The technology company specialised in protecting the digital identity of users presents its reviewed interim financial statements, with an increase in its EBITDA of 194% compared to the previous year.
The company registers a growth increase in its revenue of 89.4%, reaching €7.86 million.
The tech-company Facephi has presented its reviewed interim financial statements for the first half of 2022, with a new record in figures. It registered a positive EBITDA of 532,061 euros, 194% more than the previous year, plus an EBITDA margin on sales of 6.77%. These figures make this period the best first semester in the company’s history.
Likewise, Facephi’s accounts show an increase of almost 90% in turnover, quantified at 7.86 million euros, thanks to new contracts, the extension of existing ones and the opening of new markets that reaffirm its sustained international expansion strategy. Facephi’s firm commitment to internationalisation has been reflected in an increase in spending, estimated at 67.9%, aimed at expanding the commercialisation of its digital identity verification solutions, an effort that has been supported by the large increase in turnover.
Javier Mira, president and CEO of Facephi, values these results as “the best first semester in our history. The figures have exceeded our sales expectations and indicate that our international commercialisation and product development strategy is the right one.”
The key: Diversifying the product portfolio with an expansion strategy
These positive results support Facephi’s commitment to evolving and expanding its product offering, as it has done with its Facephi Identity Platform. Apart from its On-Premise solutions, where it is necessary developing a tailor-made solution for each client, the company is evolving towards SaaS and Plug & Play models that reduce the development and implementation timings.
This way, companies from any size and from any industry can now have Facephi´s digital identity verification platform, which has allowed the company to widen and diversify its client base. As a result, the Facephi Identity Platform accounted for more than 34% on the company´s revenue in the first six months of 2022.
In parallel, in the last year Facephi has opted to explore new markets in its international expansion. During the first six months of 2022, in addition to reinforcing its presence in LATAM with the opening of a branch in Montevideo and the expansion of its network of partners around the world, Facephi has set up a new office in London to boost its expansion in the EMEA area, where it already has professionals working in strategic countries such as the United Kingdom and the United Arab Emirates. Currently Facephi continues to expand its presence to other countries in the area.
Important growth in human capital
The constant and exponential growth of Facephi’s business figures has gone hand in hand with the incorporation of new qualified talent to its team. Thus, the company is determined to strengthen its organisational structure by increasing its workforce, and in the first half of the year it had more than 200 professionals employed.
2022: A year of evolution
Ten years after its establishment, Facephi is at a turning point defined by its unstoppable international expansion and its product evolution. Its business vision, focused on internationalisation, and the constant development of solutions aimed at meeting the demands of an increasingly technological society, have been the keys to success, and in the first half of the year it has been ratified by its extraordinary results.
As Javier Mira states: “After ten years of unstoppable growth, these latest business figures reaffirm our commitment to offering a more flexible product in a more international context. I am talking about a more recurring and scalable business model thanks to a multidisciplinary professional team, which allows us to bring our identity verification technology to more industries, regions and increase its number of use cases.”