Al-Media Technologies H1 FY24 Results Overview

Al-Media Technologies Limited (ASX: $AIM) has reported a successful deployment of AI technologies, leading to a significant acceleration in the transition to AI-powered language services in the first half of the financial year 2024. The company's technology sales now contribute 63% of total gross profits, resulting in a substantial improvement in operating cash flow and EBITDA. Key financial highlights include a 38% growth in high margin tech revenue to $15.6 million, representing 48% of H1 FY24 revenue, and a 39% increase in EBITDA to $1.9 million.

Executive Commentary on H1 FY24 Performance

Tony Abrahams, Co-founder, CEO, and Shareholder (~15%), expressed optimism for the second half of FY24, anticipating the continuation of positive trends as LEXI 3.0 outperforms legacy human workflows. The company's focus on growth priorities, including expanding the iCap network into new industries and territories, driving SaaS tech revenue underpinned by LEXI 3.0, and rolling out additional AI-driven LEXI products, has contributed to the strong performance in H1 FY24.

Summary of H1 FY24 Results and Outlook

Al-Media Technologies' H1 FY24 results demonstrate a significant shift towards AI-powered language services, with technology sales contributing 63% of total gross profits. The company's ambitions include further growth in the iCap network, expansion into new industries and territories, and the introduction of new AI-driven solutions. With a focus on enhancing the LEXI Toolkit and leveraging AI advancements, Al-Media aims to strengthen its position in the market and deliver sustainable profitability. The company's strong financial performance in H1 FY24, including a 38% growth in tech revenue and a 39% increase in EBITDA, sets a positive outlook for the remainder of the financial year.