Digitalist Group (DIGIGR) Q3 2024 earnings summary

Executive summary

• Q3 2024 turnover was EUR 3.6 million, nearly flat year-over-year, with EBITDA at EUR -0.2 million, reflecting operational challenges and the absence of prior year one-time gains.

• Net income for Q3 2024 was EUR -1.5 million, a decline from EUR -0.5 million in Q3 2023, which benefited from a EUR 0.6 million gain.

• The company launched its first AI offering, Digitalist Private AI Hub, securing new clients including Sandå, Pinmeto, DNA, City of Tampere, and Pricer.

Financial highlights

• Q3 2024 turnover: EUR 3.6 million (-0.8% year-over-year); EBITDA: EUR -0.2 million (vs. EUR 0.4 million in Q3 2023, which included a EUR 0.6 million gain).

• Q3 2024 EBIT: EUR -0.3 million (vs. EUR 0.2 million in Q3 2023); net income: EUR -1.5 million (vs. EUR -0.5 million in Q3 2023).

• 9M 2024 turnover: EUR 11.5 million (-8.4% year-over-year); EBITDA: EUR -1.3 million (vs. EUR -0.5 million in 9M 2023, which included a EUR 0.6 million gain).

• 9M 2024 EBIT: EUR -1.7 million (vs. EUR -1.1 million in 9M 2023); net income: EUR -4.0 million (vs. EUR -2.5 million in 9M 2023).

• Number of employees at period end: 126, down 9% year-over-year.

Outlook and guidance

• 2024 turnover and EBITDA are now expected to decrease compared to 2023, a revision from previous guidance of stable turnover and improved EBITDA.

• Despite efficiency measures, cash flow for the next 12 months is forecasted to be negative, but working capital is deemed sufficient with main owner support if needed.