Cyviz (CYVIZ) Q4 2024 earnings summary

Executive summary

• Achieved record financial results in 2024, with Q4 and full-year revenue, gross profit, and EBITDA at historic highs, driven by strong order intake and operational excellence.

• Strategic focus on operational excellence, cash flow, profitability, and diversification across verticals and regions reduced vulnerability to market fluctuations and set a strong foundation for 2025.

• Transformation included reorganization into stand-alone regions, commercialization of new business lines, and prioritization of recurring revenue and EBITDA margin targets.

• Majority of new bookings came from repeat customers, with recurring revenue outpacing other streams and supporting future growth.

• Strategic initiatives in IT, finance, HR, and partnerships improved operational efficiency and competitiveness.

Financial highlights

• Q4 2024 revenue was NOK 189.3 million, up 12.4% year-over-year; full-year revenue reached NOK 595.1 million, up 1.7%.

• Q4 gross profit was NOK 95.5 million (gross margin 50.5%); full-year gross profit was NOK 313.5 million (margin 52.7%).

• Q4 EBITDA was NOK 19.8 million, down 1% year-over-year; full-year EBITDA was NOK 36.2 million, up 30%.

• Q4 order intake was NOK 181 million; year-end order backlog stood at NOK 380.5 million.

• Q4 net profit was NOK 30.1 million, up from NOK 9.4 million in Q4 2023; full-year net profit was NOK 18.7 million, up from NOK 3.5 million.

Outlook and guidance

• Continued focus on operational excellence, cash generation, and profitability, with strategic priority to grow ARR and SaaS business and begin ARR reporting from Q1.

• Plans to scale through global partner ecosystem, Integrator Kit, and Software Management Platform, aiming for recurring revenue and EBITDA margin of 25% by 2030.

• Optimistic outlook for all regions, with Europe and MEAP expected to grow and North America set for recovery in late 2025.

• Temporary dip in gross margin expected in H1 2025 due to project timing, but higher revenue anticipated to offset this.

• Strategy centers on innovation, ARR expansion, and scaling through partners to disrupt the market.