Business
Agillic publishes its annual results 2024 in line with preliminary results published on 6 February 2025
Agillic publishes its annual results 2024 in line with preliminary results published on 6 February
About this update from Agillic A/s
Announcement no. 03 2025 Copenhagen – 25 February 2025 – Agillic A/S Agillic has today published its annual results 2024 in line with the preliminary results published on 6 February 2025. The guidance for 2025 is also maintained. Christian Samsø, CEO, comments on the results: “In 2024, sales were affected by higher uncertainty and limited appetite for tech investments in the market. Client portfolio changes, driven mainly by mergers and acquisitions, where clients were forced onto other platforms as part of new global contracts and commitments, affected Agillic. However, on a positive note, several new clients chose Agillic as their customer engagement platform in 2024. In 2024, we finally closed the year-long tax credit dispute with the Danish Tax Authorities and in Agillic’s favour, positively impacting both the net result and liquidity. 2025 will undoubtedly present it’s challenges too, but with a refocused strategy and a new and committed management team, we feel confident to deliver on our ambitions for growth and profitability.” Key financial and SaaS highlights (DKK million) INCOME STATEMENT (DKK million) FY 2024 FY 2023 Change Q4 2024 Q4 2023 Change Revenue subscriptions 50.0 52.4 -5% 13.0 12.2 7% Revenue transactions 10.2 12.0 -15% 2.8 2.9 -3% Other revenue 0.0 0.3 -100% 0.0 0.3 -100% Total revenue 60.2 64.7 -7% 15.8 15.4 3% Gross profit 48.8 52.2 -7% 12.7 12.6 1% Gross margin 81% 80% - 80% 82% - Other operating income 0.8 0.6 33% 0.2 0.1 100% Employee costs -34.5 -36.8 6% -10.8 -10.8 0% Operational costs -14.1 -14.1 0% -2.9 -3.5 17% EBITDA 1.0 1.9 -47% -0.8 -1.6 50% Net profit -3.3 -27.5 88% -4.5 -22.4 80% FINANCIAL POSITION Cash 6.4 9.8 -35% 6.4 9.8 -35% ARR DEVELOPMENT (DKK million) ARR subscriptions 54.3 57.8 -6% 54.3 57.8 -6% ARR transactions 11.2 12.3 -9% 11.2 12.3 -9% Total ARR 65.5 70.1 -7% 65.5 70.1 -7% Change in ARR (DKK) -4.6 -6.6 - 2.4 -6.6 - Change in ARR % -7% -9% - 4% -9% - Reclassification between other operating income, employee costs, and operational costs is updated in 2023 figures . ARR At the end of 2024, ARR from subscriptions was DKK 54.3 million compared to DKK 57.8 million as of 2023, a decrease of DKK 3.5 million corresponding to a decrease of 6% with a decline in ARR from transactions from DKK 12.3 million to DKK 11.2 million. At the end of 2024, total ARR was DKK 65.5 million, compared to DKK 70.1 million as of 2023, a decrease of DKK 5.6 million. Income statement The revenue from subscriptions decreased by 5% to DKK 50.0 million (2023: DKK 52.4 million) with a total revenue of DKK 60.2 million (2023: DKK 64.7 million). Gross profit was DKK 48.8 million (2023: DKK 52.2 million) with a gross profit margin of 81% (2023: 80%). Despite the decrease in gross profit of DKK 3.2 million as well as one-time costs for consultancy fees and severance costs of total DKK 3.1 million, EBITDA ended positive at DKK 1.0 million (2023: DKK 1.9 million). Cash As of 31 December 2024, cash at bank amounted to DKK 6.4 million compared to DKK 9.8 million as of 31 December 2023. Cash flow from operating activities increased to DKK 12.2 million (2023: DKK -6.5 million) primarily because of a reduction in working capital from trade payables, other payables, and deferred income. Cash flow from investing activities amounted to DKK -10.9 million (2023: DKK -11.7 million) primarily related to investments in developing the Agillic customer engagement platform. Financial guidance 2025 (unchanged) Revenue DKK 60-63m EBITDA DKK 5-8m ARR Subscriptions DKK 56-60m For further information, please contact: Christian Samsø, CEO +45 24 88 24 24 [email protected] Claus Boysen, CFO +45 28 49 18 46 [email protected] Certified Adviser HC Andersen Capital Pernille Friis Andersen Appendix: Financial development per quarter DKK million 2024 2023 2022 INCOME STATEMENT Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Revenue subscriptions 13.0 12.1 12.3 12.6 12.2 13.6 13.5 13.1 13.5 13.1 12.2 11.1 Revenue transactions 2.8 2.7 2.5 2.2 2.9 3.0 2.9 3.2 6.0 4.8 3.3 2.6 Other revenue 0.0 0.0 0.0 0.0 0.3 0.0 0.0 0.0 0.0 0.0 0.1 0.3 Total revenue 15.8 14.8 14.8 14.8 15.4 16.6 16.4 16.3 19.5 17.9 15.6 14.0 Gross profit 12.7 11.7 12.1 12.3 12.6 13.4 13.2 13.0 15.5 11.4 11.7 11.0 Gross margin 80% 79% 82% 83% 82% 81% 80% 80% 80% 63% 75% 78% Other operating income 0.2 0.2 0.2 0.2 0.1 0.2 0.2 0.1 0.3 0.0 0.0 0.0 Employee costs -10.8 -7.1 -8.0 -8.6 -10.8 -7.9 -9.4 -8.7 -9.2 -7.3 -8.0 -8.0 Operational costs -2.9 -3.6 ½ -3.3 -3.5 -3.2 -3.0 -4.4 -5.1 -2.7 -3.7 -4.8 EBITDA -0.8 1.2 0.0 0.6 -1.6 2.5 1.0 0.0 1.5 1.4 0.0 -1.8 Net profit -4.5 -2.4 7.0 -3.4 -22.4 -0.4 -1.8 -2.9 -2.0 -1.2 -2.7 -4.7 BALANCE SHEET Cash 6.4 3.7 4.4 7.2 9.8 11.5 18.3 26.9 7.4 1.8 12.6 7.5 Total assets 44.2 42.8 45.8 51.5 47.2 64.9 69.0 75.8 52.8 54.0 58.7 55.4 Equity -22.3 -17.8 -16.0 -23.3 -20.2 1.5 1.8 3.4 -15.0 -13.2 -12.0 -9.6 Borrowings 19.0 19.1 21.4 24.3 23.8 23.0 24.2 25.7 24.3 23.7 26.1 26.4 CASH FLOW Cash flow from operations 5.5 4.1 2.6 0.0 -0.6 -2.8 -4.3 1.2 7.3 -4.9 9.0 -8.3 Cash flow from investments -2.5 -2.6 -2.7 -3.0 -2.1 -3.1 -3.2 -3.3 -3.3 -3.3 -3.7 -3.2 Cash flow from financing -0.3 -2.2 -2.7 0.4 1.0 -0.9 -1.1 21.6 1.6 -2.6 -0.2 -1.6 Net cash flow 2.7 -0.7 -2.8 -2.6 -1.7 -6.8 -8.6 19.5 5.6 -10.8 5.1 -13.1 EMPLOYEES & CLIENTS Employees end of period 42 40 39 41 50 50 50 46 48 47 51 47 Clients end of period 118 114 113 116 122 120 120 118 118 111 108 105 ARR & SAAS METRICS ARR subscriptions 54.3 52.5 51.7 52.2 57.8 56.8 54.9 54.2 54.1 50.3 49.6 48.5 ARR transactions 11.2 10.6 10.0 8.9 12.3 12.1 11.5 17.3 22.6 19.6 14.6 10.3 Total ARR 65.5 63.1 61.7 61.1 70.1 68.9 66.4 71.5 76.7 69.9 64.2 58.8 Change in ARR (DKK) 2.4 1.4 0.6 -9.0 1.2 2.5 -5.1 -5.2 6.8 5.7 5.4 3.1 Change in ARR % 4% 2% 1% -13% 2% 4% -7% -7% 10% 9% 9% 6% Average ARR 0.6 0.6 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 Yearly CAC 0.5 0.3 0.1 Months to recover CAC 12 7 3 Definitions Cash is defined as available funds less bank overdraft withdrawals. ARR: the annualised value of subscription agreements and transactions at the end of the actual reporting period. Average ARR: the average Total ARR per client. Customer Acquisition Costs (CAC): the sales and marketing costs (inclusive of salaries, commissions, direct and share of costs of office) divided by the number of new clients. CAC is calculated end of year. Months to recover CAC: the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost. Disclaimer The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk, which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report. About Agillic A/S Agillic A/S (Nasdaq First North Growth Market Denmark: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate, and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit agillic.com. Attachments Agillic_AR2024 Agillic_ESG2024 Agillic CA_no 3 Annual Report 2024