The Board of Directors reviewed certain financial data concerning the first quarter of 2025
Revenues 18.0M EUR (+6.5%)
Gross Profit 4.8M EUR (+48.4%)
EBITDA 0.3M EUR (+138.3%)
Beefree, the Business Unit on which future investment will focus, posts highest top line growth (32.2%)
Launch of the purchase and disposal of treasury shares program
Milan, 14 May 2025 – Growens S.p.A. –GROW (the “Company” or the “Issuer” or “Growens”), a company admitted to trading on the multilateral trading facility Euronext Growth Milan and operating in the cloud marketing technology field, announces that today the Board of Directors examined certain consolidated financial data concerning the first quarter of 2025.
Consolidated figures show a good recovery of growth, +6.5% for Q1 2025 revenues at 18.0M EUR vs. 16.9M EUR in Q1 2024; and an increasing EBITDA for Q1 2025 at 0.3M EUR vs. -0.7M EUR in Q1 2024, mainly due to better margins from both business units.
“Q1 2025 results confirm a profitable business, with a healthy Gross Profit. In detail, Beefree’s revenues keep growing double-digit with a focus on the future supported by material investments, especially S&M.”
Matteo Monfredini, Chairman and founder of Growens
“A heartfelt thank you to the entire team — cohesive and determined — for adhering to the development plan shared with the market. Our focus remains firmly on execution, while at the same time we explore with curiosity and rigor the emerging opportunities offered by the rapid evolution of artificial intelligence. We are convinced that this dual trajectory — operational solidity and openness to innovation — is the key to building sustainable value over time.”
Nazzareno Gorni, CEO and founder of Growens
Summary of Q1 2025 results
The main results for the quarter ended 31 March 2025 are as follows:
|
Item (EUR) |
Q1 2025 |
% |
Q1 2024 |
% |
Change |
Ch.% |
|
SaaS Revenues |
3,647,001 |
20.3% |
2,765,520 |
16.4% |
881,480 |
31.9% |
|
CPaaS Revenues |
14,139,773 |
78.6% |
13,852,226 |
82.0% |
287,547 |
2.1% |
|
Other Revenues |
212,964 |
1.2% |
276,613 |
1.6% |
(63,649) |
(23.0%) |
|
TOTAL REVENUES |
17,999,738 |
100.0% |
16,894,359 |
100.0% |
1,105,379 |
6.5% |
|
Gross Profit |
4,751,796 |
26.4% |
3,201,327 |
18.9% |
1,550,469 |
48.4% |
|
EBITDA |
250,304 |
1.4% |
(654,316) |
(3.9%) |
904,621 |
138.3% |
|
EBT |
(765,288) |
(4.3%) |
(1,133,669) |
(6.7%) |
368,381 |
32.5% |
The SaaS business line (Software-as-a-Service) includes services supplied to clients via cloud platforms, sold through mostly recurring multi-period contracts / c.d. subscriptions by the Business Unit Beefree. The CPaaS business line (Communication-Platform-as-a-Service) covers the messaging services provided on a wholesale basis using APIs, especially supplied by the Agile Telecom Business Unit.
Here follow quarterly results by Business Unit:
|
in Euro |
REVENUES |
EBITDA |
|||||
|
31/03/2025 |
31/03/2024 |
% |
31/03/2025 |
31/03/2024 |
% |
||
|
Agile Telecom |
14,148,926 |
13,852,226 |
2.1% |
541,697 |
81,771 |
562.5% |
|
|
Beefree |
3,655,020 |
2,765,520 |
32.2% |
(422,768) |
(697,601) |
39.4% |
|
|
Holding |
3,520,705 |
3,217,819 |
9.4% |
109,955 |
(46,341) |
337.3% |
|
|
Consol. Adj. |
(3,324,913) |
(2,941,206) |
21,421 |
7,855 |
|||
|
TOTAL |
17,999,738 |
16,894,359 |
6.5% |
250,304 |
(654,316) |
138.3% |
|
The consolidated net financial position as of 31 March 2025 is the following:
|
Consolidated Net Financial Position |
31/03/2025 |
31/12/2024 |
Change |
Ch. % |
|
A. Cash |
3,055,499 |
4,970,777 |
(1,915,278) |
(38.5%) |
|
B. Cash equivalents |
||||
|
C. Other current financial assets |
11,720,440 |
11,834,813 |
(114,373) |
(1.0%) |
|
D. Cash and cash equivalents (A) + (B) + (C) |
14,775,939 |
16,805,590 |
(2,029,651) |
(12.1%) |
|
E Financial debt |
1,399,149 |
2,065,949 |
(666,800) |
(32.3%) |
|
F. Current financial debt |
1,083,339 |
1,111,891 |
(28,553) |
(2.6%) |
|
G. Current financial position (E) + (F) |
2,482,488 |
3,177,841 |
(695,353) |
(21.9%) |
|
H. Net short term financial position (G) – (D) |
(12,293,451) |
(13,627,749) |
1,334,299 |
(9.8%) |
|
I. Due to banks medium/long term |
800,246 |
626,279 |
173,967 |
27.8% |
|
J. Bonds issued |
||||
|
K.Other financial liabilities medium/long term |
||||
|
L. Non current financial position (I) + (J) + (K) |
800,246 |
626,279 |
173,967 |
27.8% |
|
M. Net financial position (H) + (L) |
(11,493,205) |
(13,001,470) |
1,508,266 |
(11.6%) |
|
(4,828,882) |
(4,813,589) |
(15,293) |
0.3% |
|
|
o/w Current financial liabilities Rights of Use IFRS 16 |
314,218 |
446,936 |
(132,718) |
(29.7%) |
|
o/w Non current financial liabilities Rights of Use IFRS 16 |
897,181 |
880,369 |
16,812 |
1.9% |
|
Net financial position without IFRS 16 effect |
(17,533,486) |
(19,142,365) |
1,608,879 |
(8.4%) |
ESMA 32-382-1138 del 04/03/2021 par. 175 orient. 39
The above-mentioned results are unaudited.
Comments to the results
Consolidated Q1 2025 P&L posts total Revenues around 18.0M EUR, showing a +6.5% increase versus 16.9M EUR in the same period of 2024: such growth is mainly driven by the 32% growth of the SaaS component, for a 20+% incidence on total revenues. CPaaS increases by 2% for an 79% incidence on total revenues.
The Agile Telecom Business Unit posted the biggest sales of ca. 14.1M EUR, decreasing ca. 2% over the same period of the previous year, following the strategy of focus on profitability.
The fastest organically growing Business Unit is Beefree, with a 32% increase, or +28% at constant FX rate, at 3.7M EUR turnover, driven by increasing volumes. ARR (Annual Recurring Revenues, a very popular key performance indicator for a subscription business, showing the average annual recurring value of existing contracts) equals 16.1M USD as of March 2025.
Consolidated recurring revenues (SaaS subscriptions), representing 21% of total sales at 3.6M EUR, grew by 32% vs. the same period of the previous year.
Foreign revenues amount to 13.1M EUR, representing 74% of total sales, and slightly decrease by 3%.
Consolidated EBITDA amounts to 0.3M EUR in Q1 2025, increasing over 138% versus Q1 2024. The increase of this figure is due to more that proportional margin growth for both Beefree and Agile Telecom versus the increase in costs, specifically in S&M (+43%) with a relative control over R&D (+9%, of which opex +3%) and general costs (+6%). Agile Telecom’s margin show material recovery.
Gross Profit grows by 48+% to 4.6M EUR, with a 26+% margin on sales, whereas EBT is negative for 0.8M EUR.
The consolidated Net Financial Position as of 31 March 2025 amounts to ca. 11.5M EUR cash, decreasing versus the previously recorded net cash amount of 13M EUR as of 31 December 2024, mainly due to certain cash dynamics on Agile Telecom and select large clients, which were the normalized in Q2, as well as Beefree investments. Figurative debt from IFRS 16’s adoption amounts to ca. 1.2M EUR. Short term available cash amounts to 14.8M EUR. The Adjusted Net Financial Position also shows escrowed sums as customary in the settlement of comparable extraordinary operations (in particular, as a guarantee of certain obligations related to the sale of the ESP business to TeamSystem).
Summary of KPI’s
SAAS
|
KPI |
BEE |
Date |
|
ARR |
16,149,970$ |
March 2025 |
|
ARR App |
5,141,664$ |
March 2025 |
|
ARR SDK |
11,008,608$ |
March 2025 |
|
ARR growth |
+23% |
March 2025 |
|
Gross margin |
83% |
Q1 2025 |
|
EBITDA margin |
n.m. |
Q1 2025 |
|
Net Revenue Retention |
104% |
March 2025 |
Data from management accounts, not subject to a BoD resolution, unaudited
Launch of the purchase and disposal of treasury shares program
The Board of Directors resolved to launch the purchase and disposal of treasury shares program, under the Ordinary General Shareholders’ Meeting resolution of 14 April 2025, which will be effective until 14 October 2026.
Download the press release
