Frontier Digital Ventures (FDV) H1 2024 earnings summary

Executive summary

• Achieved record first half revenue of A$35.5m, up 14% year-over-year, with all operating regions cash flow positive and strong organic growth in 360 LATAM and FDV Asia.

• Statutory EBITDA rose 92% to A$1.7m, driven by strong performance in 360 LATAM and margin expansion.

• Net loss after tax attributable to members improved by 85% to A$(1.4)m compared to 1H 2023.

• Revenue and EBITDA growth were achieved organically, with Q2 performance notably stronger than Q1.

• Focus remains on value creation, product innovation, and monetisation opportunities.

Financial highlights

• Statutory revenue: A$35.5m (+14% vs 1H 2023); operating revenue (incl. Associates): A$41.6m (+10%).

• Statutory EBITDA: A$1.7m (+92%); operating EBITDA (incl. Associates): A$2.4m (+57%).

• EBITDA margin expanded to 5% from 3% in 1H 2023.

• Net loss after tax improved to A$(1.4)m from A$(9.9)m.

• Cash balance of A$12.1m as of 30 June 2024.

Outlook and guidance

• Management expects continued product-led growth, especially in 360 LATAM, with further deployment of new products and services to capture ancillary and transaction opportunities.

• Focus in 2H 2024 on maximising penetration in property and auto verticals, increasing average revenue per listing, and unlocking transaction opportunities.

• Ongoing product development, including rapid growth of Iris and Centrify and launch of new Yapo website.

• No formal forward guidance, but trajectory suggests continued revenue and margin growth.