ByteTravel (SCBYT) H2 2023 earnings summary

Executive summary

• Achieved 89% year-over-year revenue growth in 2023, reaching €8.48 million, with a net profit of €2.44 million, up from €290k in 2022.

• Processed 168,000 visas in 2023, with a 99.7% approval rate and over 1 million registered users.

• The company operates a scalable, tech-driven platform for online visa processing (Visagov), serving both B2C and B2B clients, and is expanding into new travel-related services.

Financial highlights

• Revenue grew from €4.48 million in 2022 to €8.48 million in 2023 (+89%).

• EBITDA increased from €391k in 2022 to €3.28 million in 2023, with a margin of 39%.

• Net profit rose from €290k in 2022 to €2.44 million in 2023.

• Cash position at year-end 2023 was €2.2 million, with minimal debt.

• April 2024 YTD revenue was €3.33 million, up from €1.72 million in April 2023.

Outlook and guidance

• Management expects continued high growth in 2024, with expansion into new markets and services such as eSIMs and travel insurance.

• No formal numerical guidance provided, but strategic focus remains on scaling the core visa business and launching complementary travel products.