Comintelli (COMINT) Q4 2024 earnings summary

Executive summary

• Achieved strong growth and profitability in 2024, with EBITA of +8.9 MSEK compared to -7.7 MSEK in 2023, reflecting successful execution of SaaS-focused strategy and operational optimization.

• Annual recurring revenue (ARR) reached a record 32.2 MSEK, up 11% year-over-year, with 89% of ARR now from SaaS customers, marking a full transition to a SaaS business model.

• Customer base remained stable at 80, with low churn of 6.1% and several new contracts, including a major three-year renewal and new AI-driven product launches.

Financial highlights

• Net revenue for 2024 was 39.2 MSEK, up from 30.5 MSEK in 2023; total operating income was 41.2 MSEK (32.4 MSEK in 2023).

• EBITA improved to +8.9 MSEK from -7.7 MSEK year-over-year; net income after tax was 6.7 MSEK compared to -8.5 MSEK.

• Cash flow for the year was +1.4 MSEK, reversing a -4.5 MSEK outflow in 2023; cash and bank at year-end stood at 3.8 MSEK.

• SaaS share of ARR increased to 89% from 58% in 2023.

• Earnings per share after tax was 0.75 SEK (vs. -0.95 SEK in 2023).

Outlook and guidance

• Management expresses strong optimism for 2025, with continued investment in growth initiatives, product development, and further SaaS expansion.

• Full launch of Telli™ Gen AI, an advanced AI research assistant, is planned for Q1 2025, with significant customer interest already noted.