Comintelli (COMINT) Q3 2024 earnings summary

Executive summary

• Achieved strong EBITA improvement to +6.1 MSEK in Q3 2024, driven by a major customer contract extension and SaaS migration progress.

• 95% of total revenues are recurring, with ARR at 30.0 MSEK at period end.

• Customer base at 77, with a focus on large, multinational clients in dynamic industries.

Financial highlights

• Q3 2024 net revenue rose to 13.4 MSEK from 7.9 MSEK year-over-year; total revenues reached 13.6 MSEK.

• EBITA for Q3 2024 was 6.1 MSEK, up from 0.5 MSEK in Q3 2023; YTD EBITA at 5.3 MSEK versus -7.4 MSEK prior year.

• Net income for Q3 2024 was 5.9 MSEK, compared to 0.4 MSEK in Q3 2023; YTD net income at 4.9 MSEK versus -7.9 MSEK.

• Cash flow for Q3 2024 was +0.5 MSEK; YTD cash flow at -0.1 MSEK, a significant improvement from -5.0 MSEK last year.

• SaaS share of ARR increased to 80% at period end, up from 46% a year earlier.

Outlook and guidance

• Expects nearly all customers to be migrated to SaaS platform by March 2025.

• Sees significant growth opportunities among existing and target industry customers despite global uncertainties.