tkr, a significant improvement from -8,603 tkr in Q2 2023 and -11,066 tkr in Q1 2024.

• Earnings per share for Q2 2024 were -0.33 kr, compared to -0.59 kr in Q2 2023.

• Cash flow from operating activities improved to -9,821 tkr in Q2 2024 from -12,474 tkr in Q1 2024.

Outlook and guidance

• Targeting break-even and positive cash flow in 2025, supported by ongoing cost reductions and operational improvements.

• Global launch of the updated AI-driven platform for agencies planned in September, expected to drive further growth and efficiency.