- During this period, the company achieved its desired structure, allowing it to generate greater cash flow and continue leading its global expansion, aiming to consolidate itself as an international reference in the digital identity verification sector.
- In the first half of the year, Facephi invested €2.3 million to boost its production capacity and product quality, representing a 13% increase in innovation.
Alicante, 21st October 2024.- Facephi, a Spanish technology company specialising in digital identity protection and verification, and listed on BME Growth, has reported its results for the first half of 2024.
With gross revenues reaching €14 million, its turnover amounts to €11.7 million, confirming once again the company’s strong double-digit growth. Additionally, during this period, Facephi invested €2.3 million to enhance its production capacity and product quality, representing a 13% increase in innovation.
Normalised EBITDA, which excludes extraordinary and restructuring expenses, improved by 10%, standing at -€2.09 million compared to -€2.33 million in 2023, due to the sector’s revenue seasonality, where the majority occurs in the second half of the year.
Furthermore, the adjusted net equity, including capital contributions pending formalisation, increased by just over €1.2 million in the first six months of the year, reaching €21.8 million. The adjusted working capital, reflecting the expected short-term cash flow, improved by nearly €1 million in the first six months of the year, showing a balance of liquidity between short-term assets and liabilities.
During the first half of the year, Facephi continued investing in the development and professional growth of its team, with a particular focus on the technical team, which now makes up nearly 70% of the group’s workforce.
In the first half of 2024, Facephi took greater control of its own financing through financial instruments that guarantee a more transparent capital structure and protect its shareholders, both majority and minority.
With the primary objective of protecting investors, the company announced in May this year the decision to stop issuing convertible bonds, ensuring a more transparent capital structure that safeguards shareholders’ interests. This move aligns with greater financial efficiency and reflects a responsible approach to growth and resource management. The support of Nice&Green, recently appointed as a new member of Facephi’s Board of Directors, and which held a 17% stake in the company as of 30 June 2024, strengthens the strategic partnership and confidence in the company’s future growth.
Strong international investment
Facephi continues to develop a strategy focused on reinvesting all its resources to boost its innovation capacity and consolidate its global expansion, in order to maintain its current growth trajectory and establish itself as a global reference in the biometrics and digital identification sector.
The agreement with HANCOM as the exclusive distributor of Facephi products in the Asia-Pacific region, including a €5 million investment from the Korean company, marks a significant milestone in the company’s international growth strategy and provides a direct path to expand its biometric verification services in this region.
2024 has been a year of consolidation, as highlighted by the agreement reached with Samsung Securities to become its technology provider, validating Facephi’s position as the ideal partner for offering user onboarding and authentication solutions, and strengthening its position in the Asia-Pacific market.
Javier Mira, CEO of Facephi, stated that “2024 has become a year of consolidation for the company, based on the strategic alliances we have secured in recent months, the strengthening of our leadership, and technological innovation, with a focus on enhancing security. Continued growth further demonstrates the company’s solid financial foundation, supported by various synergies with other entities and the consolidation of our international expansion, which will allow us to close 2024 positively.”
Strengthening and fostering investor relations
In order to strengthen its financial strategy and enhance relations with its stakeholders, Facephi recently appointed Aitor D’Oxandabaratz as Chief Financial Officer, and Antonio Jorge González as the new Director of Investor Relations.
With the appointment of Aitor D’Oxandabaratz as CFO, Facephi ensures the continuation of a sustained growth strategy with a long-term vision. The arrival of the new CFO brings the necessary experience and guidance to make the most of this new stage for the company. D’Oxandabaratz has over 10 years of national and international experience as a CFO in multinational and tech companies and holds an MBA from IEB and a PDG in Business Administration from IESE.
Furthermore, Facephi recently appointed Antonio Jorge González as the new Director of Investor Relations. With this move, the company demonstrates its commitment to communication and the interests of all its institutional and retail investors, ensuring a fruitful and successful long-term relationship.
About Facephi
Facephi is a technology company specialising in digital identity protection and verification, noted for its focus on data security and integrity. Its solutions are designed to create more secure, accessible and fraud-free processes, prevent identity theft and guarantee ethical processing of personal data.
With over a decade of experience developing technologies aimed at protecting individuals’ digital identities, it operates with a global presence. Headquartered in Spain, with subsidiaries in APAC, EMEA, and LATAM, it serves the needs of over 300 clients in more than 25 countries worldwide, providing innovative solutions to address security challenges in a constantly evolving digital environment.
Facephi named a Sample Vendor in the 2024 Gartner® Hype Cycle™ for Financial Crime
