Coheris (COH) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €7.4M, down 1.7% year-over-year; business revenue declined 3.6% to €6.6M.

• Subscription revenue rose 17.1% to €3.4M, now 51% of total revenue, up from 42% a year ago.

• Net income increased 32.2% to €1.6M, driven by improved operational efficiency and tax benefits.

Financial highlights

• Operating income rose 22% to €1.4M; operating margin improved due to cost control.

• Annual recurring revenue (ARR) reached €10.3M, up 1% from December 2023.

• Net cash position at €16.54M, up €3.6M from December 2023.

• Equity increased 6% to €18.9M compared to December 2023.

Segment performance

• Subscription (annual licenses) revenue grew to 51% of total, while perpetual licenses and maintenance fell to 21%.

• Service revenue declined 15% to €1.9M, now 29% of total revenue.