Way2VAT (ASX: $W2V) 1H24 Financial Results Overview

Way2VAT Ltd (ASX: $W2V) has reported a 27% increase in revenue to $1.74 million for the six months ended 30 June 2024. The company's gross profit rose by 45% to $1.3 million, with a gross margin of 75%. The cash balance stood at $2.74 million, supported by capital raise activities. Way2VAT expanded its enterprise client base to 375, including major multinational companies such as Randstad, Fever, Acciona, SGS, CyberArk, and Hipra. The commercial launch of APAI Compliance is on track, and the company has entered the Australian enterprise market, while also focusing on sales and marketing initiatives.

Founder & CEO, Amos Simantov, on 1H24 Achievements

Our first half revenue of $1.74 million increased 27% on the prior period due to the accelerating shift towards automation and streamlining of processes that the Way2VAT platform provides for an increasing number of multinational companies. Way2VAT's product suite is helping multinationals automate account payable processes. Our sales and marketing team is seeing strong demand for our leading accounts payable technology from both our new and existing clients. We are expanding our European presence and have entered the Australian enterprise market, opening new sales channels and opportunities for Way2VAT. The Company is also investing into its sales and marketing initiatives and enhancing its product suite, including the APAI compliance technology which opens a new revenue stream for Way2VAT.

Way2VAT (ASX: $W2V) 1H24 Financial Results Summary and Outlook

Way2VAT (ASX: $W2V) reported a strong first half with a 27% increase in revenue, reaching $1.74 million. The company's gross profit rose by 45% to $1.3 million, with a gross margin of 75%. The enterprise client base expanded to 375, including major multinational companies. The commercial launch of APAI Compliance is set to create a new revenue stream for Way2VAT. The company has entered the Australian enterprise market and is focusing on sales and marketing initiatives. Way2VAT anticipates accelerating revenue growth in the second half of FY24, driven by new clients, increased onboarding, and the growing pipeline of new customers. The introduction of APAI Compliance, along with the growing client base and expansion of markets, is moving Way2VAT closer towards a cash positive position.