Cyviz AS – Q2 2023: 33 percent revenue growth and 132 percent EBITDA improvement

Cyviz today announced its results for the second quarter of 2023, with NOK 160 million in operating revenue, a 33 percent increase compared to the same quarter in 2022. The company's EBITDA increased by 132 percent to NOK 11.6 million. The rolling 12-months EBITDA is now at NOK 37 million.

“The growth and strong performance come in a quarter where Cyviz has experienced continued high demand for our advanced digital collaboration solutions. Our products are performing very well in a global market driven by strong trends such as hybrid office, cost reduction, and climate focus,” says Espen Gylvik, CEO of Cyviz.

Over the last 12 months, Cyviz has had an order intake of NOK 632 million, a 42 percent growth compared to one year earlier.

“It’s great to see that we continue to sell to existing customers who continue to invest in Cyviz technology. At the same time, in the second quarter, we've gained new customers from Fortune 100 and 500 companies,” says Espen Gylvik.

“We have a strong foundation for further growth and profitability. We continue to focus on increased professionalism and operational efficiency,” says Espen Gylvik.

New SaaS Platform

Cyviz announces in connection with the Q2 report that in September, they will launch their new SaaS-based software platform, which opens an entirely new market within monitoring and management of digital devices. Building on 25 years of experience in monitoring and managing their own Cyviz solutions, they are now launching this SaaS-based software platform.

“The development and launch of this new platform are among the most important strategic moves in Cyviz’ history, as it allows us to accelerate the development of subscription-based business models and recurring revenues. At the same time, we step out of the meeting rooms and address a much larger market within infrastructure and digital devices in buildings,” says Espen Gylvik.

The new platform enables advanced administration and monitoring of services within AV, IoT, and IT. The new software platform will allow Cyviz to expand their current business and become more of a technology company, which will be significantly more attractive to partners, while also increasing their current ability to reach entirely new customers. This will contribute to generating a much larger and recurring revenue stream for their business.

Cyviz maintains its financial goals of annual revenue growth (CAGR) of 30 percent and an EBITDA margin of 15-20 percent in the medium term.

 

Cyviz AS is presenting its Q2 2023 report and presentation today, Thursday, August 31, at 09:00 (CEST) and hereby invites investors, analysts, and other stakeholders to a live webcast. Presenters will be CEO Espen Gylvik and CFO Marius Skagen. Viewers are encouraged to submit questions during the presentation through the webcast player. 

Link to landing page LIVE and recording: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230831_3

The report, presentation, and link to the recorded webcast will also be made available at: https://www.cyviz.com/investor-relations/