CodeMill (CDMIL) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 reached 25,055 KSEK, up 4% year-over-year; adjusted for a one-time hardware sale last year, growth was 55%.

• Recurring revenue annual run-rate increased 38% year-over-year to 41,947 KSEK.

• EBIT for Q2 was 2,712 KSEK, a turnaround from -1,083 KSEK in Q2 2023.

• EBITDA for Q2 rose 133% year-over-year to 6,572 KSEK, with a margin of 26%.

• Positive cash flow from operations and strong liquidity position with 28,979 KSEK in cash.

Financial highlights

• Q2 net sales: 25,055 KSEK (up 4% y/y; 55% adjusted for one-off).

• EBIT: 2,712 KSEK (vs. -1,083 KSEK y/y); net income: 2,608 KSEK (vs. -1,219 KSEK y/y).

• EBITDA: 6,572 KSEK (26% margin) vs. 2,822 KSEK (12% margin) y/y.

• Recurring revenue run-rate: 41,947 KSEK, up 38% y/y.

• Cash flow from operations: 4,144 KSEK (vs. 7,510 KSEK y/y); cash at period end: 28,979 KSEK.

Outlook and guidance

• Focus remains on growing recurring revenues and expanding in US, UK, DACH, Southern Europe, Southeast Asia, and Nordics.

• Continued product development, including new features for Cantemo 6 and Accurate.Video, targeting major media and entertainment clients.

• Positive outlook with strong order intake and ongoing digital transformation projects.