Windward Releases Half Year Financial Report for January 1 - June 30, 2024, with ACV Up 35% and Revenue Up 37% YoY

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/

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SOURCE Windward