Windward Ltd. FY23 Year End Trading Update (3097Z)
11 Enero 2024 - 1:00AM
UK Regulatory
TIDMWNWD
RNS Number : 3097Z
Windward Ltd.
11 January 2024
11 January 2024
Windward Ltd.
("Windward", "the Company")
FY23 Year End Trading Update
Strong trading through 2023 drives 35% growth in ACV and 31%
growth in revenue, as customer count reaches 200
Windward (LON: WNWD), the leading Maritime AI company, is
pleased to provide an update on trading for the year ended 31
December 2023 (FY2023).
Following good trading throughout the year and a strong finish,
the Board is pleased to report that it expects FY2023 results to be
comfortably ahead of market forecasts*.
Subject to completion of the year end audit, revenue is expected
to have increased by 31% to approximately $28.3m (FY2022: $21.6m),
and adjusted EBITDA(2) loss to have reduced considerably to
approximately $5.1m (FY2022: $12.1m). In H2 2023, revenue growth
was 43% compared to the prior year period (H2 2022: 16%) and the
adjusted EBITDA loss was $1.3m (H2 2022 $6.6m).
Customer numbers increased strongly in the year, now exceeding
200 (31 December 2022: 132). As a result, the Group's Annual
Contract Value (ACV(1) ) as at 31 December 2023 increased by 35% to
$34.5m, providing a strong basis for continued revenue growth in
2024. Commercial ACV now represents 30% of total ACV, up from 26%
at 31 December 2022, demonstrating the successful execution of the
Company's stated customer diversification and growth strategy.
The Company remains well capitalised with a net cash balance of
$17.4m at the period end ($22.1m as at 31 December 2022). The Board
believes that the Company's cash resources are more than sufficient
to see the Company to profitability and cash generation.
The Board expects to release audited results for the year ended
31 December 2023 in late March 2024.
Ami Daniel, Co-Founder and CEO of Windward, commented:
"2023 has been a record year for Windward, winning multiple new
customers while expanding our offering. We have delivered strongly
on our execution and believe Windward's opportunity set has
expanded. As the evolving events in the Russia-Ukraine conflict and
the security situation in the Red Sea demonstrate, the need for
visibility and actionable insight across all facets of the maritime
industry continues to grow, driving adoption of our maritime AI
platform. We are committed to providing our customers with the
insight they require to trade with confidence and have begun 2024
with continued good momentum."
* For the purposes of this announcement, Windward believes
market consensus for FY2023 to be revenue of $26.6m and adjusted
EBITDA loss of $7.0m
(1) ACV, as of a given date, is the total of the value of each
contract divided by the total number of years of the contract.
(2) Adjusted EBITDA is earnings before interest, tax,
depreciation amortisation and stock based compensation
(3) All references to $ or USD are in respect of United States
Dollars
For more information, please contact:
Windward Ltd. via Alma Strategic Communications
Irit Singer, CMO
Canaccord Genuity (Nominated Adviser
& Broker) +44(0)20 7523 8000
Simon Bridges / Andrew Potts
Alma Strategic Communications +44(0)20 3405 0205
Caroline Forde / Kieran Breheny
About Windward
Windward (LSE:WNWD), a publicly-traded company on the London
Stock Exchange, is a leading Maritime AI company, enabling
organisations to achieve business and operational readiness.
Windward's AI-powered solution allows stakeholders including banks,
commodity traders, insurers, and major energy and shipping
companies to make real-time, predictive intelligence-driven
decisions, providing a 360deg view of the maritime ecosystem and
its broader impact on safety, security, finance, and business. For
more information visit: https://windward.ai/ .
Prior to publication the information communicated in this
announcement was deemed by the Company to constitute inside
information for the purposes of article 7 of the Market Abuse
Regulations (EU) No 596/2014 as amended by regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations No 2019/310 ('MAR').
With the publication of this announcement, this information is now
considered to be in the public domain.
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