OODA AI (OODA) Q2 2024 earnings summary

Executive summary

• Secured new financing, providing a stable foundation for further development and expansion of decentralized AI solutions and tools.

• Announced a planned name change to "OODA" to reflect a broader product portfolio beyond oodash.

• Focused on cost reduction, restructuring, and organizational changes to support long-term growth.

• Launched an AI App Store and expanded offerings in decentralized AI infrastructure and APIs.

Financial highlights

• Group revenues for H1 2024 were 7,176 tkr, down from 82,730 tkr year-over-year, mainly due to divestment and closure of consulting businesses.

• Net sales for H1 2024 were 542 tkr, compared to 69,768 tkr in H1 2023.

• EBITDA for H1 2024 was -4,890 tkr, an improvement from -18,795 tkr in H1 2023, driven by lower operating costs.

• Net result per share improved to -12.94 kr from -43.08 kr year-over-year.

• Cash flow from operations was 2,152 tkr, compared to -39,525 tkr in H1 2023.

Outlook and guidance

• Intends to raise additional capital in 2024 and 2025 to realize the company's potential.

• Board aims for the company to be debt-free by year-end and maintain at least 12 months of liquidity to fund operations through 2025 and beyond.