| 2023 REVENUE: €19.5M (+11%) SOLID GROWTH DRIVEN BY PLATFORM BUSINESS (+16%) |
_ STREAMWIDE (FR0010528059 - ALSTW - eligible for the French PEA-PME personal equity plan), the expert in critical communications and business-critical software solutions, announces revenue of €19.5m for 2023, up €1.9m (+11%).
Revenue in 2023 continued to rise, driven by ongoing growth over several consecutive years, of the team on mission and team on the run critical communications "platforms" business, which generated revenue of €14.3m in 2023, compared with €12.3m in 2022. Revenue for 2024 are currently expected to be satisfactory, even if there is no guarantee that they will be higher than in 2023.
Revenue at 31 December 2023 break down as follows:
| in k€ | FY 2023 | %CA | FY 2022 | %CA | Var. | % change | |||||
| TOTAL Revenue | 19 499 | 17 607 | 1 892 | 11% | |||||||
| Licenses | 8 092 | 41% | 8 937 | 51% | -844 | -9% | |||||
| Maintenance | 5 172 | 27% | 4 139 | 23% | +1 033 | +25% | |||||
| Services | 6 235 | 32% | 4 531 | 26% | +1 703 | +38% | |||||
| Platforms business | 14 254 | 73% | 12 339 | 70% | +1 915 | +16% | |||||
| Legacy business | 5 245 | 27% | 5 268 | 30% | -23 | ||||||
(*) The audit procedures for the 2023 annual revenue are underway.
_ SOLID GROWTH IN 2023 AND INCREASE IN RECURRING REVENUE
Development and growth of new solutions: the team on mission critical communications and team on the run critical activities platforms, whose annual revenue (€14.3m) are up 16%, now account for 73% (+3 points compared with 2022) of the Group's total revenue.
This growth (+1.9 M€) is mainly due to the continued deployment of the PCSTORM project (multi-year maintenance contract, large-scale operational deployment during the Rugby World Cup 2023 and development and delivery of version 4.0 of team on mission at the end of 2023), but also to new private contracts (transport and energy) and projects with municipal authorities.
Revenue from the partnership with Airbus Secure Land Communications continue to be significant, notably following the contractual renegotiation at the end of 2023 covering the next 3 years.
By nature, revenue from the "platforms" business of €14.3m in 2023 are made up of:
- licence revenue (€6.9m), down €1.2m
- service revenue (€5.7m), up €2m
- maintenance revenue (€1.7m) up €1.1m
The change in licence revenue is due to a significant base effect in 2022, with major orders booked for the PCSTORM and Société du Grand Paris projects, only partially offset by orders in 2023 for licences resulting from the partnership with Airbus.
The increase in revenue from maintenance and services is also mainly due to the PCSTORM project and a new multi-year contract signed in May 2022. While revenue from services are non-recurring, those from maintenance are, and will continue to grow over the coming months as the various platforms we support are rolled out.
Legacy business maintained at €5.2m: the legacy business (solutions for telecoms operators), which requires little or no capital investment, accounts for 27% of annual revenue, after contracting slightly in 2022 (€0.5m). Licence revenue, which are non-recurring by nature, increased by €0.3m over the period (new market won in North America), rising to €1.2m in 2023. Recurring maintenance revenue remained stable at €3.5m, while revenue from legacy services (€0.5m) fell by €0.3m, following platform upgrades carried out in 2022 for customers in the United States and the United Kingdom, which are by their nature non-recurring.
OUTLOOK: PROFITABLE GROWTH AND DIVERSIFICATION OF REVENUE STREAMS
Revenue growth in the second half of the year (up €1.6m to €11.1m, or +17%) was higher than in the first half (up €0.2m to €8.4m, or +3%), confirming another year of profitable growth, with high and significant levels of operating margin, cash flow and earnings in 2023.
The revenue momentum at the end of 2023 and beginning of 2024 is encouraging, and has led to the completion of several projects, both in France and in Europe, including the first order received in December 2023 in connection with the preparation of the MCx project in Italy. Other major orders linked to this project should be booked during 2024.
Several other, smaller-scale projects were completed by the end of 2023, both in the public sector, with the team on mission solution, and in the private sector with the team on the run solution.
New technical and commercial partnerships are also being negotiated or finalised, demonstrating that the platform technology developed by the Group has become indispensable for a majority of major players in the sector.
Recurring revenue generated by the legacy business should remain stable in 2024. However, a number of platform migration projects in Europe and the United States could come to fruition in the coming months, with a positive impact on business.
The Group has the financial resources to further increase the technological lead of its solutions, and major human and technical investments will be made in the coming months to further strengthen the sovereignty, security, standards compliance (particularly 3GPP) and scalability of the solutions offered. All these technical and functional developments will further enhance the operational value of our solutions. Providing 'all-in-one', modular and functional solutions, enabling customers/prospects to free themselves from the technical and organisational constraints they currently face.
While the adoption of communications solutions and mission-critical activities should accelerate over time, time remains an unknown variable, and revenue cycles remain long, which means that we still need to be relatively cautious. Steady, profitable growth remains the Group's top priority, so it will continue to develop its sales ecosystem, especially indirectly, to further diversify its revenue streams in the months ahead.
Next financial press release: Annual results 2023, Monday 18 March 2024
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About STREAMWIDE (Euronext Growth: ALSTW)
A major player in the mission-critical communications market for over 20 years, STREAMWIDE has successfully developed its Team on mission (mission-critical) and Team on the run (business-critical) software solutions for public authorities and enterprises.
These solutions for smartphones and PCs, offered in SaaS mode or as licences, feature a host of functions such as multimedia group chat, VoIP, walkie-talkie (MCPTT and MCx new-generation 4G/5G LTE), geolocation, digitisation and business process automation. These innovative solutions meet the growing need for digital transformation and real-time coordination of operations. They enable teams in the field to transform individual contributions into collective successes, and to act as one in the most demanding professional environments.
STREAMWIDE is also active in the Value-Added Services software market for telecom operators (visual voicemail, real-time call billing and charging, interactive voice servers, applications and announcements) with more than 130 million end-users worldwide.
Based in France and with operations in Europe, the USA, Asia and Africa, STREAMWIDE is listed on Euronext Growth (Paris) - FR0010528059.
For more information, https://www.streamwide.com and visit our LinkedIn @streamwide and Twitter @streamwide pages.
STREAMWIDE has been labelled an "innovative company" by Bpifrance and is eligible for FCPI and PEA-PME investment funds.
Contacts
| Pascal Beglin | Olivier Truelle | Grégoire Saint-Marc | Amaury Dugast |
| Chairman and Chief Executive Officer | Investor Relations | Press Relations |
| T +33 1 70 22 01 01 | T +33 1 53 67 36 94 | T +33 1 53 67 36 34 |
| investisseur@streamwide.com | streamwide@actus.fr | adugast@actus.fr |
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