BrightBid Group (BRIGHT) Q3 2024 earnings summary

Executive summary

• Achieved significant cost reductions and improved EBITDA since Q4 2023, with a continued focus on reaching profitability in 2025 despite challenging market conditions.

• ARR grew 3% year-over-year to 53,389 tkr, while net revenue declined 8% to 15,899 tkr due to divestment of Shopello.

• Large write-downs of customer receivables impacted Q3 results, but adjusted EBITDA improved markedly.

• Strategic hires from PayPal and Teamtailor and ongoing innovation in AI technology strengthen competitive position.

Financial highlights

• Net revenue for Q3 2024 was 15,899 tkr, down 8% year-over-year, mainly due to Shopello divestment.

• EBITDA for Q3 was -8,079 tkr (vs. -15,519 tkr last year); adjusted for customer losses, EBITDA was -3.8 mkr.

• Recurring revenue increased 3% to 13,347 tkr; ARR reached 53,389 tkr.

• Net loss per share improved to -0.36 kr from -0.93 kr year-over-year.

• Cash flow from operations was -12,317 tkr, an improvement from -19,955 tkr last year.

Outlook and guidance

• Management maintains the target of achieving profitability in 2025, supported by ongoing cost discipline and operational improvements.

• Focus remains on strengthening profitability, increasing revenues, and delivering value through AI-driven solutions.