This positive trajectory is backed by a net revenue of €10.7 million as of June 30, 2023, representing 26% growth year-over-year and 20% organic growth. In both metrics, the company outpaces Gartner’s global projections for the tech sector, which stand at 13% for the year.
Notably, these figures exclude the contributions from affiliates Pavabits and Matrix, both of which have shown robust performance. Including their contributions, Cuatroochenta’s H1 2023 revenue climbs to €11.3 million with EBITDA sitting at €1.3 million.
H1 2023 revenue
H1 2023 growth over H1 2022
H1 2023 EBITDA
Change in EBITDA from H1 2022
*vs. 26% for H1 2022.
The company also continues to diversify and expand its international presence: As of June 30, 2023, revenues generated by Cuatroochenta from outside Spain account for 31% of the total, up from 26% in 2022. With a well-established presence in Latin America, Cuatroochenta is ideally positioned to expand its partner network there, further growing its share of revenue realized abroad. Building on Sofistic’s leading position in Panama and Colombia—and budding growth in Costa Rica and the Dominican Republic—FAMA and CheckingPlan are penetrating the Mexican market, marking their presence at pivotal industry events like the Facman LATAM expo.
"We’re increasing cash flow while slashing debt"
While presenting the H1 2023 financial figures, Cuatroochenta’s CFO, David Osuna, accentuated that the company has “boosted its operating cash flow, in line with the improved financial performance, while slashing its debt at the same time.” As of June 30, 2023, the operating cash flow stood at €1.3 million—a €1.6 million uptick compared to the previous year.
Net financial debt fell to €0.7 million, bringing the total to €6.9 million. This places the net financial debt-to-EBITDA ratio at 3.25x, down from 3.80x as of December 31, 2022. This shift, Osuna points out, “bestows greater financial autonomy to the company for the future.”
In concluding remarks, Osuna underscored that 2023 saw Cuatroochenta publish its inaugural Sustainability Report for 2022, underscoring its commitment to ESG standards. He noted, “this formalizes efforts we’ve undertaken since our inception, driven by conviction and in response to investor concerns”.