Doxee (DOX) H1 2024 earnings summary

Executive summary

• Revenue grew 3.2% year-over-year in H1 2024 to €12.54M, driven by DACH and CEE regions, with Italy stable.

• EBITDA turned positive at €0.54M, reflecting cost reductions and operational synergies from integrating Infinica GmbH and Doxee AT.

• Net loss narrowed to €2.4M from €3.2M in H1 2023, mainly due to increased amortization and improved efficiency.

• Net financial debt reduced to €16.96M, supported by a €5.8M capital increase used to repay loans and payables.

• Eleven new enterprise customers acquired, with major contract renewals and a 98% net retention rate.

Financial highlights

• Revenues: €12.54M (+3.2% YoY); Value of Production: €14.0M.

• EBITDA: €0.54M (vs. -€0.5M in H1 2023); EBIT: -€2.0M (vs. -€2.6M YoY).

• Net loss: €2.41M (improved from €3.25M YoY); Net working capital: -€3.3M.

• Net financial debt: €16.96M (down from €21.61M at FY 2023); Equity: €9.96M (up from €6.55M at Dec 2023).

• Contribution margin increased 17.2% to €7.5M, reflecting lower staff and consultancy costs.

Outlook and guidance

• Management expects further revenue growth and profitability improvements in H2 2024, supported by the O³ plan and continued cost optimization.

• Focus on sustainable revenue growth, increased ARR, and improved gross margin.

• Strengthening sales and pre-sales teams, especially in DACH region, and ongoing internationalization.

• R&D investments in Doxee Platform® to normalize as project nears completion.