(Alliance News) - expert.ai Spa reported Friday that it ended 2023 with consolidated revenues in the range of EUR32 million to EUR33 million.

The figure is lower than the EUR38 million estimated in the 2022-2024 consolidated business plan presented on January 27, 2023, and compares with EUR31.7 million as of December 31, 2022.

Revenues are equally divided between Italian and foreign customers. Annual recurring revenues are in a range of EUR16.5 million to EUR17.5 million from EUR27 million estimated in the 2022-2024 consolidated business plan.

Ebitda reaches breakeven in a range of minus EUR600,000 to plus EUR400,000 from EUR6 million estimated in the business plan and compared to minus EUR14.4 million in 2022. This improvement is attributable to the optimization of operating cost management and efficiency in all operational areas to enable the group to increase profitability and lay the foundation for sustained growth over time.

Net working capital, consistent with the estimates in the business plan, is in the range of EUR12 million to EUR13 million compared to EUR9.9 million in 2022.

Net financial debt is in the range of EUR21 million to EUR22 million - cash negative - from EUR17 million estimated in the plan and compared to EUR15.8 million in 2022. Cash and cash equivalents are in the range of EUR1 million to EUR2 million from EUR7.9 million estimated in the plan compared to EUR12.7 million in 2022.

Chairman, Dario Pardi, said, "Preliminary results for 2023, although not in line with expectations, show a significant improvement in EBITDA, which closes at break-even after three years of negative results, thanks to efficient and disciplined cost management and platform optimization. In the last six months of the fiscal year, we focused on preparing the new solutions to be offered to the market, and therefore we can consider 2023 as the year in which we started laying the foundation for the expert.ai of the future."

"We are building a group that will aim to grow in both volumes and margins, thanks to the implementation of the new partnership strategy that aims for double-digit growth in all geographic areas covered by the business and with higher potential, and vertical specialization by industry as well as replicability of solutions by use case. I consider expert.ai to be a company with enormous growth potential, and the recently approved 2024-2026 business plan sets concretely achievable and sustainable long-term goals."

The stock of experti.ai closed Friday down 1.2 percent at EUR1.85 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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