The publication of this FY 2024 Results press release, originally planned for 13 February 2025, has been brought forward to support the launch of CM.com's tender for the early redemption of its outstanding Convertible Bonds. At the same time, CM.com launches an equity placement through an accelerated bookbuild offering to finance future growth. Please see separate press release for this announcement.
Breda, The Netherlands, 12 February 2025,
Q4 2024 Financial Highlights
• Gross profit increased 6% YoY to €21.8 million and Gross margin reached 29.2% (Q4 2023: 31.1%)
• Normalized EBITDA consequently grew 71% YoY to €5.3 million. No one-offs to report, therefore Normalized EBITDA equals reported EBITDA
• Revenue grew 13% YoY to €74.5 million, the strongest acceleration in the quarter in 2024 YoY, mostly driven by Engage and Connect
FY 2024 Financial Highlights
• Record level Normalized EBITDA of €18.1 million (2023: -€0.9 million), meeting top end of guided range
• Gross profit increased by 6% YoY to a record level of €83.1 million
• Gross margin improved to 30.3% in 2024 (2023: 29.5%)
• Revenue grew 3% YoY to €274.2 million, and Annual Recurring Revenue grew 6% YoY to €33.7 million
• Normalized OPEX declined 18% YoY to €65.0 million, in accordance with our guidance
• The FTE count declined by 6% to 666 FTE per year-end 2024
• Free Cash Flow over FY 2024 turned positive and reached €3.4 million, realizing an important milestone
• Unrestricted cash position year-end 2024 was €18.1 million versus €26.2 million end 2023
• In 2024, CM.com reached all of its mid-term growth targets as communicated in the Deep Dive in June 2022
Q4 2024 Business Highlights
• CM.com signed several eye-catching contracts with blue-chip names in Q4 2024, amongst others AS Watson, as a first Agentic AI client within the Engage Business Unit, and a booking system for handling 15 million visitors for Notre-Dame de Paris for the Live Business Unit
• Revolutionary AI Playground tool was launched and development of the Agentic AI platform HALO completed
• CM.com Live Business Unit won 50 Cent UK tour ticketing deal
Outlook
• CM.com expects EBITDA to grow within a range of €22-27 million for FY 2025
• CM.com expects Gross profit momentum to continue into 2025 and push for further growth
Message from the CEO
CM.com has been at the forefront of technology for over 25 years, consistently pushing the boundaries and setting new standards in the industry. This year, we have taken a significant leap forward by consolidating our investments in strategic acquisitions and innovation into one groundbreaking solution - Agentic AI. The recent launch of the Agentic AI solution "HALO" on February 6, 2025, was a resounding success, with thousands of attendees witnessing this momentous occasion online. This turnout is a testament to the fact that we truly have the future in our hands.
Our Agentic AI proposition is in-house built and designed in Europe, adhering to European legislation, which gives us a distinct advantage over overseas providers. Our 25 years of experience and technological expertise, spanning from SMS to Voice, Payments, Ticketing, and most recently AI, have culminated in this robust, intelligent, state-of-the-art platform. It is a true reflection of our commitment to innovation and excellence.
We closed the year 2024 by improving the profitability again with a record level Normalized EBITDA of €18,1 million. An achievement we did together with a team of diligent and intelligent people working together on the same mission to make our clients more successful.
We have built a solid foundation that will continue to drive CM.com forward and maintain our leadership position in the industry.
CM.com started 25 years ago, when Mobile Phones and SMS were new innovations. We were the first to develop a robust SMS messaging platform for businesses. Firstly in the Netherlands and Belgium for nightclubs and discotheques, later on globally for many big players in the Technology, Telecom and Media space. As we expanded our business, we also broadened our portfolio. We developed our Customer Data Platform as of 2010 already, almost a decade earlier than most of our competitors. Ten years ago we invested in the payments space and started to develop our payment processing platform. Our in-house built platform of payment service provider and acquirer is a very powerful combination in terms of innovation strength, quality and pricing. Along the way we reinvented ticketing for events and museums by making it Mobile First and by adding numerous features, like timeslots, first at Van Gogh Museum in Amsterdam and recently also at Notre-Dame Paris where our ticketing solution streamlines a 15 million visitors crowd yearly. And during the last 5 years we heavily invested in AI: Conversational AI (2021), Consumer AI (2022), Generative AI (2023) and most recently in Agentic AI (2024). So, you could really say, after 25 years, we're still at the forefront of innovation. I'm proud to conclude that whatever happened in the world, we were always resilient and flexible, and we kept on learning.
Last year, not only our technical, but certainly our financial performance was outstanding. The execution of our strategic growth plan has led to a strengthened financial foundation. Thanks to a disciplined approach to cost management and operational efficiency, CM.com is now a leaner and more agile organization, well-positioned to respond to rapidly changing market conditions and new opportunities that will arise in the field of AI.
By the end of 2024, we saw an acceleration of won sales deals, often with a strong emphasis on our software and AI proposition, which is our flywheel for further cross-sell into messaging and payments. In 2024, CM.com introduced new products such as RCS and Offline Payments. Our customers recognize that leveraging the broadness of our platform by combining our products adds the most value to their business models, which is reflected in our results. Our optimized business structure has certainly driven cross-sell growth.
In addition to new products, we also secured several high-profile contracts in the fourth quarter of 2024. CM.com's software, messaging, payments, and AI solutions are now being used by A.S. Watson for their consumer brands such as Kruidvat and Trekpleister. These large projects demonstrate our strong growth in the international market, where we're determined to gain further ground in 2025.
CM.com is at the forefront of technology-and will continue to lead. To serve our customers and employees faster and better, we are on the verge of transforming CM.com into an 'AI-first company'. This means that AI will be even more deeply integrated into our product portfolio. Not only will our customers benefit from this, but our internal processes will also become increasingly AI driven, allowing us to operate more efficiently and effectively in 2025 and beyond.
CM.com is following a clear path towards sustainable profitability. As a result, CM.com is confident that it will achieve an EBITDA between €22 and €27 million in 2025.
We look forward to another successful year and I would like to thank all our colleagues around the globe for their hard work and dedication to our mission to make our clients more successful by using our technology.
Jeroen van Glabbeek
CEO CM.com
Full press release:
https://www.cm.com/cdn/web/en/file/investor-relations/fy-2024-results.pdf
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