VERIMATRIX: Q1 2024 Revenue
17 Aprile 2024 - 5:45PM
Business Wire
- Strong growth in subscription-based ARR1: $16.5m
(+34%)
- Recurring revenue: 60% of total revenue, at $8.5m
(+14%)
- Consolidated revenue: $14.2m (+1% vs. Q1 2023)
Regulatory News:
VERIMATRIX (Euronext Paris: VMX, FR0010291245), a leading
provider of security solutions for a safer connected world, is
publishing its revenue for the first quarter of the 2024 financial
year ended 31 March.
“In line with 2023, the strategy implemented by VERIMATRIX in
recent years is producing results. This strong start to the year
confirms the outlook for recurring revenue growth over the full
year. In first-quarter 2024, revenue growth was driven by a sharp
increase in recurring revenue to $8.5m, up 14% compared with the
same period a year earlier, fuelled by a substantial 31% increase
in subscription sales to $4.2m. Recurring revenue now accounts for
60% of total revenue.” Amedeo D’Angelo, Executive Chairman of
VERIMATRIX.
***
Amedeo D’Angelo, Executive Chairman, and
Jean-François Labadie, Chief Financial Officer, will host a webcast
today at 6.00 pm to present Q1 2024 revenue.
To join the webcast, click on the following
link: “Q1 2024 revenue”
To join the webcast, audio only, call the
following number. France: +33 (0) 4 88 80 09 30 Phone Conference
ID: 910 112 542#
***
- Revenue driven by recurring revenue and subscription
sales
(US$ million)
Q1 2024
Q1 2023
Chg.
Recurring revenue
8.5
7.5
+14%
of which subscriptions
4.2
3.2
+31%
of which maintenance
4.3
4.2
+2%
Non-recurring revenue
5.7
6.5
-13%
Total revenue
14.2
14.0
+1%
ARR
32.3
28.7
+12.5%
of which subscriptions
16.5
12.3
+34%
of which maintenance
15.8
16.5
-4.2%
Recurring revenue
Recurring revenue increased 14% in Q1 2024, to $8.5m, versus
$7.5m in Q1 2023. Recurring revenue accounted for a full 60% of
total revenue over the period. This proportion is constantly
increasing and set to reach the target previously communicated by
VERIMATRIX of 70% by 2025.
Recurring revenue generated from subscriptions continued to
grow, up an impressive 31% to $4.2m, compared with $3.2m in Q1
2023.
Revenue generated by maintenance totalled $4.3m in Q1 2024,
versus $4.2m in Q1 2023 (+2%).
Non-recurring revenue
Non-recurring revenue fell 13% to $5.7m. Fee income related to
set-top boxes continues to fall, while the sale of perpetual
licences is holding up well, with a limited decline in Q1 2024
versus Q1 2023. It should be noted that business in Q1 2023
benefited from strong perpetual licence sales, mainly from
long-standing telecom operator customers in Europe and Latin
America.
ARR
Total ARR at 31 March 2024 stood at $32.3m, up 12.5% compared
with 31 March 2023 and $31.2m at the end of 2023. Consistent with
VERIMATRIX guidance, Q1 2024 benefited from the signing of major
contracts. Subscription-based ARR increased sharply, by 34% to
$16.5m, compared with $12.3m at 31 March 2023, and by 11% compared
with Q4 2023. Sales momentum was strong in the Latin American
region, with the signing of a major new subscription contract with
a long-standing Mexican customer in video protection
(Anti-Piracy).
VERIMATRIX expects the Anti-Piracy business (Content video
protection) to stabilise in 2024 as a result of two current trends:
the continued decline in the broadcasting market, offset in part by
growth in OTT, and the transformation of the sales model to a
recurring revenue model. The Extended Threat Defense (XTD) business
will continue to grow strongly, particularly in new market segments
including banking and automotive. ARR from subscriptions is
expected to grow by more than 20%. The company aims to continuously
improve EBITDA through growth in recurring revenue in its two
business activities and a controlled and primarily fixed expense
structure.
Upcoming events: Shareholders’ Meeting:
13 June Publication of H2 2024 revenue and results: 25 July 2024
(after market)
About Verimatrix Verimatrix (Euronext Paris: VMX) helps
power the modern connected world with security made for people. We
protect digital content, applications, and devices with intuitive,
people-centered and frictionless security. Leading brands turn to
Verimatrix to secure everything from premium movies and live
streaming sports, to sensitive financial and healthcare data, to
mission-critical mobile applications. We enable the trusted
connections our customers depend on to deliver compelling content
and experiences to millions of consumers around the world.
Verimatrix helps partners get to market faster, scale easily,
protect valuable revenue streams, and win new business. Visit
www.verimatrix.com.
Forward-looking statements This press release contains
forward-looking statements concerning VERIMATRIX. VERIMATRIX feels
that its forecasts are based on reasonable assumptions, but they do
not represent guarantees of future performance. Consequently, the
Company’s actual performance may differ noticeably from that
forecast in forward-looking statements due to a number of risks and
uncertainties.
_______________________ 1 ARR: annual recurring revenue.
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version on businesswire.com: https://www.businesswire.com/news/home/20240417528124/en/
Verimatrix Investor Contact: Jean-François Labadie Chief
Financial Officer finance@verimatrix.com
SEITOSEI.ACTIFIN Mathilde Guillemot-Costes
mathilde.guillemot@seitosei-actifin.com
Verimatrix Media Contact: USA Matthew Zintel, Public
Relations matthew.zintel@zintelpr.com
Europe Lara Joseph, Eskenzi Relations presse
lara@eskenzipr.com
Financial press SEITOSEI.ACTIFIN Michael Scholze
Michael.scholze@seitosei-actifin.com
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