Facephi Biometria (FACE) H1 2024 earnings summary

Executive summary

• Achieved record turnover of €11.7 million in H1 2024, up 20% year-over-year, with international markets accounting for over 99% of sales.

• Secured €5 million investment and exclusive APAC distribution agreement with HANCOM, expanding international presence.

• Strengthened leadership with new CFO, Investor Relations Director, and expanded LATAM operations.

• Significant investments in R&D and technology, with €2.4M capitalized in software development.

• Management highlights completion of optimal operational and technological structure, positioning for accelerated growth and stronger cash flow in 2025.

Financial highlights

• Turnover rose to €11.7M in H1 2024 from €9.7M in H1 2023, a 20% increase year-over-year.

• Annual Recurring Revenue (ARR) increased to €27.4M from €21.8M, up 26%.

• Normalized EBITDA (excluding extraordinary expenses) improved by 10% to -€2.1M, reflecting seasonality.

• Net loss widened to €6.3M, mainly due to higher personnel and operating expenses.

• R&D investment grew by 13% to €2.4M, supporting new developments and market entry.

Outlook and guidance

• Management expects significant growth in turnover and EBITDA in 2025 as investments in market acquisition begin to yield results.

• Cash flow projections for the next 18 months anticipate sufficient liquidity, assuming renewal of credit lines and additional financing.

• Continued focus on innovation and international certifications to access new markets.