Cyviz AS

Investor Presentation • Feb 13, 2025

Cyviz February 13th, 2025

Agenda and Presenters

Q4'24 in brief

Performance 2020 – 2024

Business Highlights

Q4 & YTD Financials

Outlook

Q&A

Karl Peter Gombrii | CFO

Espen Gylvik | CEO

Solid Q4 caps off the best full-year performance on record

Q4 & Full-year 2024 in brief

Revenue of NOK 189 million in Q4, up 21 million (12%) compared to last year.

Gross profit of NOK 96 million (50% margin), up NOK 7 million vs. last year (52% margin)

EBITDA of NOK 19.8 million in Q4, down NOK 0.2 million vs. last year

Order intake of NOK 181 million

Full-year revenue of NOK 595 million, up NOK 10 million (2%).

Full-year gross profit of NOK 313 million, up NOK 25 million (9%).

Full-year EBITDA of NOK 36.2 million, up NOK 8.3 million (30%).

Full-year order intake of NOK 620 million

Q4

FY

CAGR vs 2020
ORDER INTAKE	REVENUE	GROSS PROFIT
34%	29%	33%

9

Q4-22

Q1-23

Q2-23

Q3-23

Q4-23

Q1-24

Q2-24

Q3-24

30

37

25 28 30

21

+30%

36 36

ORDER INTAKE (MNOK) GROSS PROFIT (MNOK) EBITDA (MNOK)

Q3-21

Q4-21

Q4-24

Order intake pattern

• Q4-2023 order intake includes a NOK 200 million multi-year deal, with deliveries spread across 2024 and 2025
• "Underlying" order intake smoother Q4-24 order intake fourth highest on record following solid Q2 and Q3
• Backlog is solid at NOK 380 million after three consecutive quarters of strong order intake

181

Q4-24

Positive gross margin trend

• Drift driven by larger projects with repeat accounts, and ARR
• Gross profit fluctuates due to product mix and timing effects impacting quarterly performance
• Gross margin 2024 is above average trend over time reversal in 2025 anticipated

Business Highlights

Business Highlights

Q4 2024

-

Business highlights

Europe The company is adjusting its regional governance structure where APAC and Middle East are combined into Middle East & Asia Pacific – hereinafter referred to as "MEAP".

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Q4 Financials

Q4 Financial highlights

• NOK 21 million (12%) revenue growth

Gross profit

• NOK 7.2 million growth (+5%)

• NOK 0.2 million decline (-1%)

• Gross margin 50% vs 52% last year

EBITDA

• NOK 155 million decrease (-46%)
• Driven by a single, multi-year contract in December last year

Q4 financials

Full-year results 2024

Revenues

• NOK 10 million revenue growth (+2%)
• Driven by Q1 and Q2 product mix; higher-margin but lower revenues

Gross profit

• NOK 25 million growth (+8.5%)
• Gross margin 53% vs 49% last year

EBITDA

• NOK 8.3 million growth (+30%)
• Margin of 6.1% vs 4.8% last year

Bookings

• NOK 89 million decrease (-13%)
• Driven by a single, multi-year contract in December last year

FY financials

Operating cash flow Q4

Operating cash flow

Operating cash flow full-year '24

*Other items relates to change in option expense and income tax

Key drivers Q4

• Operating result driven by positive EBITDA of NOK 19.8 million
• Slightly faster collection and associated increase in AR with impact of 1.3 million
• Inventory decrease improved cash by 10 million; high opening balance explained by multiple large, more complex projects
• Reduction in payables related settlement of invoices related to higher than usual opening inventory

Key drivers YTD

• The high receivable collection reflects Q4-24 bookings, which were weighed to geographical areas that traditionally have shorter collection times (high Q1 collection), along with tighter collection regime throughout the year.
• Increase in inventories primarily due to an overall larger scale of the business

Positive free cash flow (FCF) in 2024

• FCF of NOK 0.4 million despite substantial R&D investments
• R&D investments anticipated to contribute to higher margins amid modest future CAPEX growth

CAPEX

R&D Investments dominate CAPEX spend New product lines ready for commercialization

Cash Flow from Operations

Cash flow from operations entering positive territory Operational cash flows impacted by short-term fluctuations

EBITDA Operational cash flow

Outlook

Outlook

Profitable growth driven by growing core business, new products and services, and cost optimization

Profitable growth & cash management

Increased focus on profitability through cost optimization, new services, and continued revenue growth. Putting new tighter processes in place for collecting cash, improved contractual terms and conditions.

Scaling through "Integrator Kit" and "Software Management Platform"

Scale through a global partner ecosystem, and drive ARR and subscription revenue by enabling partners to deliver managed services.

Market disruption in 2025

1

2

3

Continuously innovate in our in-house technology and disrupt the market with our new software platform and services.

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