CBRAIN (CBRAIN) Q4 2024 earnings summary

Executive summary

• cBrain has established itself as a leader in COTS (Commercial Off-The-Shelf) software for government digitization, with a strong Danish reference and growing international presence.

• The F2 Digital Platform is widely adopted by Danish ministries and is now deployed across five continents, supporting digital transformation in government organizations.

• Strategic partnerships, such as with UNDP for Africa, and expansion into markets like the US, Germany, India, and Romania, are key growth drivers.

Financial highlights

• 2024 revenue reached DKK 268m, up from DKK 239m in 2023, with export accounting for 34% of revenue.

• Danish revenue increased by 15% to DKK 178m; export revenue rose by 7% to DKK 90m.

• Software revenue grew 11% to DKK 210m, representing 78% of total revenue; services revenue increased 16% to DKK 58m.

• EBT margin stood at 32% in 2024; over five years, revenue grew 178% and EBT 696%.

Outlook and guidance

• 2025 revenue forecast is DKK 300m (base) to DKK 350m (growth plan), targeting up to 30% growth.

• Achieving 30% EBT margin is a strategic goal, with 15% extra cost allocation for growth initiatives.

• Growth to be driven by super accounts, partner ecosystem, and international expansion, especially in the US, Germany, India, and Africa.