Coheris (COH) Q2 2024 TU earnings summary

Executive summary

• First-half 2024 revenue reached €6.6M, down 3.6% year-over-year from €6.9M.

• Subscription (annual licence) revenue rose 17.1% to €3.4M, now 51% of total revenue, up from 42% last year.

• Perpetual licence and maintenance revenue fell to 21% of total, from 26% a year ago.

• Service revenue declined 15% to €1.9M, representing 29% of total revenue, due to fewer signed projects.

Financial highlights

• Total business revenue for H1 2024: €6.6M, a 3.6% decrease year-over-year.

• Subscription revenue: €3.4M, up 17.1% year-over-year.

• Service revenue: €1.9M, down 15% year-over-year.

• Annual recurring revenue (ARR) at June 30, 2024: €10.3M, up 1% from December 31, 2023.

Segment performance

• Subscription revenue now forms the majority of total revenue at 51%, up 9 points year-over-year.

• Perpetual licence and maintenance revenue share dropped to 21% of total.

• Service revenue share decreased to 29% of total, reflecting lower project volume.