Technology
ZENVIA Reports Q2 2024 and H1 2024 Results
Published
2 years agoon
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Normalized EBITDA of BRL 33.7 million in Q2 2024 and BRL 56.8 million in H1 2024
Strict cost control led G&A as % of revenues to 14.5% in H1 2024 from 18.5% in H1 2023
Promising early results of Zenvia Customer Cloud soft launch, with healthy levels of recurring revenue, churn and crossed adoption
SÃO PAULO, Sept. 5, 2024 /PRNewswire/ — Zenvia Inc. (NASDAQ: ZENV), the leading cloud-based CX solution in Latin America empowering companies to craft personal, engaging and fluid experiences throughout the customer journey, today reported its operational and financial metrics for the second quarter of 2024.
Cassio Bobsin, Founder & CEO of ZENVIA, said: “During the quarter, we kept our focus on rolling out Zenvia Customer Cloud, and we are pleased to report that the launch has been met with enthusiasm from our clients. We also released in June our cutting-edge Generative AI Chatbot solution, which delivers value in just under six minutes and, within two months of its launch, has already resulted in 99 chatbots developed by companies across eight sectors in Latin America. We are excited about the opportunities these innovations present and remain committed to driving continued growth and strengthening our leadership position in the market. Our team’s dedication and the positive response from our clients underscore our confidence in the transformative potential of these solutions and our ability to exceed expectations as we move forward.”
Shay Chor, CFO & IRO of ZENVIA, said: “We achieved another quarter of solid revenue growth in Q2 2024, with margins remaining within our guidance range, despite the fact that the revenue increase was mainly driven by large enterprises in both segments, which typically have lower margins. A key highlight of the quarter is the significant reduction in G&A expenses, which was down more than 10% YoY in Q2, attesting our continued commitment to rigorous cost control, and positively impacting our EBITDA. Looking ahead, we are focused on maintaining this momentum, rolling out Zenvia Customer Cloud and unlocking profitable value from our operations to keep deleveraging the business.”
Key Financial Metrics (BRL MM and %)
Q2 2024
Q2 2023
YoY
H1 2024
H1 2023
YTD
Revenues
231.2
192.9
19.8 %
443.8
372.0
19.3 %
Gross Profit
87.5
70.4
24.4 %
168.4
149.3
12.8 %
Gross Margin
37.9 %
36.5 %
1.4p.p.
37.9 %
40.1 %
-2.2p.p.
Non-GAAP Adjusted Gross Profit(1)
100.2
83.2
20.4 %
193.8
175.7
10.3 %
Non-GAAP Adjusted Gross Margin(2)
43.3 %
43.1 %
0.2p.p.
43.7 %
47.2 %
-3.6p.p.
Operating Loss (EBIT)
10.0
-7.0
n.m
0.3
-19.3
n.m
Adjusted EBITDA(3)(5)
33.6
14.9
125.5 %
46.7
22.7
105.3 %
Normalized EBITDA(4)(5)
33.7
14.9
126.1 %
56.8
22.7
150.0 %
Loss of the Period
(15.9)
(15.2)
5.1 %
(72.2)
(31.9)
126.0 %
Cash Balance
89.4
142.6
-37.3 %
89.4
142.6
-37.3 %
Net cash flow from (used in) operating activities
18.1
32.8
-44.6 %
5.3
132.3
-96.0 %
Total Active Customers(6)
11,849
14,740
-19.6 %
11,849
14,740
-19.6 %
(1) For a reconciliation of our Non-GAAP Gross Profit to Gross Profit, see Selected Financial Data section below.
(2) We calculate Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue.
(3) For a reconciliation of our Adjusted EBITDA to Loss for the Period, see Selected Financial Data section below.
(4) For a reconciliation of our Normalized EBITDA to Loss for the Period, see Selected Financial Data section below.
(5) In December 2023, the Company identified that the allowance for expected credit losses and cost with amortization of intangibles was understated. The calculation was reassessed in the annual financial statements and Management has retrospectively revised the first six months of 2023 for comparison purposes.
(6) We define an Active Customer as an account (based on a corporate taxpayer registration number) at the end of any period that was the source of any amount of revenue for us in the preceding three months. We classify a customer from which we generated no revenue in the preceding three months as an Inactive Customer.
Highlights Q2 2024
Revenues totaled BRL 231.2 million, up 19.8% when compared to BRL 192.9 million in Q2 2023 as a result of both SaaS (+15.6% YoY) and CPaaS (+22.1%) expansion. CPaaS and SaaS saw growth mainly from large enterprise customers.Non-GAAP Adjusted Gross Profit of BRL 100.2 million was up 20.4% YoY while Non-GAAP Adjusted Gross Margin was mainly stable, up by 0.2 percentage points to the expected level of 43.3% YoY as highlighted in our guidance for 2024. This decrease is due to:
(i) Higher mix of CPaaS in the period, principally from large enterprises with lower margins; and
(ii) Lower SaaS margins, which also grew more in large enterprises with lower margins.
Total number of active customers decreased to 11.8k, being 6.8k from SaaS and 5.5k from CPaaS. This decrease reflects a client-base cleanup, combining the rollout of Zenvia Customer Cloud – that unifies SaaS clients’ contracts – with a drop in smaller CPaaS clients which used lower volumes of SMS and were less profitable.Normalized EBITDA was positive BRL 33.7 million in the quarter, up 126.1% from Q2 2023, benefiting from higher revenues and strict expense control.On June 19, we announced the launch of our Generative AI Chatbot, a game-changing solution to revolutionize chatbot development, making it as simple and intuitive as a personal interaction and accessible to businesses of all sizes looking to improve and automate customer service. Key highlights include easy customization and efficient integration with multiple communication channels, ensuring a superior solution for all customer needs. Within two months of its launch, 99 chatbots were already developed by companies across eight industry sectors in Latin America.The migration of the client base to Zenvia Customer Cloud has already started, with a full rollout expected by the H1 2025. To date, we could observe healthy levels of recurring revenue, churn, and cross-adoption.
Highlights H1 2024
Revenues totaled BRL 443.8 million, up 19.3% when compared to BRL 372.0 million in H1 2023 as a result of both SaaS (+13.8% YTD) and CPaaS (+22.5%) expansion.Non-GAAP Adjusted Gross Profit of BRL 193.8 million was up 10.3% YTD while Non-GAAP Adjusted Gross Margin was down 3.6 percentage points YoY to the expected level of 43.7%.Normalized EBITDA was positive BRL 56.8 million in the quarter, up 150.0% from H1 2023, which is in line with our expectations and in line to deliver the full year guidance of BRL 120 million to BRL 140 million.
SaaS Business
SaaS Key Operational & Financial Metrics
(BRL MM and %)
Q2 2024
Q2 2023
YoY
H1 2024
H1 2023
YTD
Revenues
78.0
67.5
15.6 %
154.8
136.0
13.8 %
Gross Profit
29.9
29.1
2.5 %
60.4
62.1
-2.6 %
Gross Margin
38.3 %
43.2 %
-4.9p.p.
39.0 %
45.6 %
-6.6p.p.
Non-GAAP Gross Profit(1)
42.5
42.0
1.3 %
85.9
88.4
-2.9 %
Non-GAAP Gross Margin(2)
54.5 %
62.2 %
-7.7p.p.
55.5 %
65.0 %
-9.5p.p.
Net Revenue Expansion (NRE)
100 %
116 %
-16p.p.
100 %
116 %
-16p.p.
Total Active Customers(3)
6,770
6,888
-1.7 %
6,770
6,888
-1.7 %
(1) For a reconciliation of the Non-GAAP Adjusted Gross Profit of our SaaS business segment to Gross Profit of our SaaS business segment, see Selected Financial Data section below.
(2) We calculate Non-GAAP Adjusted Gross Margin of our SaaS business segment as Non-GAAP Gross Profit of our SaaS business segment divided by revenue of our SaaS business segment.
(3) We define an Active Customer as an account (based on a corporate taxpayer registration number) at the end of any period that was the source of any amount of revenue for us in the preceding three months. We classify a customer from which we generated no revenue in the preceding three months as an Inactive Customer.
In Q2 2024, our SaaS business Revenue went up 15.6% YoY to BRL 78.0 million, compared to BRL 67.5 million in Q2 2023, primarily from large enterprise customers, especially in the Consulting business that has a low base of comparison in Q2 2023. In H1 2024, our SaaS business revenue increased 13.8%.
As a result, Q2 2024 Non-GAAP Adjusted Gross Profit was mainly stable, up 1.3% YoY to BRL 42.5 million from BRL 42.0 million. It is worth noting that the soft launch of Zenvia Customer Cloud began at the end of Q1 2024, and the team is focused on rolling out all functionalities by Q4 2024, when we expect to launch the full marketing campaign.
The revenue increase came mostly from large enterprises that carry lower margins, leading to lower Non-GAAP Adjusted Gross Margin from SaaS. Despite being down by 7.7 percentage points YoY to 54.5%, this margin level is expected, given that the large enterprise business carries lower margins when compared to the pure software business of circa 50%. For the same reason, in H1 2024, our Non-GAAP Adjusted Gross Profit was down 2.9%, which resulted in an expected decrease of 9.5 percentage points in our Non-GAAP Adjusted Gross Margin.
CPaaS Business
CPaaS Key Operational & Financial Metrics
(BRL MM and %)
Q2 2024
Q2 2023
YoY
H1 2024
H1 2023
YTD
Revenues
153.2
125.5
22.1 %
289.0
235.9
22.5 %
Non-GAAP Gross Profit(1)
57.7
41.2
39.8 %
108.0
87.3
23.7 %
Non-GAAP Gross Margin(2)
37.6 %
32.9 %
4.8p.p.
37.4 %
37.0 %
0.4p.p.
Total Active Customers(3)
5,506
8,647
-36.3 %
5,506
8,647
-36.3 %
(1) For a reconciliation of the Non-GAAP Adjusted Gross Profit of our CPaaS business segment to Gross Profit of our CPaaS business segment, see Selected Financial Data section below.
(2) We calculate Non-GAAP Adjusted Gross Margin of our CPaaS business segment as Non-GAAP Gross Profit of our CPaaS business segment divided by revenue of our CPaaS business segment.
(3) We define an active customer as an account (based on a corporate taxpayer registration number) at the end of any period that was the source of any amount of revenue for us in the preceding three months. We classify a customer from which we generated no revenue in the preceding three months as an inactive customer.
Our CPaaS business reported Net Revenues of BRL 153.2 million in Q2 2024, up 22.1% YoY, while Non-GAAP Gross Profit increased 39.8% YoY to BRL 57.7 million from BRL 41.2 million in Q2 2023. Non-GAAP Gross Margin reached 37.6%, compared to 32.9% in Q2 2023, mainly due to opportunities of unusually high margins with certain large enterprises.
In H1 2024, our CPaaS business reported Net Revenues of BRL 289.0 million, up 22.5% YTD, with our Non-GAAP Adjusted Gross Profit increasing at a similar rate, leading to a Non-GAAP Adjusted Gross Margin of 37.4%, up 0.4 p.p. YoY.
It is worth noting that the decrease in the active customer base was primarily due to the clean-up and removal of smaller CPaaS clients who were not generating revenue. This move reflects our focus on retaining customers that contribute with revenues and EBITDA generation as attested by the 22% increase in CPaaS top line and 40% increase in Non-GAAP Adjusted Gross Profit during the quarter.
Consolidated Financial Results
Revenue
Consolidated revenues in Q2 2024 totaled BRL 231.2 million, up 19.8% YoY, reflecting the increases of 22.1% in CPaaS and 15.6% in SaaS. In H1 2024 consolidated revenues totaled BRL 443.8 million, up 19.3% YTD, reflecting the increases of 22.5% in CPaaS and 13.8% in SaaS. The soft launch of Zenvia Customer Cloud began at the end of Q1 2024, and the team is focused on rolling out all functionalities by Q4 2024, when we expect to launch the full marketing campaign.
Profitability
Our Consolidated Non-GAAP Adjusted Gross Profit went up by 20.4% YoY in Q2 2024 to BRL 100.2 million, mainly reflecting the 39.8% increase in CPaaS Non-GAAP Adjusted Gross Profit. Non-GAAP Adjusted Gross Margin was stable YoY, up by 0.2 p.p. to 43.3% in Q2 2024 from 43.1% in Q2 2023. Higher than expected CPaaS margins were able to offset lower SaaS margins, as the latter also expanded more with large enterprise customers. In addition, we had a higher share of CPaaS in the revenue mix, of 66.3% in Q2 2024 compared to 65.0% in Q2 2023.
Adjusted EBITDA in Q2 2024 was positive BRL 33.7 million, compared to BRL 14.9 million in Q2 2023. The 125.5% increase is mainly due to higher revenues and stricter expense control. Normalized EBITDA amounted to BRL 56.8 million in H1 2024, which compares to BRL 22.7 million in the same period of 2023. Our LTM Normalized EBITDA has reached BRL 110.2 million in June 2024, which puts us on track to delivering on the 2024 guidance.
Reiterating FY 2024 Guidance
FY 2024 Guidance
Revenue
BRL$930 – $970 million
Y/Y Growth
15% – 20%
Non-GAAP Adjusted Gross Margin
42% – 45%
Normalized EBITDA
BRL$120 – $140 million
Conference Call
The Company’s senior management team will host a webcast to discuss the results and business outlook on Friday, September 6, 2024, at 10:00 am ET. To access the webcast presentation, click here.
Additional information regarding Zenvia can be found at https://investors.zenvia.com.
Contacts
Investor Relations
Caio Figueiredo
Fernando Schneider
Media Relations – FG-IR
Fabiane Goldstein – (954) 625-4793 – fabi@fg-ir.com
About ZENVIA
Zenvia (NASDAQ: ZENV) is a technology company dedicated to creating a new world of experiences. It focuses on enabling companies to create personalized, engaging and fluid experiences across the entire customer journey, all through its unified, multi-channel customer cloud solution. Boasting two decades of industry expertise, over 13,000 customers and operations throughout Latin America, Zenvia enables businesses of all segments to amplify brand presence, escalate sales, and elevate customer support, generating operational efficiency, productivity and results, all in one place. To learn more and get the latest updates, visit our website and follow our social media profiles on LinkedIn, Instagram, TikTok and YouTube.
Forward-Looking Statements
The preliminary fourth quarter and full year operating results set forth above are based solely on currently available information, which is subject to change. These preliminary operating results constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Zenvia’s control. Zenvia’s actual results could differ materially from those stated or implied in forward-looking statements due to several factors, including but not limited to: our ability to innovate and respond to technological advances, changing market needs and customer demands, our ability to successfully acquire new businesses as customers, acquire customers in new industry verticals and appropriately manage international expansion, substantial and increasing competition in our market, compliance with applicable regulatory and legislative developments and regulations, the dependence of our business on our relationship with certain service providers, among other factors.
SELECTED FINANCIAL DATA
The following selected financial information are preliminary, unaudited and are based on management’s initial review of operations for the second quarter of 2024.
Income Statement
Q2
H1
2024
2023
Variation
2024
2023
Variation
(non-audited)
(restated)
(non-audited)
(restated)
(in thousands of R$)
( %)
(in thousands of R$)
( %)
Revenue
231,159
192,919
19.8 %
443,795
371,966
19.3 %
Cost of services
-143,624
-122,533
17.2 %
-275,403
-222,631
23.7 %
Gross profit
87,535
70,386
24.4 %
168,392
149,335
12.8 %
Selling and marketing expenses
-26,001
-24,807
4.8 %
-53,360
-52,249
2.1 %
General and administrative expenses
-33,293
-37,348
-10.9 %
-64,563
-68,795
-6.2 %
Research and development expenses
-14,071
-11,109
26.7 %
-28,867
-25,113
14.9 %
Allowance for expected credit losses
-1,464
-3,708
-60.5 %
-6,895
-21,977
-68.6 %
Other income and expenses, net
-2,690
-451
496.5 %
-14,406
-536
2587.7 %
Operating gain (loss)
10,016
-7,037
-242.3 %
301
-19,335
-101.6 %
Financial expenses
-37,895
-17,125
121.3 %
-105,133
-35,849
193.3 %
Finance income
438
3,987
-89.0 %
7,472
6,612
13.0 %
Financial expenses, net
-37,457
-13,138
185.1 %
-97,661
-29,237
234.0 %
Loss before taxes
-27,441
-20,175
36.0 %
-97,360
-48,572
100.4 %
Deferred income tax and social contribution
14,011
7,793
79.8 %
30,094
19,639
53.2 %
Current income tax and social contribution
-2,507
-2,788
-10.1 %
-4,927
-3,006
63.9 %
Loss for the period
-15,937
-15,170
5.1 %
-72,193
-31,939
126.0 %
Loss attributable to Owners of the Company
-16,045
-15,226
5.4 %
-72,419
-32,065
125.9 %
Non-controlling interests
108
56
92.9 %
226
126
79.4 %
Balance Sheet
December 31, 2023
(audited)
June 30, 2024
(non-audited)
(in thousands of R$)
Assets
Current assets
250,331
304,179
Cash and cash equivalents
63,742
89,411
Trade and other receivables
148,784
170,326
Recoverable assets
28,058
27,555
Prepayments
5,571
9,871
Other assets
4,176
7,016
Advances to Acquisition
Non-current assets
1,461,233
1,480,788
Restricted Cash
6,403
6,749
Prepayments
1,109
713
Other Assets
10
10
Deferred Tax Assets
91,971
122,065
Property, plant and equipment
14,413
20,855
Intangible assets
1,347,327
1,330,396
Total assets
1,711,564
1,784,967
December 31, 2023
(audited)
June 30, 2024
(non-audited)
(in thousands of R$)
Liabilities
Current liabilities
607,374
622,848
Trade and other payables
353,998
374,933
Loans, borrowings and Debentures
36,191
73,527
Liabilities from acquisitions
134,466
99,936
Employee benefits
50,085
47,811
Tax liabilities
18,846
16,991
Lease liabilities
2,056
1,962
Deferred revenue
11,547
7,591
Taxes to be paid in installments
185
97
Derivative and Financial Instruments
–
Non-current liabilities
215,243
341,236
Liabilities from acquisitions
160,237
187,096
Loans, borrowings
51,605
56,037
Provisions for tax, labor and civil risks
1,721
1,744
Lease liabilities
752
1,834
Employee Benefits
615
1,478
Derivative financial instruments
–
92,757
Taxes to be paid in installments
313
290
Equity
888,947
820,883
Capital
957,525
1,007,522
Reserves
247,464
206,887
Foreign currency translation reserve
3,129
(2,188)
Other components of equity
283
283
Accumulated losses
(319,591)
(392,010)
Non-controlling interests
137
389
Total equity and liabilities
1,711,564
1,784,967
Indebtness
Interest
December 31, 2023
(audited)
June 30, 2024
(non-audited)
(in thousands of R$)
Working capital
100% CDI+2.51% to 6.55% and 8.60%
69,667
113,730
Debentures
18.16 %
18,129
15,834
Total
87,796
129,564
Cash Flow
Q2
H1
2024
(non-audited)
2023
(restated)
2024
(non-audited)
2023
(restated)
(in thousands of R$)
Net cash from (used in) operating activities
18,134
32,758
5,269
132,318
Net cash used in investing activities
-21,078
-14,735
-33,507
-17,438
Net cash from (used in) financing activities
21,459
-31,548
54,793
-69,914
Exchange rate change on cash and cash equivalents
-629
-2,918
-886
-2,630
Net (decrease) increase in cash and cash equivalents
17,886
-16,443
25,669
42,336
Special Note Regarding Non-GAAP Financial Measures
This press release presents certain Non-GAAP financial measures, which are not recognized under IFRS, specifically Non-GAAP Adjusted Gross Profit, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Profit for our SaaS business segment, Non-GAAP Adjusted Gross Profit for our CPaaS business segment, Non-GAAP Adjusted Gross Margin for our SaaS business segment, Non-GAAP Adjusted Gross Margin for our CPaaS business segment, Adjusted EBITDA and Normalized EBITDA. A Non-GAAP financial measure is generally defined as one that purports to measure financial performance but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure. Non-GAAP financial measures do not have standardized meanings and may not be directly comparable to similarly titled measures adopted by other companies. These Non-GAAP financial measures are used by our management for decision-making purposes and to assess our financial and operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. We also believe that the disclosure of our Non-GAAP Adjusted Gross Profit, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted Gross Profit for our SaaS business segment, Non-GAAP Adjusted Gross Profit for our CPaaS business segment, Non-GAAP Adjusted Gross Margin for our SaaS business segment, Non-GAAP Adjusted Gross Margin for our CPaaS business segment, Adjusted EBITDA and Normalized EBITDA. Flow provides useful supplemental information to investors and financial analysts and other interested parties in their review of our operating performance. Potential investors should not rely on information not recognized under IFRS as a substitute for the IFRS measures of earnings, cash flows or profit (loss) in making an investment decision.
The following table shows the reconciliation for our consolidated Non-GAAP Gross Profit and consolidated Non-GAAP Gross Margin:
Q2
H1
Consolidated
2024
(non-audited)
2023
(non-audited)
2024
(non-audited)
2023
(non-audited)
(in thousands of R$)
Gross profit
87,535
70,386
168,392
149,335
(+) Amortization of intangible assets acquired from business combinations
12,654
12,850
25,439
26,361
Non-GAAP Gross Profit(1)
100,189
83,236
193,831
175,696
Revenue
231,159
192,919
443,795
371,966
Gross margin(2)
37.9 %
36.5 %
37.9 %
40.1 %
Non-GAAP Gross Margin(3)
43.3 %
43.1 %
43.7 %
47.2 %
(1) We calculate Non-GAAP Adjusted Gross Profit as gross profit plus amortization of intangible assets acquired from business combinations.
(2) We calculate gross margin as gross profit divided by revenue.
(3) We calculate Non-GAAP Adjusted Gross Margin as Non-GAAP Adjusted Gross Profit divided by revenue.
The following tables shows the reconciliation for the Non-GAAP Gross Profit and Non-GAAP Gross Margin for our
SaaS and CPaaS business segments:
Q2
H1
SaaS Segment
2024
(non-audited)
2023
(non-audited)
2024
(non-audited)
2023
(non-audited)
(in thousands of R$)
Gross profit
29,871
29,144
60,440
62,060
(+) Amortization of intangible assets acquired from business combinations
12,654
12,850
25,439
26,361
Non-GAAP Gross Profit(1)
42,525
41,994
85,879
88,421
Revenue
77,977
67,467
154,797
136,049
Gross margin(2)
38.3 %
43.2 %
39.0 %
45.6 %
Non-GAAP Gross Margin(3)
54.5 %
62.2 %
55.5 %
65.0 %
(1) We calculate Non-GAAP Adjusted Gross Profit for our SaaS business segment as gross profit for our SaaS business segment plus amortization of intangible assets acquired from business combinations for our SaaS business segment.
(2) We calculate gross margin for our SaaS business segment as gross profit for our SaaS business segment divided by revenue of our SaaS business segment.
(3) We calculate Non-GAAP Adjusted Gross Margin for SaaS business segment as Non-GAAP Adjusted Gross Profit for our SaaS business segment divided by revenue for our SaaS business segment.
Q2
H1
CPaaS Segment
2024
(non-audited)
2023
(non-audited)
2024
(non-audited)
2023
(non-audited)
(in thousands of R$)
Gross profit
57,652
41,241
107,952
87,275
(+) Amortization of intangible assets acquired from business combinations
0
0
0
0
Non-GAAP Gross Profit(1)
57,652
41,241
107,952
87,275
Revenue
153,182
125,455
288,998
235,917
Gross margin(2)
37.6 %
32.9 %
37.4 %
37.0 %
Non-GAAP Gross Margin(3)
37.6 %
32.9 %
37.4 %
37.0 %
(1) We calculate Non-GAAP Adjusted Gross Profit for our CPaaS business segment as gross profit for our CPaaS business segment plus amortization of intangible assets acquired from business combinations for our CPaaS business segment.
(2) We calculate gross margin for our CPaaS business segment as gross profit for our CPaaS business segment divided by revenue of our CPaaS business segment.
(3) We calculate Non-GAAP Adjusted Gross Margin for CPaaS business segment as Non-GAAP Adjusted Gross Profit for our CPaaS business segment divided by revenue for our CPaaS business segment.
The following table shows the reconciliation for our Adjusted EBITDA and Normalized EBITDA:
Q2
H1
2024
(non-audited)
2023
(non-audited)
2024
(non-audited)
2023
(non-audited)
(in thousands of R$)
Loss for the period
-15,937
-15,170
-72,193
-31,939
Current and Deferred Income Tax
-11,504
-5,005
-25,167
-16,633
Financial expenses, net
37,457
13,138
97,661
29,237
Depreciation and Amortization
23,582
21,935
46,379
42,068
Adjusted EBITDA(1)
33,598
14,898
46,680
22,733
Earn-outs
-80
–
– 10,161
Normalized EBITDA(2)
33,678
14,898
56,841
22,733
(1) We calculate Adjusted EBITDA as loss for the period adjusted by income tax and social contribution (current and deferred), financial expenses, net, depreciation and the goodwill impairment.
(2) We calculate Normalized EBITDA as the Adjusted EBITDA adjusted by non-cash impacts from earn-out adjustments.
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SOURCE Zenvia
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Technology
UPM Half Year Financial Report 2026: Improved second quarter results in all businesses and portfolio change progressing
Published
7 minutes agoon
July 23, 2026By
UPM-Kymmene Corporation Stock Exchange Release (Half Year Financial Report) July 23, 2026 at 09:30 EEST
HELSINKI, July 23, 2026 /PRNewswire/ —
UPM Half Year Financial Report 2026:
Improved second quarter results in all businesses and portfolio change progressing
Q2 2026 highlights, continuing operations
Sales totaled €2,355 million (2,341 million in Q2 2025)Comparable EBIT increased by 71% to €212 million, 9.0% of sales (124 million, 5.3%)All businesses improved their results from last yearUPM and Sappi signed a definitive agreement on the graphic paper Joint VentureThe Board approved a plan to demerge the Plywood business into a new listed company. The Extraordinary General Meeting to decide on the demerger plan will be held on August 31, 2026UPM achieved a Platinum rating from EcoVadis and an A score from CDP for its supplier engagement
H1 2026 highlights, continuing operations
Sales totaled €4,781 million (4,914 million in H1 2025)Comparable EBIT increased by 17% to €471 million, 9.8 % of sales (404 million, 8.2 %)Strong performance in Decarbonization solutions businesses (UPM Energy and UPM Biofuels)Robust sales growth and performance in Advanced materials businesses (UPM Adhesive Materials and UPM Specialty Materials)Operating cash flow was €225 million (468 million)1)The first installment of the dividend for the year 2025 was paid in April, totaling €395 millionNet debt was 3,313€ million at the end of June (3,310 million) and net debt to EBITDA ratio was 2.36 (2.12)1)
1) Operating cash, net debt and net debt to EBITDA ratio include continuing and discontinued operations.
UPM Plywood is presented as discontinued operations due to the proposed demerger
On April 29, 2026, the Board of Directors of UPM approved a demerger plan for the separation of the Plywood business into an independent listed company. As a result of the proposed demerger, the Plywood business is presented as a discontinued operation in accordance with IFRS 5. Unless otherwise stated, the commentary in this report relates to UPM’s continuing operations. More information in Financial statement information Note 10 assets and liabilities classified as held for distribution to owners and discontinued operations.
Key figures, continuing operations
Q2/2026
Q2/2025
Q1/2026
Q1-Q2/2026
Q1-Q2/2025
Q1-Q4/2025
Sales, € million
2,355
2,341
2,425
4,781
4,914
9,392
Comparable EBITDA, € million
356
250
375
732
659
1,254
% of sales
15.1
10.7
15.5
15.3
13.4
13.4
Operating profit (loss), € million
208
105
245
453
296
719
Comparable EBIT, € million
212
124
259
471
404
883
% of sales
9.0
5.3
10.7
9.8
8.2
9.4
Profit (loss) before tax, € million
182
83
226
409
249
660
Comparable profit before tax, € million
186
103
240
426
359
825
Profit (loss) for the period, € million
163
70
195
358
208
466
Comparable profit for the period, € million
163
87
203
366
305
684
Earnings per share (EPS), €
0.29
0.13
0.36
0.65
0.38
0.86
Comparable EPS, €
0.29
0.16
0.38
0.67
0.56
1.27
Return on capital employed (ROCE), %
5.9
3.2
7.2
6.6
4.2
5.4
Comparable ROCE, %
6.0
3.7
7.6
6.9
5.7
6.5
Capital employed at the end of period, € million
13,954
14,213
14,186
13,954
14,213
13,948
Personnel at the end of period
13,665
14,764
13,347
13,665
14,764
13,676
UPM presents certain measures of performance, financial position and cash flows, which are alternative performance measures in accordance with the guidance issued by the European Securities and Markets Authority (ESMA). The definitions of alternative performance measures are presented in UPM’s » Annual Report 2025
Key figures, discontinued operations
The financial information presented for the discontinued operations is not representative of the historical or future profitability of the UPM Plywood business area as a standalone business. Information on UPM Plywood’s performance is presented in the segment information.
Q2/2026
Q2/2025
Q1/2026
Q1-Q2/2026
Q1-Q2/2025
Q1-Q4/2025
Sales, € million
84
59
80
164
132
264
Comparable EBITDA, € million
20
7
20
39
19
57
% of sales
23.3
11.9
24.8
24.0
14.8
21.5
Operating profit (loss), € million
9
2
10
20
9
30
Comparable EBIT, € million
18
2
15
33
9
38
% of sales
21.4
3.2
19.0
20.2
6.9
14.4
Profit (loss) before tax, € million
4
2
10
14
9
30
Comparable profit before tax, € million
18
2
15
33
9
38
Profit (loss) for the period, € million
3
1
5
9
7
24
Comparable profit for the period, € million
14
1
9
24
7
31
Return on capital employed (ROCE), %
21.7
3.9
22.0
21.9
9.8
16.4
Comparable ROCE, %
37.4
4.3
32.7
35.1
10.0
20.8
Capital employed at the end of period, € million
196
181
189
196
181
181
Personnel at the end of period
1,519
1,543
1,454
1,519
1,543
1,451
Key figures, UPM total
UPM total
Q2/2026
Q2/2025
Q1/2026
Q1-Q2/2026
Q1-Q2/2025
Q1-Q4/2025
Sales, € million
2,440
2,400
2,505
4,945
5,046
9,656
Comparable EBITDA, € million
376
257
395
771
678
1,311
% of sales
15.4
10.7
15.8
15.6
13.4
13.6
Operating profit (loss), € million
217
107
255
472
305
749
Comparable EBIT, € million
230
126
274
504
413
921
% of sales
9.4
5.2
10.9
10.2
8.2
9.5
Profit (loss) before tax, € million
186
85
236
422
258
690
Comparable profit before tax, € million
204
105
255
459
367
863
Profit (loss) for the period, € million
166
71
200
366
215
491
Comparable profit for the period, € million
177
89
213
390
312
714
Earnings per share (EPS), €
0.30
0.13
0.37
0.67
0.39
0.91
Comparable EPS, €
0.32
0.17
0.39
0.71
0.57
1.33
Return on equity (ROE), %
6.4
2.7
7.6
7.1
3.9
4.5
Comparable ROE, %
6.8
3.4
8.1
7.6
5.7
6.5
Return on capital employed (ROCE), %
6.1
3.2
7.4
6.8
4.3
5.5
Comparable ROCE, %
6.5
3.7
7.9
7.2
5.8
6.7
Operating cash flow, € million
136
179
89
225
468
1,405
Operating cash flow per share, €
0.26
0.34
0.17
0.43
0.88
2.66
Equity per share at the end of period, €
18.86
18.96
19.48
18.86
18.96
18.97
Capital employed at the end of period, € million
14,149
14,394
14,375
14,149
14,394
14,129
Net debt at the end of period, € million
3,313
3,310
2,962
3,313
3,310
3,004
Net debt to EBITDA (last 12 months)
2.36
2.12
2.30
2.36
2.12
2.29
Personnel at the end of period
15,184
16,307
14,801
15,184
16,307
15,127
Massimo Reynaudo, President and CEO, comments on the results:
“In the second quarter, we reached two important milestones in the transformation of UPM. We signed the definitive agreement to create the graphic paper joint venture with Sappi, and advanced the separation of the plywood business into the future WISA Group. Following these steps, UPM is positioned with stronger growth prospects and improved earnings quality.
During the quarter, all our businesses improved their results compared to the same period last year, with most also outperforming the previous quarter. Increased volumes, margin management and sustained efficiency measures supported our profitability in a business environment that turned inflationary.
In Q2, sales from our continuing operations were slightly up at €2,355 million, and comparable EBIT increased to €212 million, 71 percent higher than in the same period last year. Net debt at the end of the reporting period was €3,313 million, including both continuing and discontinued operations, and net debt to EBITDA ratio was 2.36.
In decarbonization solutions, UPM Biofuels recorded a strong quarter with good demand and healthy bio-premiums for advanced renewable fuels. Prices were further supported by higher fossil fuel reference prices. The ramp-up of our biorefinery in Leuna, Germany, continued. Customer deliveries of industrial sugars reached substantial volumes, and deliveries of renewable functional fillers and other lignin derivatives are expected to start during Q3. UPM Energy improved its results from last year, although the second quarter saw normal seasonality. Structurally, electricity consumption continued to grow year-on-year, and we are well positioned to create value by serving new large-scale consumers.
The markets for our advanced materials businesses, UPM Adhesive Materials and UPM Specialty Materials, showed robust growth in Europe and Asia. Both businesses succeeded in the markets, thanks to a focus on commercial excellence and product portfolio development, and sharpened competitiveness.
Our world-class pulp platform in Uruguay, UPM Fibres South, has consistently improved efficiency for several quarters in a row. In the second quarter, this helped us to fully offset the increases in logistics and other costs. Profitability was further improved by a moderate increase in pulp prices.
For the Fibres North platform in Finland, the business environment is challenging. Even though pulpwood prices have decreased, profitability remains low. The second quarter earnings were also impacted by the maintenance shutdown at the UPM Pietarsaari mill. We are planning temporary shutdowns of the UPM Kaukas pulp mill and potentially the UPM Pietarsaari pulp mill, to optimize production and wood sourcing, and ensure profitability.
UPM Communication Papers’ business performance was broadly stable, with slightly improved margins. Preparations for the planned graphic paper Joint Venture continued. In late May we signed the definitive agreement with Sappi, and secured financing arrangements for the Joint Venture. The EU merger control process moved to Phase II, with final resolutions expected by the end of 2026.
UPM Plywood continued to perform well as the business prepared for separation into an independent listed company, WISA Group. In April, the Board of Directors approved the demerger plan. Subject to the decision of the Extraordinary General Meeting, trading in the shares of WISA Group on Nasdaq Helsinki is currently expected to commence in early November. By separating the plywood business onto its own growth path, we are strengthening its future prospects and streamlining UPM’s business portfolio.
Following the planned graphic paper joint venture and plywood separation, UPM operates in structurally growing markets. The ongoing reshaping of UPM’s portfolio highlights our position in businesses with stronger growth characteristics, and our direction going forward is towards higher value-added products and lower cyclicality.”
Profit guidance, continuing operations
UPM’s comparable EBIT in H2 2026 from continuing operations is expected to be approximately in the range of €375-575 million (€479 million in H2 2025, and €471 million in H1 2026). These figures exclude UPM Plywood, which is classified as discontinued operations.
Outlook
There continue to be significant uncertainties in geopolitics and trade.
In H2 2026, compared with H1 2026, UPM’s performance is expected to be supported by moderately higher sales prices. Variable costs are expected to increase moderately. Energy refunds are expected to support UPM Communication Papers’ result in Q4. Maintenance activity is expected to increase from the comparison period. The production ramp-up at UPM Leuna is expected to increase costs.
In H2 2026, compared with H2 2025, UPM’s performance is expected to benefit from higher sales prices. Variable costs are expected to increase moderately. Fair value change of forest assets is expected to have a significantly smaller impact on comparable EBIT in H2 2026 than in H2 2025 (€131 million). The energy refunds to be booked in UPM Communication Papers in Q4 are anticipated to have a somewhat smaller positive impact than in 2025. Maintenance activity is expected to increase from the comparison period. The production ramp-up at UPM Leuna is expected to increase costs.
Sensitivity to pulp and electricity prices
UPM’s comparable EBIT is sensitive to pulp and electricity prices. The figures below represent group earnings sensitivities on annual level.
UPM is a large producer and consumer of chemical pulp. A €50/tonne change in average pulp price would impact annual comparable EBIT by approximately €180 million (net impact: assuming no correlation between pulp and paper prices) to approximately €270 million (gross impact: assuming paper pricing would match changes in pulp costs).
UPM is a large producer and consumer of electricity in Finland and separately hedges part of its electricity sales and purchases. Based on UPM’s estimated unhedged net electricity sales position in Finland in 2026, a €10/MWh change in average electricity market price in Finland would impact annual comparable EBIT by approximately €40 million.
Foreign exchange exposure
Fluctuations in monetary policies and economic conditions can significantly impact the value of various currencies, which in turn may affect UPM. Additionally, the escalation of global trade tensions could influence currency exchange rates. These currency fluctuations could impact UPM’s cash flow, earnings, or balance sheet, and may also affect the relative competitiveness between different currency regions.
The Group’s policy is to hedge an average of 50% of its estimated net currency cash flows on a rolling basis over the next 12-month period. At the end of Q2 2026, UPM’s estimated net currency cash flows for the next 12 months totaled approximately €1.5 billion. USD was the largest exposure at approximately €1.4 billion, followed by UYU, GBP, CNY and JPY. In addition, the earnings of UPM’s foreign subsidiaries are translated to euros in reporting. UPM has significant foreign subsidiaries in Uruguay, the U.S. and China. Foreign exchange risks are discussed in UPM’s Annual Report 2025 on pages 313-314.
Invitation to UPM’s webcast on the half-year financial report 2026
A webcast and a conference call for analysts and investors will start at 13:15 EEST. The 2026 half-year financial report will be presented in English by President and CEO Massimo Reynaudo and CFO Tapio Korpeinen. Participants can follow the webcast online via this link.
Participants wishing to ask questions after the presentation must register for the conference call. To participate in the conference call, please register here. After registering, you will be provided with telephone numbers, a user ID and a conference ID to access the conference. To ask a question, press *5 on your telephone keypad to join the queue.
The webcast will be available on the company website for 12 months after the call.
*
It should be noted that certain statements herein, which are not historical facts, including, without limitation, those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties which may cause actual results to materially differ from those expressed in such forward-looking statements. Such factors include, but are not limited to: (1) operating factors such as continued success of manufacturing activities and the achievement of efficiencies therein including the availability and cost of production inputs, continued success of product development, acceptance of new products or services by the Group’s targeted customers, success of the existing and future collaboration arrangements, changes in business strategy or development plans or targets, changes in the degree of protection created by the Group’s patents and other intellectual property rights, the availability of capital on acceptable terms; (2) industry conditions, such as strength of product demand, intensity of competition, prevailing and future global market prices for the Group’s products and the pricing pressures thereto, financial condition of the customers and the competitors of the Group, the potential introduction of competing products and technologies by competitors; and (3) general economic conditions, such as rates of economic growth in the Group’s principal geographic markets or fluctuations in exchange and interest rates. The main earnings sensitivities and the group’s cost structure are presented on page 276 of the Annual Report 2025. Risks and opportunities are discussed on pages 31-33, and risks and risk management are presented on pages 128-132.
UPM, Media relations
Mon-Fri 9:00-16:00 EEST
tel. +358 40 588 3284
media@upm.com
UPM
UPM is a material solutions company, renewing products and entire value chains with an extensive portfolio of renewable fibres, advanced materials, decarbonization solutions, and communication papers. Our performance in sustainability has been recognized by third parties, including EcoVadis and the Dow Jones Sustainability Indices. We operate globally and employ approximately 15,100 people worldwide, with annual sales of approximately €9.7 billion. Our shares are listed on Nasdaq Helsinki Ltd.
UPM – we renew the everyday
Read more: upm.com
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Technology
Acrab Unveils GΞLIX 1 SoC and Agent Box, Bringing State-of-the-Art AI to the Edge
Published
7 minutes agoon
July 23, 2026By
Built on a 5-nanometer process, the new SoC is designed to support models in the 100 billion parameter class, with full-stack software for private and responsive AI agents at the edge
SINGAPORE, July 23, 2026 /PRNewswire/ — Acrab, a technology company building agentic AI compute infrastructure for the next generation of intelligent systems, today unveiled GΞLIX 1, its first-generation edge AI system-on-chip (SoC), together with Agent Box, a personal edge AI system powered by the company’s full-stack computing platform.
As AI moves from generating answers to completing tasks, agents increasingly need to understand context, remember preferences and coordinate tools and devices in real time. Running these capabilities locally can produce faster responses, keep sensitive information under the user’s control and maintain core functions when cloud connectivity is limited.
For years, models in the 100 billion parameter class have required cloud infrastructure. GΞLIX 1 is designed to bring state-of-the-art AI models at this scale into locally operated edge systems. Powered by GΞLIX, Acrab’s Agent Box is a high-performance personal edge AI center designed to put AI agents into action in a more personal and customized way, with local large model inference, persistent memory, multimodal interactions and agent orchestration capabilities.
By replacing cloud AI’s recurring token-fees per use, Agent Box is a one-time investment with long-term value, hence relieving users’ token anxiety, and allowing AI to move from an occasional tool into an always-available assistant woven into everyday work and life.
“Generative AI helped people find answers. Agentic AI will help them get things done,” said Dr. Ken Phua, CEO of Acrab. “Running models in the 100 billion parameter class on a system small enough to sit on a desk presents a significant computing challenge. GΞLIX 1 is designed to deliver the performance, memory bandwidth and responsive local inference required, while Agent Box shows how that capability can become a complete user experience.”
A private AI center built for everyday life
Agent Box is designed as a private, always-on AI center for personal workspaces and homes. It keeps intelligence close to the people, information and physical environments it serves, while showing how device makers can turn Acrab’s computing platform into complete agentic AI experiences.
For decades, personal computing advanced in predictable steps: faster processors, larger screens, more storage. Agent Box represents something else entirely—the first system designed not to run programs, but to host intelligence.
Agent Box brings together local language and vision model inference, multimodal interaction, persistent memory and an orchestration layer that can understand goals, break tasks into steps and coordinate action across agents, systems and connected devices. Users’ data and memories remain private and stored locally on the device, while the system grows more capable and customized as the context deepens and memories accumulate. Acrab designed the compute architecture from the ground up to achieve optimal local AI performance, usability, cost efficiency, and power efficiency within one device.
A purpose-designed SoC for large model inference at the edge
GΞLIX 1 is built on a 5-nanometer process and is Acrab’s first SoC designed specifically for edge AI. Rather than relying on separate compute components, it integrates CPU, GPU and NPU resources with a unified memory architecture engineered for large AI models and agentic workloads.
The SoC features a 20-core Arm CPU, multicore NPU acceleration and 273 GB/s of unified memory bandwidth. It is designed to support local deployment of open-source models in up to the 100 billion parameter class, with coordinated execution across CPU, GPU and NPU resources. Supporting models at this scale locally places substantial demands on computing performance, memory bandwidth and power efficiency.
GΞLIX 1 is engineered for rapid responses at power levels suitable for systems that remain active throughout the day. A central design goal was reducing the delay before a model begins to respond, particularly with long prompts and large context windows.
In company testing, GΞLIX 1 achieved a prefill rate of 1416.8 tokens per second under a Gemma 26B A4B configuration with a 40K KV cache and a 10K token input, compared with 188.9 tokens per second on Mac Mini M4 Pro, representing up to 7.5X faster prefill performance. These capabilities turn a single chip into a versatile supercomputing platform for a wide range of applications.
A full-stack platform, from silicon to applications
Beyond the SoC, Acrab has built the software and system layers needed to turn local model inference into working agentic products. These include an optimized runtime and developer toolchain, agent operating system capabilities, reference designs and applications that help devices understand context, retain memory and coordinate real-world action.
Agent Box is the first expression of Acrab’s broader ambition to provide a horizontal computing foundation for agentic AI across a wide range of edge devices and intelligent systems.
Processing a substantial share of AI workloads locally can reduce dependence on metered cloud inference, lower recurring processing and data transfer costs, and avoid the delay involved in sending every interaction to a remote service. Cloud resources can still be used when a task requires them, allowing developers to choose the right balance between local and cloud execution.
Building a broader edge AI device ecosystem
Acrab plans to work with device manufacturers and developers to bring its computing platform into products including AI NAS systems, AI PCs, smart vehicles, and industrial and service robots.
Agent Box demonstrates how Acrab’s silicon and software can be integrated into a complete product experience. The company aims to provide a complete set of compute platform and agent-native infrastructure for the next generation of AI transformation across industries. By combining custom AI silicon, full-stack software, and reference designs of agents for use scenarios, Acrab enables industry partners and developers to bring intelligent AI products to market faster.
“Our goal is to give device makers and developers the foundation to bring agentic intelligence into many different products and environments,” Dr. Phua said. “Agent Box demonstrates what the technology can do today, while GΞLIX 1 and our full-stack platform are designed to support a much broader ecosystem of devices and applications.”
Product Launch Event Video Replay:
https://www.acrab.ai/https://www.youtube.com/watch?v=WdojjwucdTQhttps://www.linkedin.com/events/7484797078045401088/
About Acrab
Acrab is a technology company building agentic AI compute infrastructure for the next generation of intelligent systems. Founded in 2024, the company develops high-performance AI compute architecture and integrated software platforms designed to bring AI agents into action, providing personalized assistance and real-time execution across a range of edge environments.
By combining purpose-designed silicon, advanced edge AI models, full-stack software and system orchestration, Acrab provides the computing foundation for AI agent systems across everyday life, bringing assistance, creativity, utility and value.
In June 2026, Acrab announced that it had received over US$350 million in cumulative financing from global venture capital firms and strategic industry investors, including early backers Vertex Ventures Southeast Asia & India, Vertex Growth, and K3.
For more information about Acrab, please visit https://www.acrab.ai/.
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SOURCE Acrab
Technology
IDnow Appoints Philippe Morel as Chief Executive Officer
Published
7 minutes agoon
July 23, 2026By
Philippe Morel brings over 30 years of financial services and technology leadership experience, with a track record of scaling regulated platform businesses in partnership with private equity.
MUNICH, July 23, 2026 /PRNewswire/ — IDnow, Europe’s leader in digital identity and fraud prevention, today announces the appointment of Philippe Morel as Chief Executive Officer, effective today. Philippe succeeds Andreas Bodczek, who steps down after more than seven years of leadership that transformed IDnow into a leading European provider of digital identity and fraud prevention.
The IDnow Trust Platform: From KYC to Continuous Trust
In June 2026, IDnow launched the IDnow Trust Platform, marking the company’s expansion beyond traditional identity verification. Designed to help regulated organisations move from Know Your Customer (KYC) to Trust Your Customer (TYC), the platform orchestrates identity verification, fraud prevention, biometric authentication and qualified digital trust services across the full customer lifecycle. Through four modular services — Identify, Authenticate, Protect and Trust — and its Orchestrate, Observe and Decide capabilities, customers can configure workflows, monitor risk signals in real time and automate decisions through a single integration. The platform is built to help organisations adapt to the evolving European regulatory landscape, including AMLR, eIDAS 2.0 and the emergence of EU Digital Identity Wallets, while addressing increasingly sophisticated AI-driven fraud.
A New Chapter for IDnow
Philippe Morel brings more than 30 years of leadership experience spanning financial services, technology platforms and regulated environments, with a consistent track record of strategic transformation and value creation in partnership with private equity.
Most recently, Philippe served as Chief Executive Officer of Railsr, a payments and embedded finance platform, where he led strategic repositioning and commercial rebuilding before the merger with Equals Money.
Prior to that, Philippe served as CEO of SETL, a blockchain-based financial market infrastructure provider, where he repositioned the business into payments and digital settlement networks, launched the Regulated Liability Network (RLN) tested with the New York Federal Reserve, and delivered tokenisation projects for tier-one financial institutions.
Before his executive career, Philippe worked at Boston Consulting Group, rising to Senior Partner and Managing Director. He led BCG’s Global Capital Markets practice and its Private Equity EMEA business, advising boards and CEOs of major financial institutions on strategy, transformation, M&A and growth across Europe, the US and Asia. He also served for nine years as Chair of BCG’s Global Audit and Risk Committee.
Philippe holds an MBA from Harvard Business School and a degree in Finance from HEC Paris.
Board Statement
Martin McCourt, Chair of IDnow, said: “We are delighted to welcome Philippe to IDnow at a pivotal moment. IDnow has recently launched its Trust Platform, expanding beyond traditional identity verification to help regulated organisations orchestrate identity, fraud prevention and compliance across the full customer lifecycle. Philippe’s background — combining deep strategic expertise with hands-on leadership of regulated technology and financial services platforms — is ideally suited to the opportunity ahead. We are confident that he will lead IDnow into its next phase of growth.”
Philippe Morel Statement
“IDnow is a genuinely exceptional business — a European-born leader in digital identity and fraud prevention at a moment when regulation, digital identity wallets and increasingly sophisticated fraud are reshaping the market. The newly launched IDnow Trust Platform is designed to help customers move beyond one-time verification towards continuous trust across the full customer lifecycle. I am energised by what this team has achieved and by the opportunity ahead. My first priority is to listen: to our customers, our colleagues and our partners. From there, we will define and execute IDnow’s next phase of growth together.”
A Tribute to Andreas Bodczek
The Board also takes this opportunity to express its deep gratitude to Andreas Bodczek, who has led IDnow with extraordinary vision and commitment since 2018. A seasoned technology entrepreneur with a Diplom Kaufmann from LMU München, Andreas brought to IDnow the experience of building and scaling digital businesses: as co-founder and CEO of Fyber, which he grew into a globally recognised mobile technology platform, a board partner at Point Nine Capital, and chairman at JTL Software.
At IDnow, his impact was transformative. He led the company through a pivotal transition from founder-led to PE-backed under Corsair’s ownership, providing the foundation for sustained growth. He drove the acquisitions of identity Trust Management AG and ARIADNEXT — the French market leader in remote identity verification — which significantly expanded IDnow’s capabilities, brought the Rennes engineering hub into the group, and established IDnow’s presence across Europe. Most recently, he oversaw the launch of the IDnow Trust Platform, marking the company’s expansion beyond traditional identity verification and creating a unified platform for identity, fraud prevention, authentication and qualified digital trust services across the customer lifecycle. His leadership has positioned IDnow well for its next chapter, and we wish him every success in what comes next.
About IDnow
IDnow is Europe’s leader in digital identity and fraud prevention, with a mission to transform trust into a powerful asset in the digital world. Through its broad portfolio of AI-driven, SaaS-based identity and fraud prevention solutions, IDnow establishes, maintains and enriches trust throughout the customer journey, enabling businesses to operate securely while driving growth and scalability. The IDnow Trust Platform provides unified access to identity verification, fraud prevention, biometric authentication and qualified digital trust services. IDnow has offices in Germany, the United Kingdom, Romania and France and is backed by Corsair Capital.
For more information, visit idnow.io.
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