16 July 2024
Windward Ltd.
("Windward", "the Company")
H1 Trading Update and Notice of Results
Strong growth in ACV and launch of first Generative AI offering
Windward (LON: WNWD), a leading Maritime AI company, provides an update on trading for the six month period ended 30 June 2024 (HY 24).
Financial Highlights (all unaudited):
| - | Annual Contract Value (ACV) as at 30 June 2024 of $37.2m, up 35% (HY 23: $27.6m) |
| - | Revenue up 37% to $17.6m (HY 23 $12.8m) |
| - | Gross margin for HY 24 above 80% (HY 23: 78%) |
| - | EBITDA loss expected to be not more than $1.6m for HY 24 (HY 23 $3.8m) |
| - | Cash balance at period end of $13.8m (31 December 2023: $17.3m), on track to achieve market expectations* for 31 December 2024 (FY24) |
| - | Trading slightly ahead of market expectations on revenue for FY24, and confident in achieving an EBITDA break-even run rate during FY24 |
Ami Daniel, CEO and Co-Founder of Windward said:
"I am delighted to report sustained momentum of 35% year over year ACV growth, consistent with FY2023 ACV growth. We continue to grow the base of global organisations subscribing to our AI-powered insights to better navigate the challenges of global trade.
Investment in our data platform is delivering significant benefits, which has allowed us to quickly roll out Generative AI capabilities with the launch of our first Generative AI agent, MAI Expert, in collaboration with AWS. This is the first step in a journey that significantly expands both our target market and the breadth of our differentiated offering for existing customers.
Our high renewal rates provide us with solid revenue visibility and confidence in continued positive trading, and with the new products launched in 2024 providing significant expansion opportunities, we are increasingly confident in the prospects for Windward."
Alongside the strong financial performance reported above, the Company made continued strategic and operational progress. Highlights include:
| - | Launch of MAI Expert™, a Generative AI-Powered virtual agent, the first milestone in the Company's considerable Generative AI roadmap |
| - | Windward joins the AWS ISV Accelerate Program and collaborates with AWS to launch Generative AI based solutions, optimising global trade & supply chain management |
| - | New channel partnership with Rightship, a leading shipping ESG provider, paving the way for further adoption of Windward's technology platform in the commercial sector, already in use by two leading mining companies |
New customers signed in 2024 include Bernhard Schulte Shipmanagement, Ceedbox Limited, CLCircular, Gungen Denizcilik ve ticaret a.s., OCIMF - Oil Companies International Marine Forum, Theia Trading, Uni-Fuels, Valletta Bunkers Ltd and Bergé Logistics.
The Board expects to release interim results for the six months ended 30 June 2024 in late August 2024.
* For the purposes of this announcement, Windward believes market consensus for the financial year ended 31 December 2024 to be revenue of $35.1m, adjusted EBITDA loss of $1.6m and cash of $16.7m.
(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) EBITDA is earnings before interest, tax, depreciation and amortisation
(3) All references to $ or USD are in respect of United States Dollars
For more information, please contact:
| Windward | Via Alma |
| 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 / Will Merison | |
About Windward
Windward (LSE:WNWD), is a leading Maritime AI™ company, providing an all-in-one platform to accelerate global trade. Windward's AI-powered decision support and exception management platform offers a 360° view of the maritime ecosystem and enables stakeholders to make real time, predictive intelligence-driven decisions to achieve business and operational readiness.
Windward's Maritime AI supports companies across industries. The company's clients range from oil supermajors, freight forwarders, and port authorities, to banks, shippers, insurers, and governmental organizations.
For more information visit: 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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