- Growth in subscription-based ARR1: $17.6m
(+27%)
- Recurring revenue: 59.5% of total revenue
at $8.4m (+4%)
- Consolidated revenue: $14.1m (+1% vs. Q3
2023)
Regulatory News:
VERIMATRIX (Euronext Paris: VMX, FR0010291245), a leading
provider of security solutions for a safer connected world, is
publishing its revenue for the third quarter of the 2024 financial
year ended 30 September 2024.
“We are particularly proud of the awards garnered by the
security solutions developed by Verimatrix’s teams this year, a
true recognition of the Group’s expertise. Subscription-based ARR
grew by 27% in the first 9 months. This growth in recurring
revenue, combined with the new contracts won and our control of the
operational structure, enables us to confirm our objectives on
growth in subscription-based ARR of over 20% and the continuous
improvement in EBITDA over the 2024 financial year.” Amedeo
D’Angelo, Executive Chairman of VERIMATRIX.
***
Jean-François Labadie, Chief Financial
Officer, will host a webcast today at 6:00 p.m. to present Q3 2024
revenue,
To join the webcast, click on the following
link: “Q3 2024 revenue” To join the webcast, audio only,
call the following number: France: +33 (0) 4 88 80 09 30 Phone
Conference ID: 559 435 88#
***
- Revenue driven by recurring revenue and subscription
sales
(in US$ million)
Q3 2024
Q3 2023
Chg.
9M 2024
9M 2023
Chg.
Recurring revenue
8.4
8.0
+4%
25.4
23.0
+11%
of which subscriptions
4.2
3.6
+18%
12.8
10.1
+26%
of which maintenance
4.2
4.4
-6%
12.7
12.9
-1%
Non-recurring revenue
5.7
6.0
-4%
19.5
21.6
-10%
Total revenue
14.1
14.0
+1%
44.9
44.6
+1%
ARR
32.9
29.8
+10.4%
of which subscriptions
17.6
13.9
+27%
of which maintenance
15.4
15.9
-3.0%
Third-quarter revenue:
VERIMATRIX posted revenue growth of 1% to $14.1m in Q3 2024,
compared to the same period last year.
Recurring revenue
Recurring revenue increased by 4% in Q3 2024, coming out at
$8.4m, up from $8.0m for the same period in 2023. Recurring revenue
accounted for 59.5% of total revenue in the third quarter, moving
towards VERIMATRIX’s previously announced target of nearly 70% by
the end of the 2025 financial year. Recurring revenue generated by
subscriptions continued to grow, rising 18% to $4.2m, compared with
$3.6m in Q3 2023. Recurring revenue generated by maintenance was
relatively stable at $4.2m in Q3 2024, versus $4.4m in Q3 2023
(-6%).
Non-recurring revenue
Non-recurring revenue slightly decrease by 4% to $5.7m. This
result is coming from strong resilience in license sales, driven by
the Group’s success with major operators in the Indian and Latin
American markets, and negatively (and similar to previous quarters)
from a steady decline in royalties on the deliveries of new set-top
boxes, in line with market trends. During the quarter, the Group
began implementing the project with Airtel, India’s number-two
telecom operator.
9-month revenue
In the first 9 months of the year, VERIMATRIX grew revenue by 1%
to $44.9m, vs $44.6m in the first 9 months last year.
Recurring revenue
The increase in recurring revenue is being fuelled by
subscription-based revenue, which rose 26% in the first 9 months to
$12.8m. Recurring revenue increased 11.0% to $25.4m despite a
slight decrease in maintenance-based revenue, down 1.5% to
$12.7m.
Non-recurring revenue
Non-recurring revenue for the first 9 months fell 10% to $19.5m.
License sales were stable in the first three quarters of the year
on solid momentum in Latin America and Asia. However, fees related
to the supply of new set-top boxes were down, consistent with the
Group’s forecasts.
Annual recurring revenue (ARR)
Total ARR at 30 September 2024 was $32.9m, up 10.4% compared
with 30 September 2023, and compared with $32.0m at 30 June 2024.
Subscription-based ARR continued to grow significantly, up 27% to
$17.5m, compared with $13.9m at 30 September 2023, and up 5% from
Q2 2024 ($16.8m). Sales momentum was extremely strong in the Middle
East and Latin America regions, with the signing of new contracts
that will drive recurring revenue growth in the coming years.
In 2024, VERIMATRIX is confirming that it expects its
Anti-Piracy activity (video content protection software) to
stabilize and its Extended Threat Defense (XTD) activity to post
strong growth. The Group expects subscription-based ARR to grow by
more than 20%. It aims to continuously improve EBITDA, through
growth in recurring revenue in the Group’s two activities, and to
control an essentially fixed expense structure.
Upcoming events:
Publication of 2024 revenue and
annual results 13 March 2025 (after market)
About VERIMATRIX
VERIMATRIX (Euronext Paris: VMX) is contributing to making the
connected world safer through its user-friendly security solutions.
The Group protects content, applications and smart objects by
providing intuitive, unconstrained and fully user-oriented
security. The leading players in the market trust VERIMATRIX to
protect their content, including premium films, sports streaming,
sensitive financial and medical data, and the mobile applications
essential to their business. VERIMATRIX ensures a relationship of
trust that its customers count on to deliver quality content and
service to millions of consumers worldwide. VERIMATRIX supports its
partners, bringing them faster access to the market and helping
them to develop their business, safeguard their revenue and win new
customers. Find out more at www.verimatrix.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
concerning VERIMATRIX. Although Verimatrix believes its
expectations to be based on reasonable assumptions, they do not
constitute guarantees of future performance. Accordingly, the
Company’s actual results may differ materially from those
anticipated in these forward-looking statements owing to a number
of risks and uncertainties.
1 ARR: annual recurring revenue
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241017868548/en/
Verimatrix Investor Contacts: Jean-François Labadie Chief
Financial Officer finance@verimatrix.com
SEITOSEI, ACTIFIN Mathilde Guillemot-Costes
mathilde.guillemot@seitosei-actifin.com
Verimatrix Media Contacts: USA Matthew Zintel, Public
Relations matthew.zintel@zintelpr.com
Financial press SEITOSEI, ACTIFIN Michael Scholze
Michael.scholze@seitosei-actifin.com
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