(Boursier.com) — Ateme fell 2%, back to 10 euros on Friday, after achieving revenue of 26.1 million euros in the 4th quarter of 2022, up 4%, and stable at constant scope and exchange rates .
Overall revenue for the financial year ended December 31, 2022 amounted to €90.3 million, up 15% compared to 2021 (+8% at constant scope and exchange rates).
The monthly recurring revenue (MRR) increased from 1.96 ME in January 2022 to 2.44 ME in January 2023, greatly exceeding the target of 400 kE annual increase. Consequently, Ateme starts the year with 29 ME in recurring revenuegreatly improving the level and visibility of the activity.
In 2022, Ateme continued to distinguish itself by offering technological innovations in different areas, especially in sports content with cutting-edge technologies to improve the experience and engagement of viewers.
Prospects displayed
The acceleration in sales in the second half was more limited than expected, with an annual breakdown of 48% / 52%, where it averaged over the previous years at 45% / 55%. Consequently, the product mix for the second half should be favorable in terms of gross margin.
In addition, Ateme continued to invest in the development of its business, particularly through R&D, with a global workforce (FTE) increasing from 486 to 560 people.
Due to these investments, and although the product mix is favorable, Ebitda for the 2022 financial year should now be in the lower range of the initial annual target of 5 to 10 ME.
Beyond that, the 2023 objectives of revenue growth of 10 to 15% and EBITDA of 5 to 10 ME are confirmed and reinforced by an expected rebound in sales of Kyrion products, the supply chain problems encountered in 2022 being resolved.
The medium-term objectives for 2024 and 2026 are also confirmed. As a reminder, monthly recurring revenues should reach 3 ME in 2024 and 4 ME in 2026, covering approximately 50% of the company’s cost base in 2024, then 60% in 2026; which would result in an Ebitda of more than 10 ME in 2024 and 30 ME in 2026.
Opportunities to seize
In addition, Ateme is currently working to strengthen its strategy and is in particular studying opportunities to address adjacent markets, for example by offering an even more interactive and immersive experience thanks to augmented reality (AR), virtual reality (VR) and Metaverse technologies. Seizing such opportunities would require limited additional investmentswhile allowing Ateme to offer more differentiated and competitive solutions, contributing positively to turnover, recurring revenues and profitability.
Strategic trade-offs will give rise to additional communication in due course…
“Following the update of our 2022 scenario, the lowering of the growth expected over 2023-2025 (CAGR 22-25 of 13.9% vs 15.7% previously) and our market parameters, we are revising down our target from 17.8 to 14.7 euros” concludes Portzamparc who remains in the purchase despite everything.