Coheris (COH) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €7.4M, down 1.7% year-over-year, with business revenue (excluding intra-group recharges) at €6.6M, a 3.6% decrease from H1 2023.

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

• Subscription sales grew 17.1% to €3.4M, now representing 51% of total revenue, reflecting the ongoing shift to a subscription model.

Financial highlights

• Operating income reached €1.42M, up from €1.12M in H1 2023, with operating margin improved due to cost control.

• Annual recurring revenue (ARR) stood at €10.3M as of June 30, 2024, up 1% from December 2023.

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

• Equity increased to €18.9M from €17.8M at December 2023.

• Cash flow from operations was €5.0M, significantly higher than €1.9M in H1 2023.

Segment performance

• Subscription revenue grew 17.1% year-over-year to €3.4M, now 51% of total revenue.

• Perpetual licenses and maintenance dropped to 21% of revenue, in line with the transition to subscriptions.

• Services revenue declined 15% to €1.9M, representing 29% of total revenue.