Smartbroker (SB1) H1 2024 earnings summary

Executive summary

• H1 2024 revenue rose 8.9–9% year-over-year to €25.5M, with EBITDA after CAC at €2.9M and a net loss of €2.1M due to higher amortisation.

• Customer base stabilized at 178,000 after prior adjustments; assets under custody at €8.8–9.9B, with average assets per customer up 7.7% to €56,000.

• Operational stability achieved for Smartbroker+; migration backlog cleared and product features expanded.

• Media segment remained profitable, while Transaction segment showed slightly positive EBITDA.

• Capital increase of €7.6M in May 2024 strengthened financial resources for future growth.

Financial highlights

• Revenue increased to €25.5M from €23.4M in H1 2023, up 8.9–9% year-over-year.

• EBITDA after CAC reached €2.9M, up from €1.7M in H1 2023.

• Net loss widened to €2.1M from €1.7M year-over-year.

• Free cash flow improved, turning positive at €0.6M versus -€4.6M in HY1 2023.

• Equity increased to €48.6M, equity ratio at 75.5–76%; net cash position at €9.2M.

Outlook and guidance

• 2024 revenue guidance set at €50–55M, with EBITDA after CAC raised to €3–5M.

• 20,000–30,000 new accounts expected in 2024, with customer growth to accelerate in 2025.

• Positive operating cash flow anticipated for 2024 despite increased marketing and product investments.

• Focus on ramping up marketing and launching new features, including crypto trading and interest rate offers.