CodeMill (CDMIL) Q4 2024 earnings summary

Executive summary

• Achieved first profitable year with net income of 10,937 KSEK for 2024, up from -2,686 KSEK in 2023.

• Revenue grew 17% year-over-year to 91,972 KSEK, with recurring revenue annual run-rate up 25% to 44,205 KSEK.

• Board proposes a dividend of 0.50 SEK per share, the first since IPO.

• Strong cash flow and liquidity, with cash at year-end of 32,824 KSEK.

• Strategic focus on recurring product revenues and high-profile customer wins, including Amazon Studios and a FAANG company.

Financial highlights

• Q4 revenue increased 5% year-over-year to 22,901 KSEK; full-year revenue up 17% to 91,972 KSEK.

• EBIT for Q4 was 2,364 KSEK (up from 980 KSEK); full-year EBIT 10,892 KSEK (from -2,431 KSEK).

• EBITDA margin improved to 29% for the year (from 17%); Q4 EBITDA margin 28%.

• EPS for 2024 was 0.80 SEK (from -0.20 SEK); Q4 EPS 0.18 SEK.

• Cash flow from operations for the year was 28,257 KSEK, up from 14,455 KSEK.

• Solid equity ratio at 62% (up from 57%).

Outlook and guidance

• Board recommends a dividend of 0.50 SEK per share for 2024.

• Focus remains on increasing recurring revenues and product development.

• Personnel costs expected to decrease in 2025 due to the end of a major consulting contract.