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• Gross Profit: Grew 6% year over year to EUR83 million.

• Gross Margin: Improved to 30.3% for the full year 2024.

• Revenue: Increased by 13% to EUR74.5 million in Q4 2024.

• EBITDA: Reached a record EUR18.1 million for 2024.

• OPEX: Decreased by 18% year over year to EUR66.5 million.

• Free Cash Flow: Positive at EUR3.4 million for 2024.

• Connect Revenue: Grew by 16.3% year over year to EUR61.3 million in Q4 2024.

• Engaged Revenue: Increased by 15.6% to EUR7.7 million in Q4 2024.

• Live Revenue: Grew 7% year over year to EUR12.4 million in Q4 2024.

• Tickets Sold: 19.3 million tickets sold in 2024, a 4% increase year over year.

• Headcount: Reduced by 6% year over year to 666 FTEs.

• Unrestricted Cash Balance: Just over EUR18 million at the end of 2024.

• Convertible Bond Refinancing: EUR80 million RCF facility entered with HSBC, ABN AMRO, and ING Bank.

• Equity Raise: EUR20 million through an accelerated bookbuild.

• Warning! GuruFocus has detected 8 Warning Signs with XAMS:CMCOM.

Release Date: February 13, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• CM.com (XAMS:CMCOM) announced a comprehensive refinancing package for its outstanding convertible bond, showcasing improved financial strength.

• The company achieved record levels of EBITDA and gross profits, surpassing its guidance from the summer of 2024.

• CM.com (XAMS:CMCOM) launched new AI innovations, including the Playground AI and Agentic AI Studio, positioning itself as an AI-first company.

• Operational efficiency improved significantly, with a reported 18% decline in OPEX year-over-year.

• The company successfully completed an equity issue with strong support from high-quality investors, enhancing its growth potential in AI.

Negative Points

• The Pay business unit faced challenges with fierce competition in the online segment, affecting topline development.

• Despite improvements, the annual recurring revenue showed only a small uptick in growth in Q4 compared to Q3.

• The company had to take a goodwill impairment of EUR8.8 million on its Pay business, reflecting challenges in aligning with current market valuations.

• The competitive landscape in the online payments sector remains a concern, impacting revenue growth.

• The integration of new AI solutions like HALO is still in early stages, with potential revenue impacts yet to be fully realized.

Q & A Highlights

Q: What's your plan with regards to buying back the bonds? Will you first utilize the RCF and use cash for the remainder? Also, how do you plan to manage OPEX while investing in AI? A: We are using the facility with the banks to buy back the bonds and have issued new share capital to strengthen our balance sheet. We plan to grow our company and profitability, which will allow us to reassess our financing structure in a year or two. Regarding OPEX, we expect AI to make our operations more efficient, allowing us to accommodate growth without increasing headcount. Our HALO program is being integrated into every department to enhance efficiency.