Growens (GROW) Q3 2025 earnings summary

Executive summary

• Operates in fast-growing B2B SaaS and CPaaS markets, focusing on email content design and mobile messaging, with a global client base.

• Achieved significant global expansion, serving 12,000 clients and over 1 million free users in 180 countries.

• Completed 7 acquisitions and 2 major divestments since 2015, with recent focus on Beefree and Agile Telecom.

• Consolidated revenues for the first nine months of 2025 were €54.7 million, stable year-over-year, with Q3 revenues up 4.2% to €18.5 million compared to Q3 2024.

• Gross profit for the nine months rose 16% to €14.7 million, with a gross margin of 27%.

Financial highlights

• FY 2024 revenues at €74.5m, down 0.8% year-over-year; EBITDA improved from -€0.6m to -€0.1m.

• SaaS revenues grew 23% year-over-year to €11 million, representing 20% of total revenues; CPaaS revenues declined 3% to €43 million, accounting for 79% of total.

• Beefree revenues grew 23.5% to €12.7m in FY 2024, while Agile Telecom declined 5.1% to €60.3m.

• 9M 2025 revenues stable at €54.7m; EBITDA turned positive at €0.6m from -€0.5m in prior period.

• Gross profit increased 20% in FY 2024, with R&D and S&M costs up 37% and 31% respectively.

Outlook and guidance

• Beefree targets ARR of $21–23m by December 2026 and $24–27m by December 2027.

• Revenue CAGR for Beefree projected at 20–23% (2024–2027), with gross margin >80% and EBITDA margin >15% by 2027.

• Beefree is expected to reach EBITDA breakeven by 2027, with negative cash flow until 2028.

• Strategic focus on Beefree organic growth, R&D, and targeted M&A.