CM.com reports H1 2023 normalized EBITDA of -€ 3.7m, well within the given EBITDA guidance of -€3 to -€5m. Contributions to profitability in H1 2023 came mostly from high margin products in SaaS, Payments and Ticketing. Overall, gross profit grew 8% YoY and gross margins improved 1.9 percentages points to 27.8% in H1 2023. Total revenue H1 2023 was slightly higher YoY, offsetting COVID-related tailwinds in H1 2022. OPEX in H1 2023 was lower YoY and will decrease further in H2 2023. CM.com, therefore, expects normalized EBITDA to be positive over H2 2023.

BREDA, 25 JULY 2023

H1 2023 financial highlights

Normalized EBITDA of -€3.7 million, before €0.8 million restructuring costs, well within guided EBITDA range for H1 2023;
Gross profit grew by 8% YoY to €38.2 million, supported by SaaS +19%, Payments +11%, and Ticketing +31%;
Gross margin improved by 1.9 percentage points to 27.8%;
Revenue grew by 1% YoY to €137.3 million, supported by SaaS +19%, Payments +22%, and Ticketing +35%;
In CPaaS, the increased gross profit on SMS messaging business replaced most of the COVID-related gross profit on Voice minutes in H1 2022, and resulted in a 3% decrease in revenue and gross profit YoY;
Cost reduction is well underway, as OPEX before restructuring costs decreased YoY and will decrease further in H2 2023.



Q2 2023 financial highlights

Gross profit grew by 11% YoY to €19.2 million;
Gross margin increased by 2.5 percentage points YoY to 29.1%;
Revenue grew by 1% YoY to €65.9 million.



Business highlights H1 2023

CM.com launched Generative AI products for a first group of selected clients in the Travel - & E-commerce industry, enabling them to better interact with their audience;
CM.com completed the setup with Visa and Mastercard and launched its in-house developed payment processing platform to give clients a better payments experience;
CM.com sold more tickets than ever before in Ticketing.

Outlook

CM.com expects normalized EBITDA to be positive over H2 2023 (upgraded from positive by year-end 2023);
CM.com expects OPEX to further decrease in H2 2023 to reach -10% YoY for FY 2023, before restructuring cost;
CM.com expects to be free-cash-flow positive by H2 2024 (upgraded from positive by year-end 2024).

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