Digitalist Group (DIGIGR) Q2 2024 earnings summary

Executive summary

• Turnover for H1 2024 was EUR 7.9 million, down 11.5% year-over-year, with Q2 turnover at EUR 4.0 million, a 6.8% decrease compared to Q2 2023.

• Net income for H1 2024 was EUR -2.6 million, compared to EUR -2.0 million in H1 2023; Q2 net income was EUR -1.5 million.

• Swedish operations now contribute 70% of turnover, up from 58% last year, offsetting some weakness in Finland.

• Cost-saving measures yielded EUR 0.3 million in savings in H1 2024.

• New partnerships in Sweden and project wins in Finland support optimism for H2 2024.

Financial highlights

• EBITDA for H1 2024 was EUR -1.1 million (-14.4% margin), compared to EUR -0.9 million (-10.3%) in H1 2023.

• EBIT for H1 2024 was EUR -1.3 million (-17.0% margin), unchanged from H1 2023.

• Cash flow from operations was EUR -0.9 million, down from EUR -0.6 million in H1 2023.

• Liquid assets at period end were EUR 0.3 million, down from EUR 1.0 million a year earlier.

• Equity ratio was -345.1% at period end, compared to -298.7% a year earlier.

Outlook and guidance

• Turnover is expected to remain stable in 2024, with EBITDA projected to improve versus 2023.

• Focus remains on operational efficiency, growth in Sweden, and disciplined management in Finland.