Impero (IMPERO) Q2 2024 earnings summary

Executive summary

• Achieved 28% year-over-year ARR growth and 29% revenue growth in H1 2024, with net revenue retention of 109%.

• Customer base expanded to 170, including 18 new enterprise customers and significant wins in Germany and Belgium.

• Over 50% of new ARR originated from the DACH region, with 57% of new ARR generated via partner channels.

• EBITDA loss narrowed to DKK -5.1M in H1 2024 from DKK -6.8M in H1 2023, with improved cash flow from operations.

• Ended H1 2024 with a cash position of DKK 15.3M and sufficient funding for ongoing investments.

Financial highlights

• Revenue for H1 2024 reached DKK 16.6M, up 29% from DKK 12.8M in H1 2023.

• ARR at end of H1 2024 was DKK 35.4M, up from DKK 27.6M at end of H1 2023.

• Gross profit margin remained strong at 96% in H1 2024.

• Operating loss (EBIT) for H1 2024 was negative DKK 6.5M, improved from negative DKK 8.0M in H1 2023.

• Free cash flow for the 12 months ending H1 2024 was negative DKK 9.0M, with a cash-to-acquired ARR ratio of -1.2.

Outlook and guidance

• Maintains 2024 guidance: ARR between DKK 38M and 42M, EBITDA between DKK -11M and -9M.

• Targeting to double the customer base and achieve positive cash flow on a 12-month rolling basis by end of 2026.

• Expects ARR growth of 25% to 38% for the full year.

• Plans for continued geographic expansion in Northwestern Europe and expanded offerings through partnerships.

• Outlook depends on stable macroeconomic and geopolitical conditions and continued partner and talent acquisition.