In Q1 2024, CM.com kept a tight grip on costs, while growing gross profit. The product mix remained skewed towards higher margins business, resulting in higher gross profit. OPEX came in lower compared to Q1 2023. As a result, normalized EBITDA reached a record level in Q1 2024. CM.com expects year-over-year revenue development to improve as of Q2 2024. Normalized OPEX is expected to decrease approximately 15% in full year 2024 versus 2023. CM.com reiterates to become free cash flow positive by H2 2024 as EBITDA growth is expected to continue.

Breda, 17 April 2024

Q1 2024 Financial Highlights

Normalized EBITDA grew to a record level of €3.3 million (€-2.4 million in Q1 2023).
Gross Profit reached €19.5 million, +3% YoY.
Gross margin was strong at 30.8% (26.5% in Q1 2023).
Normalized OPEX came in at €16.3 million, -23% YoY.
Revenue reached €63.5 million, -11% YoY following the shift to value over revenue. Annual Recurring Revenue grew 6% YoY to €32.0 million.

Q1 2024 Business Highlights

Juniper Research recognized CM.com as ‘Established leader’ in CPaaS vendor space.
In the business unit Connect (former CPaaS), focus remained on improving margins. Total number of messaging grew 18% YoY and WhatsApp grew to 30% of total messaging volume.
In the business unit Engage (former SaaS), new order intake developed well. One of the largest soft drink companies in the world signed up for CM.com’s Marketing Cloud product for its global direct marketing communication. GenAI is now an integrated part of the offering as over 50% of all new contracts signed include GenAI.
In the business unit Pay (former Payments), migration onto the new processing platform is in final stages of completion. POS sales has good traction. Total volume of payments processed grew 31% YoY.
In the business unit Live (former Ticketing), growth momentum remained good. Number of tickets sold grew 10% YoY and the app development service expanded its services to more international.

Outlook

CM.com expects normalized EBITDA to grow further in 2024.
Normalized OPEX is expected to decrease approximately 15% in 2024 versus 2023.
CM.com expects year-over-year revenue development to improve as of Q2 2024.
CM.com reiterates its target to be free cash flow positive by H2 2024.

see & read more on
https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/a0a42ab5-3cb9-4912-84b7-3c6e47330d5c/smart-pr-754/Trading%20update%20CM.com%20Q1%202024.pdf

tijd 13.03
Cm.com EUR 7,01 -21 ct vol. 55.617