Dropsuite (DSE) H2 2024 earnings summary

Executive summary

• Achieved record Annualised Recurring Revenue (ARR) of $49.8M, up 37% on constant currency compared to the prior corresponding period (PCP).

• Paid user base reached 1.65M, with strong growth from both direct and distribution partners.

• Fourth consecutive year of positive operating cash flow, highlighting a scalable and sustainable business model.

Financial highlights

• Revenue from operating activities increased 34% year-over-year to $41.15M.

• Gross margin improved by 100bps to 69% compared to PCP.

• Underlying EBITDA was $2.11M, down 22% from PCP due to increased R&D and go-to-market investments.

• Net profit from ordinary activities was $1.03M, a 34% decrease year-over-year.

• Cash on hand at year-end was $28.57M, up 18% year-over-year.

Outlook and guidance

• Continued investment planned in R&D and go-to-market functions to drive future growth.

• BYOS (Bring Your Own Storage) OEM offering expected to contribute further upside.