€38.4m in Committed ARR
Reinforces commitment to achieve positive cash EBITDA during 2025
Preliminary results non-audited financial information
Regulatory News:
MotorK Plc (AMS: MTRK) ("MotorK") today released a trading update for the fourth quarter ("Q424") and full year ended December 31, 2024 ("FY24"), highlighting the company's strategic resilience and continued operational progress.
FY24 presented challenges due to broader industry uncertainty leading to the postponement of some high-value deals into 2025 and MotorK applying a more stringent approach to ARR, CARR, and billing recognition, which resulted in lower-than-expected Q4 and FY24 CARR -approximately 15% below the guidance as previously announced.
However MotorK enters the new year with significant momentum and a strengthened foundation for long-term growth, despite macroeconomic headwinds in the European automotive sector.
Some preliminary financial highlights:
- Committed Annual Recurring Revenues1 (CARR): FY24 CARR of €38.4 million.
- Annual Recurring Revenues2(ARR):FY24 ARR of €34.2 million.
- Billings: In 2024, Recurring Billings rose to €32.1 million, a 7% increase from the previous year. Recurring Billings now constitutealmost 80% of the €40.3 million total billings, confirming the positive trajectory of the previous years.
- Cash EBITDA: MotorK improved its Cash EBITDA from negative €14.9 million in FY23 to negative €8.8 million in FY24, affirming it remains on track to achieve positive Cash EBITDA in 2025. This demonstrates its disciplined financial management and operational efficiency.
Looking ahead, MotorK is well-positioned to capitalize on improving market conditions and execute its growth initiatives in 2025, leveraging its strong customer relationships and expanding digital capabilities.
MotorK will publish full FY 24 Preliminary Financial Results on March 5, 2025
Forward-looking information and disclaimer
This press release may include forward-looking statements. Other than reported financial results and historical information, all statements included in this press release, including, without limitation, those regarding our financial position, business strategy and management plans and objectives for future operations, may be deemed to be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "believes", "expects", "aims", "intends", "anticipates", "estimates", "projects", "will", "may", "would", "could" or "should", or words or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are based on our current expectations, projections and key assumptions about future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond MotorK's ability to control or estimate precisely, such as future market conditions, the behavior of other market participants and the actions of governmental regulators. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are subject to change without notice. Other than as required by applicable law or the applicable rules of any exchange on which our securities may be traded, we expressly disclaim any obligation or undertaking to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.
Important information
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ABOUT MOTORK PLC
MotorK (AMS: MTRK) is a leading software as a service ("SaaS") provider for the automotive retail industry in the EMEA region, with approximately 400 employees and ten offices in seven countries (Italy, Spain, France, Germany, Belgium, the UK, and Israel). MotorK empowers car manufacturers and dealers to improve their customer experience through a broad suite of fully integrated digital products and services. MotorK provides its customers with an innovative combination of digital solutions, SaaS cloud products and the largest R&D department in the automotive digital sales and marketing industry in Europe. MotorK is a company registered in England and Wales. Registered office: 5th Floor One New Change, London, England, EC4M 9AF Company Registration: 9259000. For more information: www.motork.io or investors.motork.io.
1 Committed ARR ("CARR") includes ARR and Committed Recurring Revenues ("CRR"). CRR refers to signed contracts to be delivered and billed. Annual Recurring Revenues ("ARR") are defined as the yearly subscription value of the customer base at the end of the reporting period.
2 Annual Recurring Revenues ("ARR") is defined as the yearly subscription value of the customer base at the end of the reporting period
View source version on businesswire.com: https://www.businesswire.com/news/home/20250217629496/en/
Contacts:
FOR FURTHER INFORMATION
MotorK Investor Relations
Boaz Zilberman
boaz.zilberman@motork.io
+972 532 819 810
