(Alliance News) - Almawave Spa on Thursday reported that it closed 2023 with a profit of EUR9.3 million, up 92 percent from EUR4.8 million in 2022.

Revenues as of December 31 stood at EUR57.5 million from EUR48.0 million in 2022.

Adjusted Ebitda was EUR14.4 million up 18% from EUR12.2 million and with a margin of 25% fromL 25.4% in 2022.

Adjusted Ebit as of December 31 was EUR9.7 million from EUR8.4 million in 2022.

Net financial position as of Dec. 31 is cash positive EUR6.5 million from EUR10.5

million as of December 31, 2022.

Investment in 2023 was EUR8.4 million.

CEO, Valeria Sandei, commented, "2023 revenues continued to grow strongly. The performance of the Almawave group, which is active in the highly strategic Artificial Intelligence segment, also exceeded market expectations in terms of both marginality and cash generation, distinctive elements in our industry. The development of AI technologies and applications, the certification of processes and solutions in various relevant areas, such as the Healthcare sector, and the focus on sustainability, summarized in our goals, allow us to look positively to the future."

Almawave on Thursday closed 0.4 percent in the red at EUR4.77 per share.

By Claudia Cavaliere, Alliance News reporter

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