Growens SpA

MIL:GROW

Earnings Call Transcript

[Nazzareno Gorni, executive]

Today, I'd like to spend a few words on Growens' latest financial results related to our performance in the third quarter of 2022 and in the first 9 months of the year.

2022 has so far been characterized by a scenario of strong global stability and a widespread deceleration of global economic growth. This, paired with the acquisition of Contactlab last May, could have made the year a real challenge for the group.

I'm glad to report that in spite of those factors, Growens achieved a substantial revenue growth in the first 9 months and a restored profitability in Q3. The rule of 40, which is a key metric in our strategic planning, shows a good balance between growth and profitability, with a result of about 52%.

Let's have a closer look at our figures. In the first 9 months, our revenue grew by 48%, reaching EUR 75.5 million. Consolidated EBITDA exceeds EUR 2.8 million, decreasing versus the same period last year due to certain extraordinary costs, with Q3 growing by 28%, a significant recovery trend. Our highest performer is BEE. The U.S.-based content design business unit grew its revenue by 65%, shattering the glass ceiling of $10 million annual recurring revenue in September, something only 0.4% of bootstrapped SaaS companies worldwide managed to achieve.

So let me say a huge thank you to the teams that made this is result possible. Altogether, we will continue to work for a stronger, better group.