- Last year, the Alicante-based company improved all its key indicators compared to 2023, with a 28.5% improvement in Annual Recurring Revenue and a 50% improvement in Total Contract Value.
- TIn addition, Facephi has improved its normalised EBITDA by more than 10% and has managed to reduce its net financial debt to below EUR 4.5 million, compared to EUR 10 million in the previous year.
- The company is further consolidating its operating and financial model and continues to expand its international presence in the digital identity verification sector.
Alicante, 29th April 2025 – Facephi, a Spanish technology company specialised in the protection and verification of digital identity and listed on BME Growth, filed its earnings for its activity during the financial year of 2024.
With turnover of 28.9 million euros, the company recorded growth of 15% compared to the previous year. This increase is part of a strategy focused on international expansion, the development of new technology products and the consolidation of an operational structure to sustain long-term growth.
During the course of the year, Annual Recurring Revenue (ARR) increased by 28.5% to EUR 28.0 million, thereby boosting the company’s recurring revenue base. This growth was accompanied by a 49.7% increase in Total Contract Value (TCV) to 57.8 million euros, reflecting an increased capacity to attract and retain customers, as well as its long-term commitment to Facephi’s solutions.
Furthermore, the Alicante-based company managed to reduce its net financial debt to below 4.5 million euros, compared to 10.0 million euros which now represents only 16% of the ARR compared to 10.0 million euros the previous year, which represented 46% of the ARR. This evolution highlights the significant improvement in cash flow, which generated 4.4 million euros more cash than in 2023, and in working capital, whose adjusted figure improved by 8.0 million euros compared to 2023.
In turn, normalised EBITDA for the year, which excludes one-off expenses and impairments, amounted to €1.03m, compared to €0.93m in 2023, up by more than 10%. This metric reflects the improvement of the company’s operational capacity once the internal structuring and consolidation process of team had been completed.
Throughout 2024 we have expanded our technology portfolio making significant advances, positioning ourselves in digital identity authentication and verification.
In addition, we have included new functionalities such as the KYP (Know Your Passenger) solution focused on the airline industry, products such as mule accounts and behavioural biometrics for banking that have started to materialise in 2025.
In this regard, the year also marked progress in new business verticals beyond the financial sector, such as the transport, gaming, telecommunications and healthcare sectors.
International consolidation and new business areas
In line with its international growth strategy, Facephi has continued to invest in the development and specialisation of its team, which is endowed with a high technical component. The workforce has been sized to support future growth, with an optimised organisational structure that facilitates operational scalability.
During 2024, the company took greater control over its financing, voluntarily renouncing future convertible bond issues and prioritising more transparent capital structures. This decision is in line with a financial focus on sustainability and long-term value creation.
Facephi has continued to boost its technological capabilities, as well as its positioning in strategic regions such as APAC, EMEA and LATAM. One of the milestones during the year was its alliance with Hancom, entailing an investment of 5 million euros by the Korean technology company and its selection as the exclusive distributor for Facephi products in the Asia-Pacific region. In this regard, the agreement reached with Samsung Securities, which positions Facephi as a technology provider for onboarding and authentication solutions in this geographic area, is also worthy of note.
Javier Mira, the CEO of Facephi, pointed out that: “Our earnings for 2024, bearing testimony to the success of more than 12 years of strategic investment in infrastructure, global expansion and diversification into new services and sectors. These efforts have boosted our operational and technology base, positioning us for accelerated growth and already positive cash flow from 2025 onwards.“
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.
It has more than a decade’s experience in the development of technologies aimed at protecting people’s digital identities. With its registered office in Spain with subsidiaries in APAC, EMEA and LATAM, it serves the needs of customers in more than 25 countries around the world with 300 million transactions, providing innovative solutions that address security challenges in a constantly evolving digital environment.
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