LONDON, Aug. 22,
2024 /PRNewswire/ -- Windward (LSE: WNWD), a leading
Maritime AI™ company, is pleased to announce its financial results
for the six months ended 30 June 2024
("HY 24").
The complete report was notified via RNS on 20 August 2024 and can be found here.
Below is a summary of Windward's half year financial report for
January 1—June 30, 2024 and it contains no new information.
Financial Highlights:
- Annual Contract Value (ACV) of $37.2m, up 35% (HY 23: $27.6m)
- Revenue up 37% to $17.6m (HY
23: $12.8m)
- Gross margin for HY 24 up three points and now at 81%
(HY 23: 78%)
- EBITDA loss down 66% and now at $1.3m for HY 24 (HY 23: $3.8m loss)
- Cash balance at period end of June
2024 was $13.8m (31 December 2023: $17.3m), on track to achieve market expectations
for 31 December 2024
- Trading in line with recently upgraded market expectations on
revenue for FY24, and confident of achieving an adjusted EBITDA
break-even run rate during FY24
Operational Highlights:
- Continued execution of strategic plan against customer growth,
innovation and expanding our go-to-market reach
- Commercial ACV now represents 33% of total
ACV (30 June 2023: 32%)
- Launch of MAI Expert™, a generative AI solution for the
maritime and logistics industries, significantly expanding
Windward's addressable market and strengthening its competitive
differentiation
- Growth in partnerships to access new markets and customers,
including strengthening of partnerships with the London Stock
Exchange Group, AWS and Rightship
Current Trading and Outlook:
- Strong base of recurring subscription revenues and reduced cash
burn underlines confidence in achieving breakeven adjusted
EBITDA run rate during FY24
Ami Daniel, CEO and Co-Founder of
Windward said:
"We delivered another period of growth in line with our
expectations with good momentum across all our financial metrics as
we approach adjusted EBITDA breakeven run rate during the current
financial year. Revenue is up 37% year over year and ACV, a future
indicator of revenue growth, is up 35%, reflecting the underlying
demand for our offering. We are expanding our global customer base
as they embrace our portfolio offering to address their varied
needs across global trade."
"Our investments into new products, including our highly
innovative MAI Expert™, are paving the way for new opportunities
through an expanded addressable market. Innovation remains at the
core of our focus, and our cash reserves enable continued
self-funded growth across our offering to meet the needs of our
customers across maritime and logistics."
"With a high rate of renewal from existing customers, continued
trading momentum into the second half, a highly competitive and
differentiated offering, and high margin business, we anticipate
the opportunity to keep building the company as the leader in
Maritime AI for global trade "
About Windward
Windward (LSE: WNWD), is a leading Maritime AI™ company,
providing an all-in-one platform to accelerate global trade.
Windward's AI-powered decision support and exception management
platform offers a 360° view of the maritime ecosystem and enables
stakeholders to make real time, predictive intelligence-driven
decisions to achieve business and operational readiness.
Windward's Maritime AI supports companies across industries. The
company's clients range from energy supermajors, shipowners, mining
companies, freight forwarders, and port authorities, to banks,
insurers, and governmental organizations.
For more information visit: https://windward.ai/
Media Contact
David Hoffman
Headline Media
david@headline.media
+972-52-842-1955
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SOURCE Windward