Highlights Finanziari
Results in line with expectations and EBITDA significantly accelerated in the second half of the year, margin on revenue substantially at break even due to focus on higher value-added customers
"We are particularly pleased to announce the 2023 results, which are not in line with the management’s expectations and above market ones, but which also demonstrate the solid foundation on which the Datrix Group's business strategy rests. says Fabrizio Milano D'Aragona, Datrix’s CEO. "The increase in international sales and average revenue per customer, and especially the achievement of a positive EBITDA in the second half of 2023, are tangible indicators of the success of our strategic initiatives. These results confirm the validity of the decision to focus investments on the two business areas, AI for Data Monetisation and AI for Industrial & Business Processes, and thus on strongly applied AI systems; in this regard, I would like to emphasize how the strategic investments made over the years have strengthened our main AI-based products to a level of robustness that makes them ready for large-scale deployment. The acquisition of new customers, as well as confirming the growing interest of the business functions of companies in AI, will also have a positive impact on the results for 2024, a year in which we expect to generate positive EBITDA. Furthermore, in the current year, we intend to further consolidate our market position, through a strategy of growth also by external lines. This is a key element of the Datrix Group's development strategy that will allow us to expand the portfolio of vertical and hyper-specialised companies to be accelerated with our AI systems”.
FY 2023 Financial Highlights (mln Euro)
15.3
CONSOLIDATED REVENUES
amounting to Euro 15.3m (Euro 16.8m in FY2022); organic growth was +12%1 also in connection with the new offering definition.
Consistent with the new definition of the MarTech offering in place, characterized by a focus on a higher value-added product and solution offering, the numbers for 2023 were impacted by the decision to completely eliminate the low-margin part of turnover, in particular, in relation to a long-standing customer. In 2022, these revenues amounted to Euro 3.5m.
-0.3
Adjusted EBITDA
of Euro -0.3m (Euro -0.6m in FY2022), accelerating in the second half of the year at Euro 0.5m. Margin on revenue significantly improved to -2% in 2023 (-4% in FY2022), 6% in 2H 2023, thanks to the focus on higher value-added customers, in line with the Group's long-term strategy.
2.4
CASH AVAILABLE
amounting to Euro +2.4m as at 31 December 2023 (Euro 5.3m in FY2022). In line with the plan, the company invested Euro 2.7m in R&D for the development of its products, down significantly from the previous year (Euro 3.1m in FY2022). It should be noted that, although the level of investments remained high, cash absorption in 2023 decreased more than 40% compared to last year.
Performance
Per area di business
the AI for Data Monetization line, which accounts for 93% of the total, recorded revenues of Euro 13.6m, -12% compared to 2022 (Euro 15.5m), +13% organic growth on FY20222. The AdTech segment grew by +35% to Euro 7.9m in 2023 (Euro 5.8m in FY2022). Consistent with the new definition of the offering in the MarTech segment, the figures for 2023 were impacted by the decision to completely eliminate the part of turnover characterised by a lower margin, in FY 2022 these revenues amounted to Euro 3.5m.
the AI for Industrial & Business Processes line, which accounts for 7% of the total, recorded revenues of Euro 1.0m, +61% compared to FY 2022.