Facephi Biometria (FACE) H2 2024 earnings summary

Executive summary

• Achieved record turnover of €28.9M in 2024, up 14.8% year-over-year, driven by new products, services, and global expansion, including a major agreement with HANCOM to boost APAC presence.

• Workforce expanded to 273–300, with 70% in tech/product roles, supporting international growth and technical capabilities.

• Product portfolio diversified with launches in behavioral biometrics, mule account detection, KYP for airlines, and IDV Suite.

• Market share gains in financial sector and new verticals such as airlines, airports, hospitality, gaming, and crypto.

• Celebrated ten years on BME Growth, reinforcing investor and partner confidence.

Financial highlights

• Turnover reached €28.9M in 2024, up 15% year-over-year; ARR grew 28% to €28.0M; TCV increased 50% to €57.8M.

• Normalized EBITDA exceeded €1M, up 10% from 2023; free cash flow improved by €4.4M year-over-year.

• Net financial debt reduced to €4.5M (15–16% of turnover/ARR), down from €10M in 2023 and 60% in 2021.

• Working capital improved, ending 2024 positive at +€2.1M.

• Achieved positive free cash flow in January 2025, ahead of previous guidance.

Outlook and guidance

• Management expects double-digit revenue growth and improved cash flow for 2025, with SaaS projected to represent 70–80% of new contracts.

• Expansion in APAC through HANCOM partnership and entry into NORAM, especially Canada, set for 2025.

• EMEA region expected to contribute 7–10% of total revenue in 2025.

• Positive EBITDA and strong cash flow anticipated by end of 2025.

• No additional short-term funding needs anticipated if credit lines are renewed; main shareholder committed to support if needed.