REG - Windward Ltd. - FY23 Year End Trading Update

WindwardAnnouncement

11/01/2024 07:00

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RNS Number : 3097Z  Windward Ltd.  11 January 2024

11 January 2024

Windward Ltd.

("Windward", "the Company")

FY23 Year End Trading Update

Strong trading through 2023 drives 35% growth in ACV and 31% growth in
revenue, as customer count reaches 200

 

Windward (https://windward.ai/)  (LON: WNWD), the leading Maritime AI
company, is pleased to provide an update on trading for the year ended 31
December 2023 (FY2023).

 

Following good trading throughout the year and a strong finish, the Board is
pleased to report that it expects FY2023 results to be comfortably ahead of
market forecasts*.

 

Subject to completion of the year end audit, revenue is expected to have
increased by 31% to approximately $28.3m (FY2022: $21.6m), and adjusted
EBITDA(2) loss to have reduced considerably to approximately $5.1m (FY2022:
$12.1m). In H2 2023, revenue growth was 43% compared to the prior year period
(H2 2022: 16%) and the adjusted EBITDA loss was $1.3m (H2 2022 $6.6m).

 

Customer numbers increased strongly in the year, now exceeding 200 (31
December 2022: 132). As a result, the Group's Annual Contract Value (ACV(1))
as at 31 December 2023 increased by 35% to $34.5m, providing a strong basis
for continued revenue growth in 2024. Commercial ACV now represents 30% of
total ACV, up from 26% at 31 December 2022, demonstrating the successful
execution of the Company's stated customer diversification and growth
strategy.

 

The Company remains well capitalised with a net cash balance of $17.4m at the
period end ($22.1m as at 31 December 2022). The Board believes that the
Company's cash resources are more than sufficient to see the Company to
profitability and cash generation.

 

The Board expects to release audited results for the year ended 31 December
2023 in late March 2024.

 

Ami Daniel, Co-Founder and CEO of Windward, commented:

 

"2023 has been a record year for Windward, winning multiple new customers
while expanding our offering. We have delivered strongly on our execution and
believe Windward's opportunity set has expanded.  As the evolving events in
the Russia-Ukraine conflict and the security situation in the Red Sea
demonstrate, the need for visibility and actionable insight across all facets
of the maritime industry continues to grow, driving adoption of our maritime
AI platform. We are committed to providing our customers with the insight they
require to trade with confidence and have begun 2024 with continued good
momentum."

 

* For the purposes of this announcement, Windward believes market consensus
for FY2023 to be revenue of $26.6m and adjusted EBITDA loss of $7.0m

( )

((1)) ACV, as of a given date, is the total of the value of each contract
divided by the total number of years of the contract.

((2)) Adjusted EBITDA is earnings before interest, tax, depreciation
amortisation and stock based compensation

((3)) All references to $ or USD are in respect of United States Dollars

 

For more information, please contact:

 Windward Ltd.                                       via Alma Strategic Communications
 Irit Singer, CMO
 Canaccord Genuity (Nominated Adviser & Broker)      +44(0)20 7523 8000
 Simon Bridges / Andrew Potts
 Alma Strategic Communications                       +44(0)20 3405 0205
 Caroline Forde / Kieran Breheny

About Windward

Windward (LSE:WNWD), a publicly-traded company on the London Stock Exchange,
is a leading Maritime AI company, enabling organisations to achieve business
and operational readiness. Windward's AI-powered solution allows stakeholders
including banks, commodity traders, insurers, and major energy and shipping
companies to make real-time, predictive intelligence-driven decisions,
providing a 360° view of the maritime ecosystem and its broader impact on
safety, security, finance, and business. For more information visit:
(https://windward.ai/) https://windward.ai/ (https://windward.ai/) .

Prior to publication the information communicated in this announcement was
deemed by the Company to constitute inside information for the purposes of
article 7 of the Market Abuse Regulations (EU) No 596/2014 as amended by
regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations No
2019/310 ('MAR'). With the publication of this announcement, this information
is now considered to be in the public domain.

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