(Finance) – Almawavea company listed on Euronext Growth Milan and active in the field of Artificial Intelligence (AI), natural language analysis and Big Data services, has closed its first nine months of 2024 with revenues equal to 36.5 million euros (-12.3% compared to the same period of 2023), Adjusted EBITDA equal to 7.8 million euros (-10.7%, with EBITDA Adjusted Margin increasing to 22.6% from 21.7%) and net profit of 2.2 million euros (vs. 3.6 million euros a year ago, -39.3%). The Backlog is equal to 58 million euros.
There NFP adjusted cash positive is equal to 8.3 million euros, an improvement compared to the previous quarter (+27.3% vs HY24) despite the significant strategic investments in the period. These reached a total of 9.4 million euros (+58% vs 9m23) to support the artificial intelligence solutions and products of the Group companies and for the development of the LLM “Large Language Model” Velvet, trained on Cineca infrastructure.
“In a market context in great transformation which offers ever greater opportunities, we intend to establish ourselves as protagonists in the AI sector: our industrial investments, strongly growing and unique in Italy, are a confirmation of this and are aimed at consolidating distinctive technical know-how and having increasingly extensive assets – commented onCEO Valeria Sandei – In particular, we are determinedly continuing the development of our foundational model of generative artificial intelligence Velvet.”
“The results of the first 9 months of the year of Almawave express a positive cash position, good margins, due to the mix of volumes, current and also prospective revenues supported by a significant backlog, solid operational structures and significant technological investments – he added – All of that it allows us to chart a positive path for the futureremaining firmly focused on achieving the challenging objectives of evolution and strategic positioning”.